Record Growth in Renewable Energy in 2024

2024: A Historic Year for Renewable Energy – But More Action Is Needed to Meet Global Targets

The world has just completed a significant year in the global energy transition. According to data published by the World Economic Forum, global renewable energy capacity grew by 15.1% in 2024, reaching 4,448 GW. This impressive growth was largely driven by the expansion of environmentally friendly technologies such as solar and wind energy.

However, despite this momentum, the world is still falling short of the goal to triple renewable energy capacity by 2030. To stay on track, annual growth must reach at least 16.6%, meaning the current pace remains insufficient.

📈 Regional Developments: Asia Leads, Small Island Nations Lag Behind

More than two-thirds of the capacity added in 2024 came from Asia. China stood out with its massive investments in both solar and wind energy.

Europe followed with 70.1 GW of growth, led by Germany, while North America added 45.9 GW.

Unfortunately, regions such as Central America, the Caribbean, and Small Island Developing States are still underrepresented in the global energy transition, highlighting ongoing regional disparities.

☀ Technology-Driven Shift: The Power of the Sun

More than 75% of new capacity added in 2024 came from solar energy, which grew by nearly 30%. China, India, and South Korea led this transformation.

Wind energy ranked second, with major contributions from China and the United States.

Hydropower, which stagnated in 2023, rebounded to reach 1,283 GW.

Significant developments were also recorded in bioenergy and geothermal sources.

🚧 What’s Needed to Reach the Target?

The World Economic Forum highlights that current growth rates are 7.2% below what’s needed to meet the 2030 goal. If the five-year average growth trend continues, the gap could widen to 27.9%.

IRENA Director-General Francesco La Camera emphasized that, despite record growth, regional inequality remains a serious challenge in the global energy landscape.

🌱 Daxler Energy's Perspective

At Daxler Energy, we closely analyze these global trends to guide our investments and strengthen our role in the energy transition.

We are committed to expanding our production capacity in solar energy technologies, with a strong focus on local solar cell manufacturing to support sustainable growth in the sector.

More importantly, the data shows that growth alone is not enough — the energy transition must be fair and inclusive.

As Daxler, we believe this transformation will be achieved in collaboration with all stakeholders, and we are committed not only to contributing in Turkey but also across our broader region.

📖 Sources:

• World Economic Forum – 2024 Renewable Energy Report

• Daxler Energy Corporate Analysis