Global renewable energy capacity missed targets in 2024 despite record growth, according to a report released on March 26 by the International Renewable Energy Agency (IRENA). With a yearly increase of 15.1%, renewable power capacity grew by 585 gigawatts (GW), reaching 4,448 GW of installed capacity. Renewables accounted for roughly 92.5% of the newly increased capacity.

Of the total capacity, 42% came from solar energy, 29% from hydropower, 25% from wind, and 4% from other renewable sources. Even with this growth, the current capacity of 11.2 terawatts is still less than what is needed to meet the Paris Agreement‘s target of doubling green energy capacity by 2030. Now, yearly growth has to accelerate to 16.6% in order to meet this goal.

The severity of the problem was underlined by IRENA Director-General Francesco La Camera, who pointed out that despite the rapid expansion of renewable energy, there are still notable geographical differences. He urged countries to utilize NDCs 3.0 to improve international cooperation, especially to aid developing countries, and to lay out concrete strategies for renewable energy.

Regional Disparities in Renewable Energy Expansion

The increase in renewable capacity worldwide was driven by Asia, with China accounting for approximately 64% of the additional capacity. In 2024, India added 24.5 GW of solar energy, while China alone added 278 GW. Central America and the Caribbean made the smallest contribution, at only 3.2%, while the Group of Seven (G7) countries made up 14.3% of the total additions worldwide.

In 2024, the combined renewable energy capacity of Asia, including China, was 2,382 GW, up by 421.5 GW from the year before. The fastest-growing renewables were still solar and wind, which together accounted for 96.6% of all gross renewable additions. Wind energy increased by 11.1%, while solar capacity increased by 32.2% to 1,865 GW.

The ongoing growth of renewable energy is speeding up the depletion of fossil fuels, according to UN Secretary-General António Guterres. He emphasized that renewable energy is improving air quality, reducing energy prices, and creating jobs. To guarantee that all nations have access to affordable sustainable energy, he emphasized the necessity of a quicker and more equitable transition.

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Technological Highlights and the Path Forward

Key trends in the growth of renewable energy were emphasized in the IRENA report. With 451.9 GW installed in 2024, solar photovoltaics experienced the most significant rise, driven primarily by China and India. With assistance from Pakistan, Indonesia, Tanzania, Nepal, Vietnam, and Ethiopia, the total hydropower capacity reached 1,283 GW. China and the US led the wind energy sector, which saw a modest slowdown in growth but still reached 1,133 GW of total capacity.

China and France led the recovery in bioenergy, which increased by 4.6 GW compared to 3.0 GW in 2023. With the US, Indonesia, New Zealand, and Turkey leading the way, geothermal energy increased by 0.4 GW. With off-grid solar energy accounting for 6.3 GW, off-grid power capacity nearly quadrupled, increasing by 1.7 GW to reach 14.3 GW.

Nevertheless, given the expanding energy demands and the rapid abandonment of non-renewable power sources, it is imperative to expedite the deployment of renewable energy significantly. Global renewable energy capacity missed targets, highlighting the urgent need for accelerated efforts. To assist member countries in accomplishing a sustainable energy transition, IRENA is still advocating for specific, measurable goals in NDCs 3.0.

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