Global renewables add 585GW
The latest figures from the International Renewable Energy Agency (IRENA) today shows a massive increase in renewable power capacity during 2024, reaching 4.448 terawatts (TW).
The 585GW addition last year is a record rate of annual growth (15.1%). However to triple the installed base of renewable energy by 2030 will require 11TW, or annual growth of 16%.
The greatest share of renewable energy comes from China with almost 64% of the global added capacity, driven by solar photovoltaics.
Solar and wind energy continued to expand the most, jointly accounting for 96.6% of all net renewable additions in 2024. Over three-quarters of the capacity expansion was in solar energy which increased by 32.2%, reaching 1 865 GW, followed by wind energy which grew by 11.1%.
This level of growth will drive demand for 1500V and 2000V silicon carbide (SiC) MOSFETs for higher efficiency inverters, as well as silicon IGBTs, and gallium nitride HEMT transistors for smaller microgrid inverters.
“The continuous growth of renewables we witness each year is evidence that renewables are economically viable and readily deployable. Each year they 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,” said Francesco La Camera, IRENA Director-General
“With economic competitiveness and energy security being increasingly a major global concern today, expanding renewable power capacity at speed equals tapping into business opportunities and addressing energy security quickly and sustainably. I call on governments to leverage on the next round of Nationally Determined Contributions (NDCs 3.0) as an opportunity to outline a clear blueprint of their renewable energy ambitions, and on the international community to enhance collaborations in support of the ambitions of Global South’s countries,” he added.
Solar photovoltaics increased by 451.9 GW last year. China alone added 278 GW to the total expansion, followed by India (24.5 GW). Wind energy saw a total of 1 133 GW capacity by the end of 2024. Expansion was once again dominated by China and the United States (US).
Off-grid electricity capacity outside of Eurasia, Europe and North America nearly tripled, growing by 1.7 GW to reach 14.3 GW. Growth was dominated by off-grid solar energy which reached 6.3 GW by 2024
Hydropower capacity, excluding pumped storage hydropower, reached 1 283 GW, demonstrating a notable rebound from 2023, driven by China. Ethiopia, Indonesia, Nepal Pakistan, Tanzania, and Viet Nam added more than 0.5 GW each.
Bioenergy rebounded in 2024, with an increase of 4.6 GW of capacity compared to an increase of 3.0 GW in 2023. The growth was driven by China and France with 1.3 GW of additions each.
Geothermal energy increased by 0.4 GW overall, led by New Zealand, followed by Indonesia, Türkiye, and the US.
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