The International Renewable Energy Agency (IRENA) has said that despite renewable energy capacity growing by more than 15% last year, this growth is unevenly distributed at a global level.
Some 71% of new renewable energy capacity occurred in Asia last year, with Europe (12.3% of new capacity) and North America (7.8%) following behind – meaning that together, Africa, Eurasia, Central America and the Caribbean accounted for just 2.8% of global capacity addition.
Africa, despite boasting massive economic and development opportunities, only increased its renewable capacity by 7.2%, the study found.
“The renewable energy boom is transforming global energy markets, driving economies and creating vast investment opportunities,” commented Francesco La Camera, IRENA director general.
Regional divide
“However, the growing regional divide highlights that not everyone is benefiting equally from this transition. Countries and regions that attract substantial investment in renewables are seeing enhanced energy security, increased industrial activity, and new jobs, fuelling broader socioeconomic development.”
La Camera called for greater efforts to be made to “close the investment gap” between different countries and regions when it comes to renewable energy, which will require targeted policies, international financing, and technology partnerships.
“By aligning investment flows with policy frameworks, we can ensure that the green transition becomes a powerful engine for resilience and sustainable economic growth worldwide,” he added.
IRENA’s data shows that while 582 GW was added in 2024, the world remains off pace, projected to fall short of the 11.2 TW target unless growth accelerates to 16.6% annually.
In terms of the renewable energies gaining the most traction, solar and wind accounted for 97.5% of new capacity last year, with solar adding 453 GW, and wind adding 114 GW.
Renewable electricity use rose 5.6% in 2023, reaching nearly 9,000 TWh and making up almost 30% of global power generation.
Shared benefits
“The global shift to renewables is increasingly inevitable, but its massive human and economic benefits are not yet being shared across all countries and regions,” added UN Climate Change executive secretary Simon Stiell.
“To deliver on the global agreement at COP28 to triple renewables by 2030, we need to move much further and faster, and make more progress on the key enablers for vulnerable developing countries. The investments required will pay huge dividends – cutting emissions, driving economic growth, creating jobs, and supporting affordable, secure energy for all.” Read more here.
