Solar, Sourcing Renewables, Wind  -  April 1, 2024

Renewables Achieve New Record

Renewable deployment in the power sector reached a total capacity of 3,870 Gigawatts (GW) globally, creating a new record, according to a report from the International Renewable Energy Agency (IRENA). 

The report, Renewable Capacity Statistics 2024, shows that renewables accounted for 86% of capacity additions, but the growth was  not unevenly distributed globally.

The 473 GW of renewables expansion was led by Asia again with a 69% share (326 GW). This growth was driven by China, whose capacity increased by 63%, reaching 297.6 GW. 

Compared to other regions, there is a large gap despite massive economic and development needs. Even though Africa has seen some growth, its growth was only  4.6%, reaching a total capacity of 62 GW.

“This extraordinary surge in renewable generation capacity shows that renewables are the only technology available to rapidly scale up the energy transition aligned with the goals of the Paris Agreement,” said IRENA Director-General, Francesco La Camera in a statement. “Nevertheless, the data also serves as a telltale sign that progress is not moving fast enough to add the required 7.2 TW of renewable power within the next seven years, in accordance with IRENA’s World Energy Transitions Outlook 1.5°C Scenario.”

In China, the country focused on solar and wind energy instead of coal and gas power generation. In the EU, enhanced policy focus and heightened energy security concerns have become the main catalysts for the rapid growth, apart from the increasing cost-competitiveness of renewables against fossil fuel alternatives.

Other regions that saw significant expansion were the Middle East at a 16.6% increase and Oceania at a9.4% increase. 

The G7 countries as a group increased by 7.6%, adding 69.4 GW in 2023. The G20 nations increased their capacity by 15.0%, reaching 3084 GW by 2023. However, for the world to reach over 11 TW for the tripling target requires the G20 members alone to reach 9.4 TW of renewable power capacity by 2030.

Solar accounted for 73% of the renewable growth in 2023, reaching 1,419 GW, followed by wind power with 24% share of renewable expansion.