WASHINGTON — A notable surge in renewable energy installations globally reached an unprecedented level last year, as the International Renewable Energy Agency (IRENA) disclosed. A staggering 92.5% of new electricity capacity came from innovative sources like solar, wind, and other clean energies.
China led this remarkable surge, accounting for nearly 64% of the newly added renewable capacity in 2024, according to IRENA’s latest insights. Globally, a total of 585 billion watts of renewable energy were incorporated into the grids, marking a 15.1% rise from 2023. Presently, 46% of global electricity is sourced from various renewable energies, including solar and wind.
Despite this impressive growth, the world is still lagging in its ambitious target to triple renewable energy capacity from 2023 to 2030, with current projections indicating a potential shortfall of 28%, IRENA warns. This objective was set in 2023 as a crucial step in reducing climate change impacts and shifting away from dependency on fossil fuels like coal, oil, and natural gas.
“The expansion of renewable energy is crucial in transitioning away from the fossil fuel era. It’s generating employment, reducing energy costs, and promoting cleaner air,” stated United Nations Secretary-General Antonio Guterres. “However, the pace and fairness of this transition need to accelerate.”
China’s contribution amounted to nearly 374 billion watts of renewable power, predominantly from solar panels, in 2024. This figure is over eight times the contribution of the United States and five times that of Europe. China now boasts close to 887 billion watts of solar power capacity compared to the 176 billion watts in the United States, approximately 90 billion watts in Germany, 21 billion in France, and over 17 billion in the United Kingdom.
United Nations climate leader Simon Stiell challenged European and other developed nations to match China’s efforts. Addressing European leaders in Berlin, Stiell emphasized the opportunity for other nations to assume global climate leadership as certain governments step back. “The renewable energy transition can drive Europe’s economy forward at a time when new growth avenues are essential for sustaining living standards in the long term,” he stated, alluding to the U.S. withdrawal from the Paris climate accord.
These IRENA statistics underscore the unstoppable momentum of the global renewable energy boom, Stiell noted, highlighting that the market for green energy reached a staggering $2 trillion last year.
Neil Grant, a senior policy analyst at Climate Analytics, supports the notion of further accelerating this growth. “The 15% increase in renewables in 2024 demonstrates potential. With comprehensive, credible, and ambitious climate policies worldwide, this growth could occur even faster,” said Grant.