Renewable Capacity Statistics 2024, released by the International Renewable Energy Agency (IRENA), shows that 2023 set a new record in renewables deployment by reaching a total capacity of 3,870 GW globally, including 1,268 GW of “renewable hydropower” (excluding pumped storage). “Pure pumped storage” capacity reached 140 GW and marine energy reached 527 MW.
Renewables accounted for 86% of capacity additions. However, this growth is unevenly distributed across the world, indicating a trend far from the tripling renewable power target by 2030, IRENA said.
“This extraordinary surge in renewable generation capacity shows that renewables are the only technology available to rapidly scale up the energy transition aligned with the goals of the Paris Agreement. Nevertheless, the data also serves as a telltale sign that progress is not moving fast enough to add the required 7.2 TW of renewable power within the next seven years, in accordance with IRENA’s World Energy Transitions Outlook 1.5°C Scenario,” said IRENA Director-General Francesco La Camera.
“Policy interventions and a global course-correction are urgently needed to effectively overcome structural barriers and create local value in emerging market and developing economies, many of which are still left behind in this progress. The patterns of concentration in both geography and technology threaten to intensify the decarbonization divide and pose a significant risk to achieving the tripling target.”
The 473 GW of renewables expansion was led once again by Asia with a 69% share (326 GW). This growth was driven by China, whose capacity increased by 63%, reaching 297.6 GW. This leaves a vast majority of developing countries behind, despite massive economic and development needs. Even though Africa has seen some growth, it paled in comparison with an increase of 4.6%, reaching a total capacity of 62 GW.
Comments