IRENA Reports Record Growth in Renewable Energy Capacity

According to the latest report from the International Renewable Energy Agency (IRENA), renewable energy capacity globally hit a fresh record in 2024, reaching an unprecedented 4,448 Gigawatts (GW). An impressive growth of 585 GW in the past year represented a whopping 92.5% of the total capacity expansion. This constitutes an all-time high growth rate of 15.1%.

However, despite this significant milestone, the global capacity of renewable resources continues to lag the targeted threefold increase by 2030. A yearly rise of 16.6% is now required to achieve the necessary 11.2 Terawatt (TW).

Regional Disparities in Renewable Energy Sector

The IRENA report drew attention to significant geographical variations. Asia, led by China, which alone contributed almost 64% of the global capacity growth, spearheaded the expansion. In contrast, Central America and the Caribbean chipped in with a meagre 3.2%. The G7 nations accounted for 14.3%, while the G20 countries were responsible for a remarkable 90.3% of the new capacities.

Francesco La Camera, Director-General of IRENA, stated, "The steady growth of renewable energy we witness year by year is testament to its economic viability and rapid deployability. Even as the renewable energy records are shattered yearly, we grapple with persistent issues of vast regional disparities and the ticking clock of the imminent 2030 deadline." He added, "The next iteration of the Nationally Determined Contributions (NDCs 3.0) offer governments a chance to clearly articulate their ambitions. Moreover, the international community must redouble its cooperation to aid, particularly the Global South countries."

Advances and Technological Highlights

• Solar Energy: Solar power was the frontrunner in 2024, with an increase of 451.9 GW. China led the wave with a stunning 278 GW, followed by India with 24.5 GW.
• Wind Energy: Wind power rose by 11.1% to 1,133 GW, driven chiefly by China and the USA.
• Hydropower: Hydropower bounced back strongly, reaching a capacity of 1,283 GW driven by China alongside increases in countries such as Ethiopia and Pakistan.
• Bioenergy: There was a growth of 4.6 GW, spearheaded by China and France, contributing 1.3 GW each.
• Geothermal Energy: This experienced modest growth of 0.4 GW with New Zealand and Indonesia leading the way.
• Off-grid Power Supply: Capacity tripled to a total of 14.3 GW.

António Guterres, Secretary-General of the United Nations, emphasised, "Renewable energy is fuelling the end of the fossil fuel era, creating jobs, lowering energy costs, and cleaning our air. Still, the transition must be faster and fairer - all countries must gain access to affordable clean energy."

IRENA urges global governments to set clear renewable energy expansion targets in their NDCs and endorse intensified investments and international cooperation. The report underscores the urgency of further actions towards achieving the Paris Agreement's climate goals.