World renewable energy scenario

In the last decade renewable energy has become the fastest-growing and cheapest source of new electricity in the world. Figures below are approximate, as per IRENA, IEA and Ember reports.

Growth of capacity

• Global renewable capacity has more than doubled in ten years, from about 1,800 GW (2014) to over 4,000 GW (2024).
• Yearly additions hit new records almost every year: about 470 GW in 2023 and about 580 GW in 2024. Renewables now make up over 80% of all new power capacity added.
• Solar PV leads the growth (over 2,000 GW installed), followed by wind (over 1,000 GW). Hydropower is the largest single renewable source by energy, about 1,400 GW.

Share in electricity generation

• Renewables supplied about 22% of world electricity in 2014 and about 30–32% by 2023–2024.
• Hydro gives about 14%, wind about 8% and solar about 7% of world electricity.
• Some countries are very high: Norway, Nepal, Paraguay (almost all hydro), Denmark (wind >50%), Germany and the UK (above 40–50%).

Fall in cost

• Cost of solar PV electricity fell by about 85–90% and onshore wind by about 60–70% during the decade.
• New solar and wind are now cheaper than new coal or gas plants in most countries.
• Battery storage cost also fell by about 80–90%, making solar + storage practical.

Main drivers

1. Climate commitments: Paris Agreement (2015), net-zero targets, and the COP28 (2023) pledge to triple renewable capacity by 2030.
2. Energy security after fuel price shocks (2022).
3. Large manufacturing in China (which installs more than half of new solar and wind).
4. Policy support: auctions, feed-in tariffs, carbon pricing.

Challenges

Grid integration of variable output, need for storage and flexible plants, transmission bottlenecks, supply chains of critical minerals, and financing in developing countries.