That is according to a new report from the International Renewable Energy Agency (IRENA), which reveals that capacity increased by 15.1% in 2024 to reach 4,448 gigawatts (GW).
It must now expand by 16.6 % annually until 2030 to achieve the global goal agreed at COP28 to triple installed renewable energy capacity to 11.2 terawatts by the end of the decade.
Last year’s 585 GW addition indicates that renewables accounted for 92.5% of the total energy expansion, with almost 64% of the increase coming from China.
The G7 and G20 countries contributed 14.3% and 90.3% of new capacity in 2024, respectively, while Central America and the Caribbean accounted for the least on only 3.2%.
UN secretary-general António Guterres said that “renewable energy is powering down the fossil fuel age”, adding: “Record-breaking growth is creating jobs, lowering energy bills and cleaning our air.
“Renewables renew economies. But the shift to clean energy must be faster and fairer – with all countries given the chance to fully benefit from cheap, clean renewable power.”
Solar and wind energy continued to grow 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 1 865 GW, 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, IRENA stressed that more must be done to limit global warming to 1.5°C above pre-industrial levels.
Over the past few years, the agency has been pressing for clear, quantifiable renewable capacity targets in nationally determined contributions (NDCs), and has been helping member countries achieve this outcome.
IRENA director-general Francesco La Camera said that governments must up their ambitions amid the challenge 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,” he continued.
“I call on governments to leverage on the next round NDCs 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 countries.”
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Chris Seekings is the Deputy Editor of IEMA’s Transform magazine, which is published biomonthly for IEMA members. Chris’s role involves writing sustainability-related news, features and interviews, as well as helping to plan and manage the magazine’s other day-to-day activities.