Around 585GW of new renewable capacity was added in 2024, according to the latest International Renewable Energy Agency (IRENA) figures, a record rate of annual growth of 15.1%.
However, Renewable Capacity Statistics 2025 found that 4,448GW of renewable capacity is now in place globally, short of the 11.2 terawatts needed to align with the global goal to triple installed renewable energy capacity by 2030.
To reach this goal, renewable capacity must now expand by 16.6 % annually until 2030, IRENA said.
As in previous years, most of the increase occurred in Asia, with the greatest share being contributed by China – almost 64% of the global added capacity – while Central America and the Caribbean contributed the least at only 3.2%.
The G7 and G20 countries respectively accounted for 14.3% and 90.3% of new capacity in 2024.
IRENA director-general Francesco La Camera said: “The continuous growth of renewables we witness each year is evidence that renewables are economically viable and readily deployable.
“Each year they keep breaking their own expansion records, but we also face the same challenges of great regional disparities and the ticking clock as the 2030 deadline is imminent.
“With economic competitiveness and energy security being increasingly a major global concern today, expanding renewable power capacity at speed equals tapping into business opportunities and addressing energy security quickly and sustainably.
“I call on governments to leverage on the next round of Nationally Determined Contributions (NDCs 3.0) as an opportunity to outline a clear blueprint of their renewable energy ambitions, and on the international community to enhance collaborations in support of the ambitions of Global South’s countries.”
Solar and wind energy continued to expand the most, jointly accounting for 96.6% of all net renewable additions in 2024.
Over three-quarters of the capacity expansion was in solar energy which increased by 32.2%, reaching 1,865GW, followed by wind energy which grew by 11.1%.
The large net decommissioning of non-renewable power in some regions has contributed to the upward trend of renewables capacity.
However, more needs to be done to reach the goal of tripling renewables capacity by 2030 and the Paris Agreement, IRENA said.
Over the past few years, IRENA has been pressing for clear, quantifiable renewable capacity targets in NDCs 3.0.
To this end, the Agency has been assisting in the enhancement and implementation of its members’ NDCs with a focus on the energy sector through its country engagement.