Renewables surged globally in 2024, new data shows
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Renewable energy capacity around the world surged last year — particularly in the U.S. and China, according to a new report.
Why it matters: The data shows that renewables, such as wind, solar, geothermal, and hydroelectric power sources are growing at far faster rates than traditional power sources such as coal and natural gas.
Zoom in: The report from the International Renewable Energy Agency shows that 585 gigawatts of renewable energy capacity were added worldwide, accounting for more than 90% of total power expansion last year.
- One gigawatt is enough to power around 876,000 households for one year.
- While the rate of growth hit a record high of 15.1%, that fell short of the 16.6% annual rate of growth required to meet a global goal to triple installed renewable energy capacity by 2030.
Yes, but: Renewables are still far from meeting the majority of global electricity needs.
- In addition, significant geographical differences remain in the trajectory of renewable energy, with almost 64% of the global added capacity taking place in China.
- The G7 and G20 countries accounted for 14.3% and 90.3% of new capacity last year, respectively.
What they're saying: "Each year [renewables] keep breaking their own expansion records, but we also face the same challenges of great regional disparities and the ticking clock as the 2030 deadline is imminent," IRENA Director-General Francesco La Camera said in a statement.
Between the lines: Solar and wind energy dominated the expansion rate, with solar increasing by 32.2% and wind energy by 11.1%.
- China alone added 278 gigawatts of power capacity last year, with India adding 24.5 gigawatts.
- Wind energy expansion was down slightly from 2023, the report found, with most of the additions taking place in China and the U.S.
Solar energy also took off in the U.S. during 2024, with the country seeing an added 38.3 gigawatts of solar capacity. This was a 54% increase from 2023, the IRENA report found.
- And the U.S. also added 5.1 gigawatts of wind power capacity in 2024, though this number may be smaller during 2025 with the federal freeze on offshore wind projects in place.
What we're watching: If — and to what extent — the Trump administration's pro-fossil fuel policies and a continued global emphasis on energy security slows the rate of growth of renewables worldwide during the next year.
