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Global annual renewable capacity installations grew by an estimated 25% to around 700 GW in 2024, setting an expansion record for the 22nd year running, according to the International Energy Agency’s (IEA) Global Energy Review report, released today.
Solar photovoltaic (PV) additions jumped by almost 30% year-over-year to about 550 GW, bringing the world’s solar PV capacity to an estimated 2.2 TW, while wind additions kept steady at around 120 GW.
China continues to drive renewable capacity additions, IEA said, adding over 340 GW of solar PV, 30% more than in 2023, and 80 GW of wind, stable on the previous year.
The IEA report shows that global energy demand rose by 2.2% in 2024, faster than the average rate of 1.3% between 2013 and 2023, with even advanced economies returning to growth.
The power sector led demand growth as electricity consumption worldwide increased by 4.3%, or almost 1,100 TWh, driven by higher demand for cooling amid record global temperatures, rising use from industry, the electrification of transport, and the expansion of data centres and artificial intelligence.
Renewable sources and nuclear power provided 80% of the growth in global electricity generation last year. For the first time, they together made up 40% of total generation, with renewables contributing 32%.
IEA Executive Director Fatih Birol commented: “What is certain is that electricity use is growing rapidly, pulling overall energy demand along with it to such an extent that it is enough to reverse years of declining energy consumption in advanced economies. The result is that demand for all major fuels and energy technologies increased in 2024, with renewables covering the largest share of the growth, followed by natural gas. And the strong expansion of solar, wind, nuclear power and EVs is increasingly loosening the links between economic growth and emissions.”
