Renewable Energy Captures 31.7% of Global Power in 2024

The International Renewable Energy Agency (IRENA) disclosed in its 2026 report that renewable sources generated 9,836 TWh of electricity in 2024, accounting for 31.7% of global power output.

A Surge in Renewable Power Generation

■9.8% year‑on‑year growth, outpacing the 2023 expansion rate.

■Non‑renewable generation rose only 1.4%.

■Total renewable installed capacity reached 5.2 TW, representing 49.5% of worldwide capacity.

Regional Performance Breakdown

■Asia: 4,589 TWh, 14.3% increase – led by solar and wind.

■Europe: 1,758 TWh, 7.2% rise – boosted by solar and hydro.

■North America: 1,535 TWh, 5.8% growth.

■Middle East: 76 TWh, 17.3% growth – highest regional rate.

■Africa: 227 TWh, 5.7% increase – all renewables except geothermal.

Looking to 2035: The 78% Renewable Goal

■Raising the current 31.7% share to 78% by 2035 demands roughly a 2.5‑fold increase over today’s level.

■Sustaining an annual 9.8% growth trajectory is essential for achieving this target.

Investment and Policy: Clean Power as the New Economic Engine

■IRENA Director‑General Francesco La Camera emphasized that technologies are ready and economic rationales are strong.

■UNFCCC Executive Secretary Simon Stiell noted at COP30 that the global energy transition is now “irreversible.”

■Renewable investments continue to outpace fossil‑fuel projects, underscoring a shift in capital allocation.

Markets should re‑price short‑term energy pricing and long‑term infrastructure spending in light of these data. The sustained surge in renewable generation will intensify pressure on carbon pricing mechanisms and renewable energy credit schemes, accelerating portfolio transitions for conventional energy firms. Moreover, regional growth disparities, especially the Asian surge, will generate substantial demand for solar and wind turbine manufacturers, presenting strategic opportunities for equipment suppliers.