IRENA: Global renewable energy capacity still falls short of target despite record growth in last year
The International Renewable Energy Agency's (IRENA) report on Wednesday showed that the global renewable energy capacity grew at a record rate in 2024, but still fell short of the 2030 target.
Renewables will account for 92.5% (or 585 GW) of the new energy capacity in 2024, a record growth rate of 15.1%. This brings total renewables to 4,448 gigawatts.
The progress is still below the 11,2 terawatts required to meet the Paris Climate Agreement and the global goal that renewable energy installations will triple by 2030. This requires an annual growth rate 16.6%.
Francesco La Camera, Director General of IRENA, said: "We face the same challenges as well. We have great regional disparities. And the clock is ticking. The 2030 deadline is near."
China alone added 278 GW solar capacity in the last year, accounting for 64% of all new renewable energy capacity worldwide. Group of Seven, the most industrialized and advanced economies in the world, accounted for 14 % of new global renewable capacity. Central America and Caribbean contributed only 3.2%.
Solar and wind power remained the fastest growing renewables. Together, they accounted for 96.6% all net additions to renewables by 2024.
(source: Reuters)
