IRENA warns of regional divides despite 15% growth in global renewables

Global renewable energy capacity grew by over 15% in 2024 – but the development gap between regions is widening, warns the International Renewable Energy Agency (IRENA).

Over 70% of the growth took place in Asia, which remains the global leader in renewable energy development. The region is followed by Europe and North America, which respectively contributed 12.3% and 7.8% to the capacity added last year.

This means that together, Africa, Eurasia, Central America and the Caribbean only accounted for 2.8% of global renewables capacity addition in 2024 – raising concerns that some regions are being left behind in the energy transition.

Concerns about Just Transition

IRENA Director-General Francesco La Camera said: “The renewable energy boom is transforming global energy markets, driving economies and creating vast investment opportunities. However, the growing regional divide highlights that not everyone is benefiting equally from this transition. Countries and regions that attract substantial investment in renewables are seeing enhanced energy security, increased industrial activity, and new jobs, fueling broader socioeconomic development.”

Africa, in particular, only increased renewable energy capacity by 7.2% last year, despite massive development opportunities.

“Bridging the divide and closing the investment gap between countries and regions is critical. It requires targeted policies, international financing, and partnerships that unlock capital and technology where they are needed most. By aligning investment flows with policy frameworks, we can ensure that the green transition becomes a powerful engine for resilience and sustainable economic growth worldwide,” added La Camera.

Pace of transition remains too slow

World countries are in a race to triple renewable energy capacity to 11.2 TW by 2030, based on a pledge signed at COP28. But despite record increases in recent years (582 GW in 2024 alone), IRENA warns that the pace still falls short of what’s needed.

If the same annual growth rate continues, the world will only reach 10.3 TW of renewables capacity by 2030. To meet the target, renewable energy capacity would need to expand at 16.6% annually in less than the remaining five years. 

“The global shift to renewables is increasingly inevitable, but its massive human and economic benefits are not yet being shared across all countries and regions,” said UN Climate Change Executive Secretary Simon Stiell. “To deliver on the global agreement at COP28 to triple renewables by 2030, we need to move much further and faster, and make more progress on the key enablers for vulnerable developing countries. The investments required will pay huge dividends – cutting emissions, driving economic growth, creating jobs, and supporting affordable, secure energy for all.”