Global renewable energy capacity expanded by a record 15.1 per cent in 2024, reaching 4,448 gigawatts (GW).
However, experts warn this surge still falls short of the pace required to triple renewables by 2030.
A new report from the International Renewable Energy Agency (IRENA) has confirmed that 585 GW of new capacity was added in 2024 – predominantly from solar and wind power. Solar alone contributed over 75 per cent of new installations, with strong growth in China, India and South Korea.
“Each year they keep breaking their own expansion records, but we also face the same challenges of great regional disparities and the ticking clock as the 2030 deadline is imminent,” warns Francesco La Camera, Director-General of IRENA.
To achieve the global commitment made at COP28 to triple renewable energy capacity to 11 terawatts (TW) by 2030, an annual growth rate of at least 16.6 per cent is required – meaning 2024’s record year still leaves the world 7.2 per cent off track. Over the past five years, growth has averaged just 12.3 per cent.
Australia faces momentum risks
Australia ranked 22nd in the latest World Economic Forum (WEF) Energy Transition Index, released alongside IRENA’s figures, placing it just behind the United States and ahead of South Korea. It scored 63.7 overall, with a slight lean toward transition readiness over system performance.
The report noted Australia’s 2022 Climate Change Act as a key turning point, boosting the nation’s political commitment and security profile by reducing reliance on imported fuels.
However, like many advanced economies, Australia’s progress has slowed in recent years due to high energy prices, grid connection delays and investment bottlenecks.
The report also highlights Australia as one of the G20 countries showing “strong momentum” in transition, alongside China, Brazil, Indonesia and Canada.
Still, the WEF cautioned that “despite record investments, nearly 90 per cent of clean energy growth since 2021 has occurred in advanced economies and China”, signalling continued underinvestment in the developing world.
The global landscape
Asia dominated global growth, accounting for over two-thirds of new capacity additions, led by China. Europe and North America contributed 9 per cent each, while Central America and the Caribbean lagged behind with just 3.2 per cent. Small Island Developing States (SIDS) added less capacity than in 2023.
The WEF’s Fostering Effective Energy Transition 2024 report flagged geopolitical tensions, capital constraints, and uneven access to financing as key headwinds. Although $1.8 trillion was invested in clean energy in 2023, most of it flowed to high-income economies.
Despite the progress, the report warns that “growing uncertainties are impeding energy transition momentum.”
To remain on track, countries must double down on enabling infrastructure, human capital, and cross-border collaboration – particularly to close the financing gap in emerging economies.
