Global renewables add 585GW

The latest data released by the International Renewable Energy Agency (IRENA) reveals a significant surge in renewable power capacity in 2024, reaching a total of 4.448 terawatts (TW). This marks a substantial increase of 585GW compared to the previous year, representing a record annual growth rate of 15.1%. However, in order to triple the current installed base of renewable energy by 2030, an additional 11TW will be required, necessitating an annual growth rate of 16%.

China stands out as the leading contributor to the global renewable energy capacity, accounting for nearly 64% of the total added capacity, primarily driven by the expansion of solar photovoltaics. Solar and wind energy remain at the forefront of the renewable energy sector, collectively representing 96.6% of all net renewable additions in 2024. Solar energy experienced the most significant growth, expanding by 32.2% to reach 1,865 GW, followed by wind energy with an 11.1% increase.

This rapid growth in renewable energy capacity is expected to drive the demand for advanced technologies such as 1500V and 2000V silicon carbide (SiC) MOSFETs for higher efficiency inverters, as well as silicon IGBTs and gallium nitride HEMT transistors for microgrid inverters. The push for renewable energy expansion is further emphasized by a recent report calling for a $4.5 trillion investment in renewable energy.

Francesco La Camera, the Director-General of IRENA, highlighted the economic viability and deployability of renewables, noting that each year sets new expansion records. However, he also underscored the challenges posed by regional disparities and the urgency of meeting the 2030 deadline. La Camera urged governments to leverage the upcoming Nationally Determined Contributions (NDCs 3.0) to outline clear renewable energy ambitions and called for enhanced international collaborations to support the renewable energy goals of developing countries.

In terms of specific renewable energy sources, solar photovoltaics witnessed a substantial increase of 451.9 GW in 2024, with China and India leading the expansion. Wind energy also saw significant growth, reaching a total capacity of 1,133 GW by the end of the year, with China and the United States playing key roles in the expansion. Off-grid electricity capacity outside of major regions experienced a notable increase, particularly in off-grid solar energy, which reached 6.3 GW by the end of 2024.

Furthermore, hydropower capacity, excluding pumped storage hydropower, reached 1,283 GW, showing a remarkable rebound driven by China and several other countries. Bioenergy capacity rebounded in 2024, with notable contributions from China and France. Geothermal energy also saw an increase, led by countries like New Zealand, Indonesia, Türkiye, and the US, indicating a diverse global growth in renewable energy sources.