Global Renewable Energy Capacity Reaches Record Growth in 2024, But More Action Needed

Global renewable energy capacity witnessed a record annual growth of 15.1 percent in 2024, adding 585 gigawatts (GW) to the global power supply, according to a new report by the International Renewable Energy Agency (IRENA). This brings the total installed renewable energy capacity to 4,448 GW.

Despite this significant increase, IRENA warned that the growth rate still falls short of the 11.2 terawatts (TW) required to meet the global goal of tripling installed renewable energy capacity by 2030. To align with this target, global renewable capacity must expand by at least 16.6 percent annually.

Renewable Energy Leading Global Power Expansion

A recent report by the International Energy Agency (IEA) revealed that renewable energy sources accounted for 38 percent of the global power supply increase in 2024. This was followed by natural gas at 28 percent, coal at 15 percent, oil at 11 percent, and nuclear power at 8 percent.

The IEA estimated that 2024 saw a record-breaking increase in renewable installations for the 22nd consecutive year, with approximately 700 GW added to total capacity. Solar photovoltaic energy contributed around 80 percent of these new installations.

Urgent Call for Accelerated Action

IRENA Director-General Francesco La Camera emphasized the urgency of scaling up renewable energy capacity, stating, “With just six years remaining to meet the goal adopted at COP28 to triple installed renewable power capacity by 2030, the world now needs to add over 1,120 GW annually to stay on track with the 1.5-degree Celsius climate goal.”

He urged governments to use the next round of Nationally Determined Contributions (NDCs) to outline clear renewable energy plans and called for enhanced international collaboration to support developing nations in their clean energy transition.

“Renewables are not just economically viable but also essential for energy security and sustainable development,” La Camera added. “However, regional disparities remain a challenge, and time is running out.”

Global Leaders Weigh In on Renewable Expansion

UN Secretary-General Antonio Guterres praised the record growth of renewable energy, saying, “Renewable energy is powering down the fossil fuel age. This expansion is creating jobs, lowering energy costs, and improving air quality.”

He stressed that the transition to clean energy must be accelerated and equitable, ensuring all nations benefit from affordable and sustainable power sources.

Key Growth Sectors and Regional Contributions

Solar and wind energy dominated global expansion, accounting for 96.6 percent of all net renewable additions in 2024. Solar energy capacity grew by 32.2 percent to reach 1,865 GW, with China leading the way by adding 278 GW, followed by India with 24.5 GW. Wind energy capacity rose by 11.1 percent to 1,133 GW, driven by expansion in the US and China.

Hydropower capacity rebounded to 1,283 GW, largely due to growth in China. Bioenergy also saw an increase of 4.6 GW, led by China and France, while geothermal energy expanded by 0.4 GW, with key contributions from New Zealand, Indonesia, Turkiye, and the US. Off-grid electricity capacity, excluding Eurasia, Europe, and North America, nearly tripled to 14.3 GW.

Future Outlook and Policy Considerations

La Camera noted that renewable energy now accounts for 46 percent of global installed power capacity. However, he emphasized that further investment and infrastructure development are needed to establish renewables as the dominant source of electricity generation. Grid flexibility and adaptation to variable renewable power remain key challenges for future planning.

At the opening ceremony of the UN climate summit in November, COP29 President Mukhtar Babayev stressed the importance of increased funding and cooperation among governments, private enterprises, and financial institutions to meet the goals of the Paris Agreement. Signed in 2015, the treaty commits nations to limiting global temperature rise to 1.5 degrees Celsius above pre-industrial levels.

As the world moves closer to 2030, accelerating renewable energy adoption will be critical in mitigating climate change and ensuring a sustainable future for all.