Despite renewables capacity growing by over 15 percent in 2024, the growth gap widens across regions. Over 70 percent of renewable energy capacity growth occurred in Asia, while other regions, particularly Africa, lagged, according to new data released by the International Renewable Energy Agency (IRENA).
The Renewable Energy Statistics 2025, released by the International Renewable Energy Agency (IRENA), show that despite renewable capacity growing by over 15 percent in 2024, the growth gap widens across regions.
The renewable energy boom is transforming global energy markets, driving economies and creating vast investment opportunities. However, the growing regional divide highlights that not everyone is benefiting equally from this transition. Countries and regions that attract substantial investment in renewables are seeing enhanced energy security, increased industrial activity, and new jobs, fueling broader socioeconomic development, said Francesco La Camera, IRENA Director-General.
Asia has kept its leading position since the past few years, accounting for 71 percent of new renewables capacity in 2024, followed by Europe and North America (respectively contributed 12.3 percent and 7.8 percent to the addition), leaving a huge gap with Africa, Eurasia, Central America and the Caribbean which together only accounted for 2.8 percent of total renewables capacity addition.
Bridging the divide and closing the investment gap between countries and regions is critical. It requires targeted policies, international financing, and partnerships that unlock capital and technology where they are needed most. By aligning investment flows with policy frameworks, we can ensure that the green transition becomes a powerful engine for resilience and sustainable economic growth worldwide, Francesco La Camera said.
Despite its massive economic and development opportunities, Africa increased its renewables capacity by only 7.2 percent.
The global shift to renewables is increasingly inevitable, but its massive human and economic benefits are not yet being shared across all countries and regions. To deliver on the global agreement at COP28 to triple renewables by 2030, we need to move much further and faster, and make more progress on the key enablers for vulnerable developing countries. The investments required will pay huge dividends – cutting emissions, driving economic growth, creating jobs, and supporting affordable, secure energy for all, said UN Climate Change Executive Secretary Simon Stiell.
Faster pace needed to reach 2030 target
As the custodian Agency for tracking the global goal to triple installed renewable capacity by 2030, IRENA remains committed to reviewing progress and identifying gaps towards the target on an annual basis.
Although the 582 GW of renewable capacity added in 2024 represented a record annual increase, it still falls short of the pace required to reach the global tripling target of 11.2 TW by 2030.
If the same annual growth rate continues, the world will only reach 10.3 TW of renewables capacity, missing the target by 0.9 TW.
Achieving the target by 2030 would require renewable capacity to expand even faster at 16.6 percent annually in less than the remaining five years.
Solar and wind continue to dominate
The renewables capacity trend also reveals the dominance of solar and wind power. Both have jointly accounted for 97.5 percent of all net renewables additions in 2024, with solar increasing by 453 GW.
This proves the economic competitiveness of solar energy; providing business opportunities and energy security quickly and sustainably.
Wind energy is following behind with 114 GW of total renewables capacity addition.
With renewables now catching up with fossil fuels in the share of installed capacity – 46.2 percent of renewables vs 47.3 percent of fossil fuels – the case of renewables being a smart investment that creates jobs and drives sustainable growth has become stronger.
The report also shows the continuous growth of renewable power generation, driven by solar and wind energy.
Renewable electricity grew by 5.6 percent in 2023 compared to 2022, reaching 8,928 TWh. Meanwhile, non-renewable power grew by only 1.2 percent in 2023 compared to 2022.
As such, renewable energy sources accounted for almost 30 percent of global electricity generation by 2023.
