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.

• 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.

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