The Renewable Energy Statistics 2024, released by the International Renewable Energy Agency (IRENA), shows that despite renewables becoming the fastest growing source of power, the world risks missing the tripling renewables target pledged at COP28.
To stay on course, the world must now grow renewables capacity at a minimum 16.4% annual rate through 2030. The unprecedented 14% increase in renewables capacity during 2023 established a 10% compound annual growth rate (2017-2023). Combined with the consistently decreasing additions of non-renewable capacity over the years, the trend sees renewable energy on its way to overtaking fossil fuels in global installed power capacity.
However, if last year’s 14% increase rate continues, the tripling target of 11.2 terawatts (TW) in 2030 outlined by IRENA’s 1.5°C Scenario will fall 1.5 TW short, missing the target by 13.5%. Furthermore, if the world maintains the historic annual growth rate of 10%, it will only accumulate 7.5 TW of renewables capacity by 2030, missing the target by almost one-third.
In terms of power generation, the latest data available for 2022 confirmed yet again the regional disparity in renewables deployment. Asia holds its position as the leader in global renewable power generation with 3,749 terawatt hours (TWh), followed for the first time by North America (1,493 TWh). The most impressive jump occurred in South America, where renewable power generation increased by nearly 12% to 940 TWh due to a hydropower recovery and a greater role of solar energy. With a modest growth of 3.5%, Africa increased its renewable power generation to 205 TWh in 2022, despite the continent’s tremendous potential and immense need for rapid, sustainable growth.
