The report “Renewables 2025 Global Status Report” by REN21 highlights that in 2024, global renewable power capacity increased 18%, adding a record-breaking 741 GW. Solar PV was the primary driver, contributing 602 GW and accounting for 81% of the total capacity increase. Wind energy followed, adding 117 GW globally. Other renewable sources – whether for power, heat or transport fuels – accounted for only small additions to the global energy supply. China was the dominant contributor to new renewable power deployment, responsible for 60% of the global total. The Group of Seven (G7) nations accounted for just around 14%.
Even at the record growth levels of 2024, projections indicate that the world will fall 800 GW short of the internationally agreed target calling for a tripling of renewable power by 2030. Despite its dominant contribution, the annual growth rate of solar PV power capacity additions fell to 32%, down from 82% in 2023 and 35% in 2022. This slowdown reflects growing challenges, including grid saturation, policy shifts and tighter financing in several key markets. Wind power capacity grew 0.2%. China continued to expand its wind energy capacity, adding 79.8 GW in 2024, whereas additions in other regions slowed significantly. Electricity generation from renewables increased 10% in 2024, doubling the 5% increase seen in 2023. However, this growth was accompanied by a slowing of investment.
Total global investment in renewable energy reached USD 728 billion in 2024, up 8% from the previous year. This was well below the growth rates of 19% in 2023 and 23% in 2022. The main reason for this slowdown was a substantial decline in wind power investment. Electric vehicle sales reached a new record in 2024, with 17 million units sold worldwide. Despite this milestone, the global growth in EV sales slowed to 25%, compared with 34% in 2023 and 55% in 2022. Strong demand in China and other emerging economies was in contrast to modest gains in the United States and a clear slowdown in the European Union (EU). Meanwhile, investment in road transport infrastructure increased 20% to reach USD 757 billion in 2024, exceeding investment in renewables. Global investment in heat pumps fell from USD 81.4 billion in 2023 to USD 77.1 billion in 2024, with a slowdown in sales in key markets (especially Europe) due to economic conditions, subsidised fossil fuels and reduced incentives.
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