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4w ago

Global Renewable Energy Growth Hits Record, But 2030 Goals Remain Out of Reach

Renewable energy capacity surged by 15.1% in 2024, driven by China's solar dominance, yet the world is projected to fall 28% short of tripling capacity by 2030.

FILE - A floating solar farm operates on the Cottbuser Ostsee lake near Cottbus, Germany, Oct. 16, 2024. (AP Photo/Matthias Schrader, File)
A drone view shows rows of solar panels as part of the Shotwick Solar Park in Shotwick, Britain, March 17, 2025. REUTERS/Phil Noble/File Photo
FILE - Wind turbines dot the coast line along a giant solar farm near Weifang in eastern China's Shandong province on March 22, 2024. (AP Photo/Ng Han Guan, File)
General manager of Dunhuang Shouhang Energy Saving New Energy Co. Liu Fuguo speaks to reporters next to heliostat mirrors, at the site of Shouhang 100MW Tower Solar Thermal Power Generation Project, during an organised media tour of Dunhuang Photovoltaic Industrial Park, in Gansu province, China October 16, 2024. REUTERS/Tingshu Wang/File Photo

Overview

  • Global renewable energy capacity grew by 585 gigawatts in 2024, accounting for over 90% of total power expansion, according to IRENA.
  • China led the growth, adding nearly 374 gigawatts of renewable capacity, with 75% coming from solar energy.
  • Solar energy saw a 32.2% global increase in 2024, with the U.S. contributing 38.3 gigawatts, a 54% rise from 2023.
  • Despite record-breaking growth, the current pace remains insufficient to meet the 16.6% annual growth rate required to achieve the 2030 target.
  • The renewable energy market reached $2 trillion in 2024, but regional disparities, policy gaps, and infrastructure challenges hinder further acceleration.