Global renewables capacity increased by new record in 2024, IRENA boss says

Renewable energy capacity was increased by a record of around 530 GW in 2024, International Renewal Energy Agency Director-General Francesco La Camera said at the 15th general assembly in Abu Dhabi Jan. 12.

Global green energy generation capacity has now climbed to roughly 4,400 GW, up from 3,870 GW in 2023.

The preliminary figure for 2024 is a global record, but it is half of what is needed, La Camera said as energy, electricity and renewables ministers met to discuss ways to develop new energy resources and call for greater financing to address climate change.

In 2023, global capacity rose by 473 GW, the previous all-time high. Official figures are typically released in March or April.

While a record $1.3 trillion was invested in energy transition technologies in 2022, annual investments need to quadruple to remain on track to meet global energy transition goals.

IRENA estimates a cumulative $150 trillion in investment is needed by 2050, with $35 trillion needed by 2030.

"Investment targets are well short of what is needed by 2030," La Camera said.