Overview
Renewable energy encompasses energy sources that are naturally replenished on a human timescale, such as sunlight, wind, water, geothermal heat, and biomass. These sources are integral to sustainable development and play a crucial role in reducing greenhouse gas emissions, thereby mitigating climate change.
Global Trends
In 2024, renewable energy experienced significant growth worldwide. Global additions to renewable power capacity increased by an estimated 36%, reaching approximately 473 gigawatts (GW), marking the 22nd consecutive year of record growth. Solar photovoltaics (PV) were the primary driver, accounting for three-quarters of these additions. REN21 Global Status Report 2024
China led this expansion, commissioning an amount of solar PV capacity in 2023 equivalent to the total global additions in 2022. The country also operated around 30 GW of offshore wind power by the end of 2023, representing roughly half of the global capacity. REN21 Global Status Report 2024
Sectoral Contributions
Electricity Generation
Renewable energy's share in global electricity generation reached nearly one-third (31.9%) in 2024. Hydropower remained the largest source, contributing 14.3% of the total, while wind and solar power saw the most dynamic growth. Between 2015 and 2024, solar power generation increased 16-fold, reaching 2,132 terawatt-hours (TWh), and wind generation rose nearly fourfold to 2,494 TWh. REN21 Global Status Report 2024
Heat and Transport
Despite progress in electricity generation, the heat and transport sectors lagged in renewable energy adoption. In 2022, renewables supplied only 10.6% of the world's heat, and biofuels accounted for just 3.6% of transport fuel use. These sectors continue to rely heavily on fossil fuels, indicating a need for accelerated efforts to integrate renewables. REN21 Global Status Report 2024
Investment and Economic Impact
Investment in renewable energy and enabling technology manufacturing grew by 70% in 2023, primarily in solar PV and batteries. This surge in investment underscores the sector's economic viability and its potential to drive sustainable development. REN21 Global Status Report 2024
Challenges and Opportunities
While renewable energy adoption is accelerating, challenges remain. Geopolitical conflicts have disrupted supply chains and international transport, impacting energy markets. Additionally, the heat and transport sectors require more focused efforts to increase renewable energy integration. Addressing these challenges presents opportunities for innovation and policy development to further advance the global energy transition. REN21 Global Status Report 2024
Regional Highlights
United States
In 2024, renewable energy sources accounted for 24.2% of total U.S. electricity production, up from 23.2% the previous year. Wind and solar combined provided more than 17.2% of U.S. electrical generation during 2024. Electrek
Australia
As of 2024, renewables accounted for close to 40% of Australia's total electricity supply. The country boasts the highest uptake of rooftop solar globally, driven by supportive government policies and a commitment to reducing greenhouse gas emissions. Wikipedia
Future Outlook
The renewable energy sector is poised for continued growth, with global capacity additions needing to reach almost 1 terawatt (TW) per year to achieve the global target of 11 TW by 2030. This ambitious goal requires sustained investment, technological innovation, and supportive policies to overcome existing challenges and capitalize on emerging opportunities. REN21 Global Status Report 2024
Conclusion
Renewable energy plays a pivotal role in the global transition towards sustainable and low-carbon energy systems. Despite challenges, the sector's rapid growth and increasing economic viability highlight its potential to meet future energy demands while addressing environmental concerns. Continued efforts in investment, policy support, and technological advancement are essential to fully realize the benefits of renewable energy worldwide.