World installed record renewable energy in 2024, driven by China: report

DUBAI — The world installed a record amount of renewable energy capacity last year, largely driven by China, according to a report published on Wednesday by the International Renewable Energy Agency (IRENA).

Generating capacity from the likes of solar, wind, hydroelectric and geothermal energy, grew by 15.1 per cent globally, reaching close to 4.5 terawatts, according to the report from IRENA.

Across the world, 585 gigawatts of renewable capacity was added to grids, accounting for 92.5 per cent of all new electricity-generating capacity installed last year.

"The continuous growth of renewables we witness each year is evidence that renewables are economically viable and readily deployable," Francesco La Camera, IRENA's director said in a statement.

"Each year they keep breaking their own expansion records, but we also face the same challenges of great regional disparities and the ticking clock," he added.

To achieve a global goal, agreed at the COP28 climate summit in 2023, to triple renewable energy generation capacity by 2030 the world must reach 11.2 terawatts.

That will require annual growth of 16.6 percent until the end of the decade, the report said.

Last year, Asia was central to global renewable growth, with China alone accounting for 64 percent of new capacity worldwide.

More than three-quarters of all the newly installed capacity worldwide was in the form of photovoltaic cells, which turn solar energy directly into electricity. Of that, China accounted for more than half.

Simon Stiell, executive secretary of the UN's climate treaty process, said in the same statement that "renewables grew in Asia at double the rate in Europe". 

"Clearly there is still so much opportunity for Europe to step up the pace."

"In a global clean energy boom that hit $2 trillion last year -- the dividends on offer are monumental," he added.