Global renewable energy capacity additions reached a record 582 gigawatts (GW) in 2024, but the rate of growth remains insufficient to meet international targets aimed at tripling installed capacity by 2030, the International Renewable Energy Agency (IRENA) said in a new report on Tuesday.
The agency highlighted that an annual addition of 1,122 GW is needed between 2025 and 2030 to reach the 11.2 terawatt (TW) benchmark set at the COP28 climate summit in 2023. This would require an annual growth rate of 16.6%, significantly higher than current trends.
To bridge the gap, IRENA recommended integrating renewables targets into national climate plans ahead of COP30, scheduled for later this year in Belém, Brazil. The report also called for scaling up investment in renewables to at least $1.4 trillion annually between 2025 and 2030 — more than double the $624 billion invested in 2024.
United Nations Secretary-General António Guterres said in the report: “The clean energy revolution is unstoppable. Renewables are deployed faster and cheaper than fossil fuels – driving growth, jobs, and affordable power. But the window to keep the 1.5C limit within reach is rapidly closing. We must step up, scale up and speed up the just energy transition – for everyone, everywhere.”
IRENA Director-General Francesco La Camera noted, “The world has broken renewable capacity records, but records alone will not keep 1.5C alive. Renewables are not just the most cost-effective climate solution, they are the biggest economic opportunity of our time.”
He added, “This report shows the path: accelerate deployment, modernise grids, scale clean-tech and strengthen supply chains. Every dollar invested brings growth, jobs and energy security.”
The report stresses that strategic investment in modernising and expanding electricity grids is critical to integrating new renewable capacity and enhancing energy security. An estimated $670 billion must be directed annually through 2030 towards grid infrastructure, with further funding needed to rapidly scale energy storage solutions and maintain grid stability.
Ben Backwell, chairman of the Global Renewables Alliance, said: “The private sector is driving the energy transition, providing three-quarters of global clean energy investment. Our industries, led by wind, solar and hydropower, are already delivering growth, jobs and security.”
He added, “What we need now are long-term government plans that match national ambitions; we need pipelines that deliver projects. Plans must deliver enabling action on grids and storage and help maximise the benefits of the energy transition.”
IRENA called for greater ambition from major economies, saying, “By raising targets, mobilising finance and deepening cooperation, major economies can lead the energy transition and make COP30 a milestone.
