Record-Breaking Growth Continues
Renewable energy deployment reached new heights in 2024, building on the record-breaking year of 2023 when approximately 560 GW of renewable electricity capacity was added globally [IEA]. Solar photovoltaic technology has emerged as the fastest-growing renewable energy source by capacity additions, aligning with net-zero emission scenarios [IEA].
Major Projects Drive Global Expansion
Large-scale renewable projects are operational worldwide, with notable examples including India's 2 GW Pavagada Solar Park, developed by Karnataka Solar Power Development Corporation, and China's 3.5 GW Ürümqi Solar Farm, which was connected to the grid in June 2024 and produces 6.1 billion kWh annually [Energy Digital].
China continues to dominate renewable capacity additions, contributing almost 350 GW in 2023 — representing two-thirds of global deployment [IEA]. The country's 14th Five-Year Plan for Renewable Energy provides ambitious targets expected to drive continued investment.
Policy Support Accelerates Adoption
Key policy developments across major economies are driving renewable energy growth. In the United States, several states advanced clean energy commitments in 2024, with Vermont updating its renewable portfolio standard to require 100% clean energy by 2035, and Maryland's governor signing an executive order for a similar framework [WRI].
The European Union accelerated deployment in response to the energy crisis, adding almost 80 GW in 2023 — double the pre-crisis 2021 growth [IEA]. The REPowerEU Plan and Green Deal Industrial Plan are expected to be important investment drivers.
Challenges and Uncertainties
Despite progress, challenges remain. Wind energy development has plateaued, and technologies like concentrated solar power, geothermal, and ocean power require accelerated support to meet climate targets [IEA]. In the United States, increased electricity demand from data centers has created urgency for clean energy development, while potential federal policy changes could create obstacles for wind energy leasing and permitting [WRI].
Technology Innovations Drive Efficiency
Advanced photovoltaic materials, energy storage solutions, and smart grid systems are improving renewable energy efficiency and cost-effectiveness [PVFARM]. These innovations are creating foundations for more resilient energy systems and reducing operational costs for utility-scale projects.
Future Outlook
Renewable energies are projected to represent more than 30% of the global energy mix by 2030 [TotalEnergies]. However, achieving net-zero emissions will require renewables to replace fossil fuels rather than simply adding to energy supply, as carbon dioxide emissions have reached all-time highs despite clean energy progress.
The renewable energy sector's continued expansion depends on sustained policy support, technological advancement, and overcoming infrastructure challenges to meet growing global energy demands while addressing climate change objectives.