IRENA Unveils Record-Breaking Growth Projections For Renewable Energy Capacity In 2024

The International Renewable Energy Agency (IRENA) has unveiled its latest statistics, revealing a significant leap in renewable energy capacity worldwide in 2024, with a total of 4,448 gigawatts (GW).

This represents an addition of 585 GW in just one year, accounting for 92.5% of all new power capacity and marking a record 15.1% growth rate in annual expansion. Such figures underscore the pivotal role renewable energy continues to play in transforming the global energy landscape.

In 2024, solar and wind energy led the charge in renewable energy expansion, jointly accounting for 96.6% of all new additions. Solar energy, in particular, saw a remarkable 32.2% increase in capacity, totaling 1,865 GW, while wind energy grew by 11.1%. The decommissioning of non-renewable power sources in certain regions has also played a role in the rise of renewable energy, pointing to the broader shift towards sustainable power sources.

Despite this remarkable achievement, the overall progress remains insufficient when measured against the global ambition to triple renewable energy capacity by 2030, requiring an 11.2 terawatts capacity. To meet this ambitious target, an annual growth rate of 16.6% in renewable capacity is now necessary, highlighting the urgent need for accelerated efforts in the coming years.

The distribution of this growth, however, is uneven across the globe. Asia, led by China, which alone contributed almost 64% of the new capacity, remains at the forefront of renewable energy expansion. In contrast, Central America and the Caribbean saw the least growth, adding only 3.2% to the global capacity. The disparity extends to major economic blocs, with G7 and G20 countries contributing 14.3% and 90.3%, respectively, to the new capacity in 2024.

Francesco La Camera, the Director-General of IRENA, emphasized the economic viability and deployability of renewable energy sources, noting their consistent record-breaking growth. However, he also pointed out the challenges of regional disparities and the looming 2030 deadline. La Camera urged governments to utilize the upcoming round of Nationally Determined Contributions (NDCs 3.0) to set clear renewable energy goals and called for enhanced international collaboration to support the ambitions of countries in the Global South.

Echoing these sentiments, United Nations Secretary-General António Guterres highlighted the transformative impact of renewable energy, stating, "Renewable energy is powering down the fossil fuel age. Record-breaking growth is creating jobs, lowering energy bills and cleaning our air. Renewables renew economies. But the shift to clean energy must be faster and fairer – with all countries given the chance to fully benefit from cheap, clean renewable power."

A closer look at the technological advancements reveals significant strides in various renewable energy sources. Solar photovoltaics surged by 451.9 GW, with China leading the contributions, followed by India. Hydropower also saw a notable increase, driven mainly by China, with several countries adding significant capacities.

Wind energy, although slightly down, was predominantly expanded by China and the US. Bioenergy rebounded with an increase of 4.6 GW, attributed mainly to China and France, while geothermal energy grew modestly, led by New Zealand.

The expansion of off-grid electricity, particularly in regions outside of Eurasia, Europe, and North America, nearly tripled, growing by 1.7 GW to reach 14.3 GW by the end of 2024. This growth was dominated by off-grid solar energy, highlighting the increasing accessibility and reliance on renewable sources in remote and underserved areas.

While the renewable energy sector has seen unprecedented growth, achieving the global targets requires a concerted effort from all stakeholders. The emphasis on technological innovation, coupled with the need for equitable access to renewable resources, underscores the challenges and opportunities that lie ahead in the quest for a sustainable energy future.