According to IRENA’s 'Renewable Energy Statistics 2024', renewables have become the fastest growing source of power. Indeed, the 14 per cent increase of renewables capacity during 2023 established a 10 per cent compound annual growth rate (2017-2023). Combined with the constant decreasing additions of non-renewable capacity over the years, the trend sees renewable energy on its way to overtake fossil fuels in global installed power capacity.
However, if last year’s 14 per cent increase rate continues, the tripling target of 11.2TW in 2030 outlined by IRENA’s 1.5°C Scenario will fall 1.5TW short, missing the target by 13.5 per cent. Furthermore, if the world keeps the historic annual growth rate of 10 per cent, it will only accumulate 7.5TW of renewables capacity by 2030, missing the target by almost one-third.
“We need to increase the pace and scale of development,” COP28 president Dr Sultan Al Jaber said in a statement. “That means increasing collaboration between governments, the private sector, multilateral organisations, and civil society. Governments need to set explicit renewable energy targets, look at actions like accelerating permitting and expanding grid connections, and implement smart policies that push industries to step up and incentivise the private sector to invest. Additionally, this moment provides a significant opportunity to add strong national energy targets in NDCs to support the global goal of keeping the 1.5°C target within reach. Above all, we must change the narrative that climate investment is a burden to it being an unprecedented opportunity for shared socio-economic development.”
For power generation, the latest data available for 2022 confirmed the regional disparity in renewables deployment.
Asia holds its position as leader in the global renewable power generation with 3 749TWh, followed for the first time by North America (1,493TWh). A notable increase occurred in South America, where renewable power generation increased by nearly 12 per cent to 940TWh, due to a hydropower recovery and a greater role of solar energy.
With a modest growth of 3.5 per cent, Africa increased its renewable power generation to 205TWh in 2022, despite the continent’s tremendous potential and immense need for rapid, sustainable growth.
To provide support and finance, IRENA is advancing the Accelerated Partnership for Renewables in Africa (APRA) initiative and is preparing an investment forum focused on APRA’s member countries later this year.
Read the full Renewable Energy Statistics 2024 including the highlights, here.
Comment: With great projects come great people - the story of our energy grid
I think that the use of great here is nothing to do with being the best; it is about big projects with big companies creating big & expensive...