Renewable Energy Capacity Records Fastest Growth in 30 Years

According to the International Energy Agency's (IEA) Renewable 2024 report, the world is experiencing approximately the fastest growth in renewable energy capacity in the last 30 years. Last year, 510 gigawatts more renewable energy capacity was deployed globally compared to 2022, a 50 percent increase, with 75 percent of this growth coming from solar energy. China leads in global renewable energy capacity growth, while renewable energy capacity increases in Europe, the United States and Brazil have also reached record levels. Climate change mitigation aside, renewable energy plays a critical role in countries' energy supply security, with growth expected to accelerate further, and global renewable energy capacity is calculated to reach 7,300 gigawatts by 2028. If this growth rate continues, global renewable energy capacity is projected to increase 2.5 times from today's level by 2030. While 95 percent of this growth is expected to come from solar and wind energy, renewable energy sources are estimated to overtake coal, the current largest source in electricity generation, by 2025. Tripling global renewable energy capacity means reaching 11,000 gigawatts by 2030. To achieve this target, policy uncertainties must be resolved, problems related to insufficient grid investments must be addressed, and bureaucratic barriers must be removed to eliminate delays in permitting processes. IEA Executive Director Fatih Birol stated in his assessment of the report that global renewable energy capacity will increase 2.5 times by 2030 under current policies and market conditions, while noting, "This is not sufficient for the COP28 target, but we are approaching it and governments have the tools needed to close this gap. Right now, onshore wind and solar energy are cheaper than new fossil fuel plants almost everywhere in the world. These sources are also cheaper than existing fossil fuel plants in many countries."

Birol continued:

"In my view, the greatest challenge for the international community is rapidly providing financing and increasing capacity for renewable energy projects in developing economies. Many of these countries are falling behind in the new energy economy. Success in tripling global renewable energy capacity will depend on overcoming these challenges in these countries." Source