Five key facts behind a record breaking year for renewable energy

By The International Renewable Energy Agency

Global renewable energy capacity has reached new heights, demonstrating remarkable progress in the world’s transition to clean, sustainable energy. According to the International Renewable Energy Agency’s (IRENA) Renewable Capacity 2025 Statistics, 2024 marked yet another benchmark in renewable energy capacity and growth.

The historic expansion is strong evidence of both the economic competitiveness and the scalability of renewables, prompting a clean energy revolution that can bring the world to achieve its target to triple renewable power capacity by 2030—if challenges are addressed.

At the end of 2024, global renewable power capacity amounted to 4,448 gigawatts (GW). Solar, in line with the previous year, accounted for the largest share of the global total, with a capacity of 1,865 GW.  Renewable hydro power and wind energy accounted for most of the remainder, with total capacities of 1,283 GW and 1,133 GW, respectively. Other renewable capacities included 151 GW of bioenergy and 15 GW of geothermal, plus 0.5 GW of marine energy. 

Renewable power capacity increased by 585 GW (+15.1 percent) in 2024. Over three-quarters of the capacity expansion was due to solar energy which witnessed an increase of 452 GW (+32.2 percent); this was followed by wind energy with additions of 113 GW (+11.1 percent). Renewable hydro power capacity increased by 15.0 GW (+1.2 percent), bioenergy by 4.6 GW (+3.2 percent), and geothermal energy by 0.4 GW (+2.5 percent). 

Solar and wind energy continued to dominate renewable capacity expansion, jointly accounting for 96.6 percent of all net renewable additions in 2024. And 2024 marks the highest annual increase in renewable generation capacity and the highest growth on record in percentage terms.

Here are the five key facts about renewable capacity additions in 2024:

1. Record-high renewable energy capacity additions in 2024
   Global renewable power capacity increased by 585 GW in a single year, indicating a record rate of 15.1 percent annual growth, which surpasses 2023’s growth rate of 14.3 percent. The increase marks a consistent trend of renewables breaking their own expansion records each year, which underscores renewables’ strong business and investment case. As the levelized cost of electricity produced from most forms of renewable power continued to fall, renewables are not only environmentally sound but also the most cost-effective power source for countries around the world.
2. Renewables accounted for more than 92 percent of total power expansion in 2024
   Overall, renewables accounted for 92.5 percent of total power capacity expansion in 2024, up from 85.8 percent in 2023. Their share in the world’s total installed power capacity rose from 43 percent to 46.4 percent during the same period, reflecting both accelerated adoption of renewable energy and a slowdown in non-renewable capacity additions—a trend further driven by the large net decommissioning of fossil-fuel power plants in several regions. Solar and wind remained key to this momentum, jointly accounting for 96.6 percent of net renewable expansion.
3. Solar power takes the lead
   Solar energy remained the driving force behind this expansion, responsible for 42 percent of the total global renewable power capacity mix. The solar sector alone grew by 32.2 percent, adding almost 452 GW to reach a total capacity of 1,865 GW worldwide. Solar photovoltaic (PV) technology accounted for virtually all solar capacity growth, demonstrating its continued cost-effectiveness and scalability. In 2023, the global weighted average cost of electricity from new solar PV projects dropped by 12 percent, the steepest decline among major renewable sources.
4. Asia and North America are renewable energy leaders
   Regional disparities in renewable energy capacity deployment intensified from 2023 to 2024, with Asia strengthening its dominance from 69.3 percent to 72 percent of global additions at 421.5 GW. China alone accounted for over 88 percent of Asia’s increase. North America expanded by 45.9 GW (+8.7 percent) driven by installations in the United States. Its renewable energy capacity stood at 573 GW at year end, with a 12.9 per cent share of global renewable energy. The U.S. added 38.3 GW of solar capacity in 2024—a 54.0 percent increase to that of its 2023 value—while the U.S. saw an increase of 5.1 GW in wind power, for the year.
5. Progress still falls short to reach the 2030 tripling targey
   Despite a record growth rate of 15.1 percent in 2024, progress still falls short of the 11.2 terawatts needed to align with the global goal to triple installed renewable energy capacity by 2030, says the report. If the current growth rate persists, the world will be short approximately 0.8 TW by 2030. Achieving the target now requires an annual growth of 16.6 percent until 2030.

Boosting the annual growth rate requires more ambitious national targets. IRENA has consistently called for clear, quantifiable renewable energy targets in the next round of the Nationally Determined Contributions (NDCs). To that end, the Agency continues to support its members in enhancing and implementing their NDCs in the energy sector.

The International Renewable Energy Agency (IRENA, www.irena.org) is a lead global intergovernmental agency for energy transformation that serves as a platform for international cooperation, supports countries in their energy transitions, and provides data and analysis on technology, innovation, policy, finance and investment. IRENA’s membership comprises 169 countries and the EU.

Q3 2025