The global renewable energy capacity has reached new heights—a report from the International Renewable Energy Agency (IRENA) reveals that as of March 31, 2025, the total global renewable energy capacity is projected to increase significantly. According to the report, renewable energy capacity is expected to grow by 585 gigawatts in 2024, achieving a remarkable annual growth rate of 15.1%.
The report indicates that by 2024, solar and wind energy will continue to be the leading sources of renewable energy, with solar capacity accounting for 96.6% of the new installations. Specifically, solar capacity is expected to increase by 451.9 gigawatts, marking a growth of 32.2%. In contrast, wind energy capacity is projected to reach 113 gigawatts with a growth rate of 11.1%.
In addition to solar and wind, hydropower is also set to contribute significantly to the renewable energy capacity, with an anticipated increase of 15 gigawatts. This represents a modest growth of 1.2%, bringing the total hydropower capacity to 1,283 gigawatts. Biomass energy capacity is expected to see a resurgence, reaching a total of 151 gigawatts.
China and the United States are identified as the primary drivers of this growth in renewable energy capacity. The report notes that the addition of geothermal energy capacity will be mainly from new installations across various regions, particularly in China.
Furthermore, the report highlights the need for continued efforts to meet the 2030 target of increasing global renewable energy capacity to three times the current levels, reaching approximately 11.2 terawatts. To achieve this, an annual increase of 16.6% will be required in the years leading up to 2030.
Despite the positive outlook, there are challenges that must be addressed. The report emphasizes the importance of maintaining a balanced energy transition, ensuring that all nations and regions have equitable access to renewable energy resources. As countries strive to meet their renewable energy goals, collaboration and support among nations will be crucial.
In summary, the IRENA report showcases a promising future for renewable energy, indicating a strong growth trajectory. However, the path to achieving ambitious targets will require significant commitment and innovative strategies from all stakeholders involved in the energy sector.
