Renewables in 2024: 5 Key Facts Behind a Record-Breaking Year.
Global renewable power capacity increased by 585 GW in a single year, indicating a record rate of 15.1% annual growth, which surpasses 2023’s growth rate of 14.3%. The increase marks a consistent trend of renewables breaking their own expansion records each year, which underscores renewables’ strong business and investment case. As the levelised cost of electricity produced from most forms of renewable power continued to fall, renewables are not only environmentally sound but also the most cost-effective power source for countries around the world.
Renewables account for more than 92% of total power expansion in 2024.
Solar power takes the lead.
Asia dominates, regional disparities persist.
Progress still falls short to reach the 2030 tripling target.
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