Record-Breaking Renewable Energy Growth Falls Short of Climate Targets

In a year marked by remarkable progress in the renewable energy sector, global capacity increased by a record 585 gigawatts (GW), with solar power accounting for over three-quarters of the new additions. This milestone brought total installed renewable energy capacity to 4,448 GW, a 15.1% increase from the previous year. Despite this growth, distribution remains uneven, with China, the United States, and the European Union collectively installing 83.6% of the global total, while Africa added just 4.2 GW.

Key Takeaways:

• Global renewable energy capacity increased by 585 GW in 2024, with solar power leading the charge, contributing over 452 GW of the new additions.
• Solar power accounted for 77.3% of the total new capacity added in 2024, while wind energy contributed 19.5%.
• Despite the progress, 92.5% of all power generation additions worldwide came from renewable sources.
• China, the United States, and the European Union collectively installed 489 GW, representing 83.6% of global growth.
• Africa added just 4.2 GW, and small island developing states, despite a 9.3% growth, make up only 0.2% of global capacity.
• IRENA's report warns that current growth trends fall short of the COP28 goal to triple renewable capacity to 11 terawatts by 2030.
• To meet this target and stay on a 1.5°C warming pathway, annual additions must exceed 1,120 GW, nearly double the gains seen in 2024.
• Sri Lanka's total renewable energy capacity stood at 3,612 MW as of March 2024, with hydro contributing 46%, followed by rooftop solar, mini hydro, wind, and biomass and waste-to-energy.
• Sri Lanka's renewable energy share of electricity capacity increased from 47.3% in 2015 to 63.2% in 2024, indicating strategic planning and consistent decision-making towards its goal of sourcing 70% of electricity from renewables by 2030.

Statistics:

• Global renewable energy capacity increased by 585 GW in 2024, representing a 15.1% growth from the previous year.
• Solar power contributed 452 GW of the new additions, accounting for 77.3% of the total new capacity.
• Wind energy contributed 113 GW of the new additions, accounting for 19.5% of the total new capacity.
• Africa added just 4.2 GW to global capacity, representing 0.7% of the total.
• Small island developing states added 9.3% to their capacity, but make up only 0.2% of global capacity.
• To meet the COP28 goal, annual additions must exceed 1,120 GW, nearly double the gains seen in 2024.

Sources:

• International Renewable Energy Agency (IRENA) statistics report, March 2025
• Sri Lanka Electricity Act, No. 36 of 2024
• Gazette notification, 16th May 2025, regarding an amendment to the Sri Lanka Electricity Act No. 36 of 2024.