Renewable Capacity Statistics 2024
About this book
Renewable Capacity Statistics 2024, published by the International Renewable Energy Agency (IRENA), provides the most comprehensive and authoritative annual compilation of global renewable energy generation capacity data, covering all renewable technologies across all countries and territories reporting to IRENA. As the definitive reference for renewable capacity tracking, this publication is used by governments, energy agencies, investors, and researchers worldwide to monitor progress against decarbonisation targets. The 2024 edition confirms that global renewable power capacity reached 3,372 gigawatts (GW) by end-2023, representing an increase of 473 GW (or +16.2%) compared to 2022 — the largest annual capacity addition ever recorded and the 22nd consecutive year of growth.
This expansion means that renewables now account for approximately 43% of total global electricity generation capacity, compared to 27% a decade earlier. The pace of additions in 2023 broke all previous records, with solar PV alone contributing approximately 346 GW — more than all other technologies combined. Solar photovoltaic (PV) has become the dominant driver of renewable growth.
Total solar PV capacity reached 1,632 GW globally by end-2023, having doubled in just three years. China leads with over 600 GW, followed by the United States and India. The cost reductions that have driven this growth — module prices fell by approximately 98% between 2010 and 2023 — have made solar PV the cheapest source of new electricity in most of the world.
Wind energy (onshore and offshore combined) reached approximately 1,017 GW globally, with offshore wind growing rapidly, particularly in Europe, China, and the United Kingdom. Hydropower remains the largest single renewable source at approximately 1,392 GW, though its growth rate is modest compared to solar and wind due to geographic constraints and environmental considerations. The report includes detailed country-level breakdowns, technology-by-technology capacity data, and analysis of capacity factors and actual generation.
It notes significant regional disparities: the energy transition is accelerating fastest in China, Europe, and North America, while many low- and middle-income countries in sub-Saharan Africa and South Asia struggle to mobilise the investment needed to expand renewable capacity despite having abundant solar and wind resources. Regional and country-level data make this publication an indispensable reference for energy planning, climate policy formulation, and investment decision-making in the renewable energy sector.