The global installation of renewable energy reached record levels in 2024, with a staggering 92.5% of new electricity capacity sourced from clean energy, primarily solar and wind. According to a report by the International Renewable Energy Agency (IRENA), China dominated this growth, accounting for nearly 64% of the new capacity added – around 374 billion watts, primarily from solar panels. In total, the world added 585 billion watts of renewable electricity, marking a significant 15.1% increase from 2023, yet still falling behind on targets set for 2030, which aim to triple renewable energy generation during this period. United Nations Secretary-General Antonio Guterres highlighted that while renewable energy reduces reliance on fossil fuels, there is a pressing need for a more accelerated and equitable transition to sustainable energy.
The report further emphasizes the critical role of clean energy in global climate strategies, urging industrialized nations like Europe to enhance their renewable energy commitments in light of China’s advancements. United Nations climate chief Simon Stiell pointed out that while one government may step back from climate leadership, others can step up to seize the economic opportunities presented by clean energy growth. The market for renewable energy is now valued at $2 trillion, highlighting its potential as a significant economic driver. Analysts believe that with robust climate policies in place, the pace of renewable energy adoption could increase even further, thereby contributing more effectively to combating climate change and promoting sustainable growth globally.