GLOBAL renewable power capacity surged by a record 585 gigawatts (GW) in 2024, accounting for 92.5% of total power expansion
Image: \ Kai Pfaffenbach
Global renewable power capacity surged by a record 585 gigawatts (GW) in 2024, accounting for 92.5% of total power expansion, but the growth still lags behind the pace needed to triple capacity by 2030, the International Renewable Energy Agency (Irena) said on Wednesday.
The annual increase, detailed in Irena’s Renewable Capacity Statistics 2025, brought total renewable capacity to 4 448 GW, marking a 15.1% growth rate - the highest since 2000. Solar and wind energy led the charge, comprising 96.6% of net renewable additions, with solar capacity rising 32.2% to 1 865 GW.
Despite this milestone, the agency warned that an annual growth rate of 16.6% is now required to meet the 11.2-terawatt target set at COP28 for 2030.
Irena director-general Francesco La Camera hailed the progress but underscored persistent challenges. “The continuous growth of renewables we witness each year is evidence that renewables are economically viable and readily deployable,” he said.
“Each year they keep breaking their own expansion records, but we also face the same challenges of great regional disparities and the ticking clock as the 2030 deadline is imminent.”
Asia, driven by China’s addition of 373.6 GW, accounted for 72% of new capacity, while Central America and the Caribbean contributed just 3.2%. Europe added 70.1 GW, led by Germany’s 18.8 GW, though Ukraine saw a 7.5 GW decline. North America, bolstered by the US, grew by 45.9 GW, and Africa expanded by 4.2 GW, with Egypt, Ethiopia, and South Africa at the forefront.
By end of 2024, G7 countries (excluding the European Union) comprised 23.7% of the global capacity share, with a total of 1 055 GW. The G20 countries (excluding the European Union and African Union) accounted for 80.9% of the global share, with a modest total capacity of 3 601 GW. The G7 and G20 countries, respectively, accounted for 14.3% and 90.3% of new capacity in 2024.
Solar photovoltaics the star performer
The report highlighted solar photovoltaics as the standout performer, adding 451.9 GW globally, with China contributing 278 GW and India 24.5 GW. Wind energy grew to 1133 GW, primarily in China and the US, though its expansion slowed slightly. Hydropower rebounded to 1 283 GW, led by China, while bioenergy rose by 4.6 GW, driven by China and France. Geothermal energy edged up by 0.4 GW, with New Zealand in the lead.
United Nations Secretary-General António Guterres praised the economic and environmental benefits. “Renewable energy is powering down the fossil fuel age,” he said. “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.”
The share of renewables in total installed power capacity climbed to 46.4% from 43.1% in 2023, aided by widespread decommissioning of non-renewable plants. Yet, Irena cautioned that maintaining 2024’s growth rate would yield only 10.4 TW by 2030, missing the target by 7.2%.
La Camera urged governments to use the upcoming Nationally Determined Contributions (NDCs 3.0) to set clear renewable energy goals and called for greater international support for the Global South.
The G7 and Group of Twenty G20 accounted for 14.3% and 90.3% of new capacity, respectively, highlighting the dominance of major economies. Irena stressed that bridging regional gaps and accelerating deployment remain critical to meeting climate goals, including those of the Paris Agreement.
BUSINESS REPORT
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