Global renewable energy capacity to record unprecedented growth in 2024

A report released by the International Renewable Energy Agency on Wednesday showed that global renewable energy capacity recorded unprecedented growth last year, but progress remains below the target for achieving the 2030 target.

The report indicated that renewable energy sources accounted for approximately 92.5% of new energy generation capacity in 2024, equivalent to 585 gigawatts (GW), representing an unprecedented increase of 15.1%, bringing total renewable energy generation capacity to 4,448 GW.

It added that progress achieved, however, remains below the 11.2 terawatts needed to meet the Paris Climate Agreement pledges and the global target of tripling renewable energy capacity by 2030, which requires an annual growth rate of 16.6%. The report stated that China added nearly 64% of the world’s new energy capacity, generating 278 gigawatts of solar power last year. The G7 contributed 14.3%, while Central America and the Caribbean contributed the least, accounting for just 3.2%. It noted that solar and wind power remained the fastest-growing renewable energy sources, together accounting for 96.6% of new global capacity in 2024.