Asia leads renewable capacity growth in 2024, but gaps widen

IRENA

Capacity milestones and technology mix

Asia leads renewable capacity growth in 2024 and shapes global additions. Asia leads renewable capacity growth with 71% of 582GW installed. Total renewable capacity rose 15% to 4.4TW. Solar added 453GW, while wind added 114GW. Renewables now hold 46.2% of global capacity, near fossil’s 47.3%.

Tripling target, regional gaps, and investment

Asia leads renewable capacity growth, yet the world lags the 2030 tripling goal. At today’s pace, capacity reaches only 10.3TW by 2030. Growth must accelerate to 16.6% yearly. Africa, Eurasia, Central America, and the Caribbean added just 2.8%. Closing gaps needs policy, finance, and technology transfer. Global energy investment will hit $3.3tn in 2025, with two-thirds “clean.” China remains the largest clean-energy investor.

Strong Asian momentum lifts solar, wind, and grid component demand. However, uneven access to capital limits broader adoption. Therefore, stable frameworks and concessional funding remain critical. Developers must also expand storage and transmission to absorb growth.

The Metalnomist Commentary

Asia’s surge is real, but global equity still lags. Expect supply-chain tightness in inverters, transformers, and HV equipment. Watch policy pipelines and grid upgrades to sustain installation velocity.