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Global Renewable Energy Capacity Surges to 4,448 GW in 2024, Led by Solar & Wind

Global renewable energy capacity additions reached a record 585 GW in 2024, reflecting a 15.1% year-over-year (YoY) growth, the highest since 2000, according to IRENA's latest report. Renewables accounted for 92.5% of global new power capacity, reinforcing their dominance in the energy transition.

Key Global Trends in 2024:

• Solar & Wind Lead Growth: Contributed 96.6% of total renewable capacity additions.
• Total Global Renewable Capacity: 4,448 GW, led by:
  • Solar – 1,865 GW (Largest share)
  • Hydropower – 1,283 GW
  • Wind – 1,133 GW

Regional Growth:

• Asia: 421.5 GW added (72% of total global additions), led by China (373.6 GW).
• Europe: Expanded by 70.1 GW, with Germany (18.8 GW) as the leader.
• North America: 45.9 GW, led by the U.S.
• Africa: 4.2 GW, Oceania: 8.7 GW, Middle East: 3.3 GW (Saudi Arabia leading).

Technology-Specific Growth:

Solar Energy:

• 452 GW added, marking a 32.2% YoY increase.
• Asia: 327.1 GW, with China (278 GW) as the top contributor.
• Other major contributors: U.S. (38.3 GW, 54% growth YoY), Brazil (15.2 GW), Germany (15.1 GW).

Wind Energy:

• 113 GW added (+11.1% YoY).
• China led with 79.9 GW, followed by the U.S. (5.1 GW), Brazil, India, Canada, Türkiye, and key European nations.

Challenges & 2030 Targets

• Despite record-breaking growth, the world remains 0.8 TW short of the 11 TW 2030 renewable capacity target set at COP28.
• To meet the target, an annual growth rate of at least 16.1% is required from 2024 onward.

IRENA emphasizes the need for accelerated deployment, investment, and policy support to sustain momentum and bridge the gap to 11 TW by 2030. The declining cost of renewables further strengthens their economic viability over fossil fuels, making the transition more feasible.