At the end of 2024, renewable energy had dramatically increased its share of the global power capacity, reaching an unprecedented 46%.
This substantial growth reflects the addition of 585 gigawatts (GW) of renewable capacity, marking a 15.1% increase in the global renewable power stock. Renewables contributed to an impressive 92.5% of the total new capacity additions, dominated by solar and wind energy which alone delivered the majority of this expansion with 452 GW and 113 GW respectively added during the year.
Despite these achievements, significant disparities exist in the deployment of renewable technologies across different regions. China, the United States, and the European Union together accounted for a dominant 83.6% of new renewable capacity at 489 GW, underscoring a stark contrast with regions like Africa, which contributed merely 0.7% or 4.2 GW. Small island developing states face similar marginalization, composing a mere 0.2% of the global total despite seeing a 9.3% capacity growth during 2024.
The ambitious goal set at COP 28 to triple the installed renewable power capacity to 11 terawatts (TW) by 2030 requires an annual increase of over 1,120 GW. Present growth rates suggest the world is off-track in achieving this target, meaning a more accelerated pace of development is crucial. Addressing this gap calls for strategic attention to enhancing grid flexibility and adapting to variable power sources to make renewables the primary electricity generation source.
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