IRENA: Renewables up 15% in 2024, but regional gap widens

In 2024, Asia confirmed its leadership in the renewables race , contributing 71% of new installed capacity worldwide. Europe and North America remained behind , adding 12.3% and 7.8% of new capacity, respectively, leaving a huge gap with Africa, Eurasia, Central America, and the Caribbean, which together accounted for only 2.8% of new installations. Africa, despite its enormous economic and development potential, increased its renewable capacity by just 7.2%. This is according to a new report from IRENA , the International Renewable Energy Agency, which shows that, although renewable capacity grew by more than 15% in 2024, the growth gap between regions is widening.

Commenting on the latest data, IRENA Director-General Francesco La Camera emphasized: "The renewable energy boom is transforming energy markets, stimulating economies and creating enormous investment opportunities. However, the growing regional divide demonstrates that not everyone is benefiting equally from this transition. Countries and regions that are able to attract significant investment are improving energy security, increasing industrial activity and creating new jobs, fueling broader socioeconomic development."

The Chamber added that "closing this gap and closing the investment gap between countries and regions is crucial. Targeted policies, international financing, and partnerships are needed to unlock capital and technologies where they are most needed. By aligning investment flows with regulatory frameworks, we can ensure that the green transition becomes a driver of resilience and sustainable economic growth worldwide."

UN Climate Executive Secretary Simon Stiell also reiterated the urgency of accelerating the process: "The global shift to renewables is now increasingly inevitable, but its enormous human and economic benefits are not yet shared equally. To meet the COP28 agreement and triple renewable capacity by 2030 , we must go much further and faster, especially on enabling factors for the most vulnerable developing countries. The investments required will bring enormous benefits: emissions reductions, economic growth, job creation, and access to safe and sustainable energy for all."

IRENA, which is responsible for monitoring the global goal of tripling renewable capacity by 2030, has confirmed its commitment to assessing progress and identifying gaps annually. Despite a record 582 GW of new capacity added in 2024, the current pace is insufficient to meet the 11.2 TW target by 2030. If the annual growth rate remains unchanged, the world would reach 10.3 TW, missing the target by about 0.9 TW. To achieve this, a significant acceleration would be needed, with annual growth of 16.6% over the next five years.

The trend also highlights the dominance of solar and wind , which together accounted for 97.5% of net new additions in 2024. Solar recorded growth of 453 GW, confirming its economic competitiveness and ability to rapidly offer energy security and sustainable business opportunities. Wind follows with 114 GW of new capacity. Meanwhile, renewables are now catching up with fossil fuels in terms of installed capacity: 46.2% versus 47.3%.

The report also highlights the steady growth of electricity generation from renewable sources, driven by solar and wind. In 2023, renewable generation increased by 5.6% compared to 2022, reaching 8,928 TWh, while generation from non-renewable sources grew by only 1.2%. Overall, renewables accounted for nearly 30% of global electricity generation by 2023.