Solar energy maintained its dominance in renewable generation capacity, accounting for a staggering 73 percent of the growth last year, reaching a total of 1,419 GW, according to a recent report.
The Renewable Capacity Statistics 2024 report, issued by the International Renewable Energy Agency (IRENA), highlighted solar energy‘s significant contribution to the renewable sector. This was followed by wind power, which accounted for 24 percent of the expansion.
Key findings from the report include:
Solar Energy: Solar photovoltaics saw a remarkable increase of 345.5 GW, with China alone contributing 216.9 GW to the total expansion. Concentrated solar power also saw a slight increase of 0.3 GW.
Renewable Hydropower: While still substantial, the expansion in renewable hydropower capacity slowed compared to previous years, reaching 1,270 GW. Australia, China, Colombia, and Nigeria were among the countries adding more than 0.5 GW each.
Wind Energy: Wind energy grew at a rate of 13 percent, with total capacity reaching 1,017 GW by the end of 2023. China and the U.S. were the major contributors to this growth.
Bioenergy: Expansion in bioenergy capacity slowed to a 3 percent increase, adding 4.4 GW compared to 6.4 GW in 2022. Significant increases were observed in Japan, Brazil, and Uruguay.
Geothermal Energy: Geothermal energy experienced a modest increase of 193 MW, led primarily by Indonesia.
Off-grid Electricity: Off-grid electricity capacity outside Europe, North America, and Eurasia grew by 4.6 percent, reaching 12.7 GW. Off-grid solar energy, in particular, reached 5 GW by 2023.
Despite these advancements, the report underscores the need for more significant efforts to meet internationally agreed-upon energy reductions to limit global heating to 1.5°C. Recommendations include scaling up financing and fostering strong international collaboration to accelerate the energy transition, with a particular emphasis on prioritizing developing countries.
The report also emphasizes the importance of international investments in power grids, generation, flexibility, and storage to achieve the ambitious goal of tripling renewable power capacity by 2030. Strengthening institutions, policies, and skills will be crucial in realizing this vision and ensuring equitable gains across regions.