2024 was a landmark year for renewable energy as the world races to combat climate change and transition to cleaner energy, according to a new report by the International Renewable Energy Agency (IRENA).
IEA findings showed progress still falls short to the 3xRenewables by 2030, despite 2024 being a year of records for renewable sources of energy adoption.
3xRenewables means embracing a strategy that benefits both people and the planet.
This transformative energy transition calls for policies that go beyond technical solutions—fostering local economic growth, creating quality jobs, and engaging communities at every step.
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Here are 9 key highlights from IRENA’s 2024 renewable energy outlook, showcasing achievements and the challenges ahead:
Record Growth in Renewable Energy Capacity: In 2024, the global renewable energy capacity surged by 14 percent, reaching 3,865 gigawatts (GW). This remarkable growth was driven by a 473 GW expansion, with Asia leading the charge, accounting for 69 percent of the additions.
“Yet, progress falls short to triple renewables by 2030. A minimum 16.2 percent growth per annum is necessary to reach the tripling target by 2030,” the report noted.
Renewable Energy Jobs Reach New Heights
The renewable energy sector created 16.2 million jobs globally in 2023, an 18 pecent increase from the previous year. This unprecedented growth in employment reflects the rapid expansion of renewable projects and manufacturing, with projections estimating 30 million jobs by 2030 under the 1.5°C scenario.
Record Investment in Renewables
Renewables attracted $570 billion in investments in 2023, marking a historic high. Yet, the distribution of funding remains inequitable, with emerging economies facing significant financing gaps. Annual investments must triple to $1.5 trillion by 2030 to align with global climate goals.
Renewables Outpace Fossil Fuels in Cost-Competitiveness
Of the 473 GW of renewable capacity added in 2023, 81 percent were utility-scale projects that cost less than their fossil fuel-fired counterparts. This cost advantage underscores the economic case for renewable energy, positioning it as the default choice for new power generation.
Decline in Energy Storage Costs
Energy storage costs have plummeted by 89 percent since 2010, enabling better integration of solar and wind energy into power grids. Modernised grids and expanded storage infrastructure will be essential to accommodate higher shares of renewables by 2030.
However, while progress is evident, IRENA noted that the pace falls short of the ambitious goal to triple renewable capacity by 2030, a key target to limit global warming to 1.5°C.
Energy access gap deepened
Renewable electricity use in global consumption has grown from 26.3 percent in 2019 to 28.2 percent in 2020, the largest single-year increase since the start of tracking progress for the SDGs.
Yet, despite successes in renewable energy deployment globally in 2023, the world is not on track to achieve the Sustainable Development Goal (SDG) 7 for energy by 2030, IRENA claimed.
“675 million people still remain without electricity, and 2.3 billion people rely on harmful cooking fuels on everyday basis.”
Digitalisation and AI are key drivers of the transition
According to the Agency, digitalisation is a vital enabler of the energy transition, and its applications in power infrastructure play a key role in facilitating the tripling of power capacity by 2030.
Given the increased complexity of power system operations, digital solutions and AI applied to power infrastructure are essential for adapting systems to new and challenging conditions, driving efficiency and innovation.
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Energy plans must align will global goals
IRENA stated that Nationally Determined Contributions (NDCs) due for submission in 2025 must reflect the global goal of tripling renewable power capacity by 2030 to stay on a pathway to limit global temperature rise to below 1.5°C by 2050.
“However, a significant gap remains between political announcements and actual county plans and policies. Current national plans and targets are set to deliver only half of the required growth in renewable power by 2030.’
No alternative to urgent action
2024 saw the record-breaking achievements positively shaping the renewable energy landscape. Yet, the need for accelerated action to align global efforts with the Paris Agreement targets and Sustainable Development Goals has never been more urgent.
IRENA, as a custodian agency for tracking progress towards tripling renewable power by 2030 target, reiterated supports for countries in their energy transition.
“The #3xRenewables campaign reiterates the commitment to the 2030 target as a promise of sustainable development and economic growth, a driver for empowerment and social equity and a catalyst for energy security and independence.”
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