Renewable energy milestones so far in 2024

As of July 23, 2024, the renewable energy sector is achieving remarkable milestones, signaling a promising shift towards a sustainable future. This year, renewable energy is set to make up more than one-third of the world's power supply for the first time. This achievement is driven by significant growth in solar and wind energy, which are expected to increase by 17% and 16%, respectively. The rapid expansion in these sectors underscores the global commitment to reducing reliance on fossil fuels and combating climate change.

In 2024, wind and solar photovoltaic (PV) energy are poised to surpass hydropower in electricity generation, marking a notable transformation in the renewable energy landscape. The world's total renewable electricity capacity is projected to rise to 4,500 gigawatts (GW), equivalent to the combined power output of China and the United States. This year alone, global additions of renewable power capacity are expected to increase by 107 GW, representing the largest annual increase ever recorded.

The growth in renewable energy is not confined to a single region but is a global phenomenon. In Europe, the acceleration of solar PV and wind deployment is driven by policy support aimed at reducing fossil fuel dependence. New installations of solar and wind energy in the European Union are projected to save consumers billions by displacing more expensive fossil fuel generation. In the United States, the Inflation Reduction Act (IRA) is significantly boosting renewable energy deployment, enhancing investment in power plants and equipment manufacturing. The country is also experiencing a surge in rooftop solar installations due to rising electricity prices. Meanwhile, China is leading the global charge, expected to account for nearly 55% of global additions in renewable power capacity in both 2023 and 2024. The country’s 14th Five-Year Plan for Renewable Energy sets ambitious targets to further increase renewable energy use.

Despite these promising developments, the renewable energy sector faces several challenges. Supply chain issues and the need for policy adaptations are critical for sustaining growth. Governments worldwide must focus on upgrading power grids and improving renewable energy auctions to support the integration of high shares of variable renewables. Addressing these challenges will be essential for maintaining the momentum of renewable energy expansion and ensuring a sustainable energy future.

Looking ahead, the shift towards renewable energy is not only about environmental benefits but also about enhancing energy security and affordability. By 2025, renewables are projected to surpass coal as the largest source of electricity generation, highlighting the ongoing energy transition's momentum. Continued policy support, technological advancements, and public-private cooperation will be vital in ensuring that renewable energy can meet the growing global demand for electricity sustainably and efficiently.