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Global Renewable Energy Growth: A Comprehensive Overview

The advancement of renewable energy, particularly solar and wind, has become increasingly pivotal in the global energy landscape. In China, the rising competitiveness of these renewable sources compared to traditional coal and gas has significantly propelled the expansion of renewable energy initiatives. In contrast, the European Union has shifted its focus toward enhancing energy security, with supportive policies playing a critical role in accelerating the growth of renewables. Concurrently, the decreasing costs of renewable technology relative to fossil fuels have further contributed to this trend.

Other regions have also experienced noteworthy advancements. The Middle East reported a remarkable growth rate of 16.6%, while Oceania followed closely with a 9.4% increase. Collectively, the G7 nations saw a healthy increase of 7.6%, adding a substantial 69.4 gigawatts (GW) of energy capacity over the past year. Furthermore, the G20 countries collectively augmented their renewable capacity by 15.0%, reaching an impressive total of 3,084 GW by 2023. Nevertheless, achieving the global target of exceeding 11 terawatts (TW) of renewable energy will necessitate the G20 nations to reach a daunting goal of 9.4 TW by the year 2030.

Solar energy continues to dominate the landscape of renewable capacity expansion, with notable disparities in growth patterns across different regions and technologies. Last year, solar power accounted for a staggering 73% of the total renewable growth, amassing 1,419 GW in capacity, while wind power represented a 24% share of this expansion.

The International Renewable Energy Agency (IRENA) has put forth recommendations in its 1.5°C Scenario, emphasizing the need for substantial increases in financing and fostering international cooperation to expedite the energy transition. The report underscores developing countries as a priority focus for investments, stressing the necessity for advancements in power grids, generation capabilities, flexibility, and storage solutions. To meet the goal of tripling renewable energy capacity by 2030, there is an urgent need to enhance institutional frameworks, policymaking, and skill development.

Technology highlights:

Solar energy: The solar photovoltaics sector saw a remarkable addition of 345.5 GW last year, while concentrated solar power only saw a modest increase of 0.3 GW. China was the leader in this expansion, contributing 216.9 GW to the global total.

Renewable hydropower (excluding pumped hydro): The capacity reached 1,270 GW, although the growth rate has slowed compared to previous years. Countries such as Australia, China, Colombia, and Nigeria each added more than 0.5 GW to their renewable hydropower capacities.

Wind energy: The wind energy sector experienced a growth rate of 13%, solidifying its position as a rapidly expanding renewable source. By the end of 2023, total wind capacity reached 1,017 GW, with significant contributions from China and the United States.

Bioenergy: The growth of bioenergy has begun to decelerate, with only a 3% increase this year, adding 4.4 GW when compared to 6.4 GW in 2022. Major contributions came from China, Japan, Brazil, and Uruguay.

Geothermal energy: This sector saw minimal increase, with only 193 megawatts (MW) added, predominantly driven by developments in Indonesia.

Off-grid electricity: Regions outside of Europe, North America, and Eurasia experienced a 4.6% increase in off-grid electricity capacity, totalling 12.7 GW. Off-grid solar energy emerged as a significant contributor, reaching 5 GW by 2023.

For more detailed insights, the full Renewable Capacity Statistics 2024 report can be accessed here.

Further exploration of the systemic changes required to triple renewable power capacity by 2030 can be found in additional resources.

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www.irena.org