Renewable energy capacity soared by a record 530 GW in 2024, according to data from the International Renewable Energy Agency (IRENA).
Global capacity now stands at 4,400 GW, up from 3,870 GW in 2023. The increase surpasses last year’s record growth of 473 GW, however experts warn it is only half of what is required to combat climate change.
Speaking at IRENA’s 15th general assembly in Abu Dhabi, Francesco La Camera, Director-General said: “Investment targets are well short of what is needed by 2030.”
Ministers from energy, electricity and renewables sectors gathered at the event to explore ways to accelerate new energy resource development and secure financing for climate action.
Despite a record $1.3 trillion (£1.07 trillion) invested in energy transition technologies in 2022, IRENA estimates annual investments need to quadruple to meet global targets.
The agency projects a staggering $150 trillion investment is required by 2050, including $35 trillion by 2030.
