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REN Additions
Renewables additions at a glance
The twin challenges of i) secure energy supply and ii) climate targets have propelled REN energy sources (basically solar & wind power) into a new phase of growth. Global REN capacity increased by 585 GW in 2024 (15.1 %) (793 GW, in 2025 (11% vs 2024), PV driving 83% of growth [RP, 2026]), bringing the world to a cumulative installed capacity of 4,448 GW. Specific growths in 2024 were [IRENA, 2025]:
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452 GW (+32,2%) of PV was installed globally in 2024, bringing cumulative PV installs to 1,865 GW. China alone added 278 GW.
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113 GW of new WIND capacity was connected to power grids in 2024, bringing total installed wind capacity to 1,133 GW, a growth of 13% compared with 2023.
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4.6 GW of BIOENERGY (biopower) installed capacity was added in 2022 (8.1 GW in 2021). Global capacity of bioenergy reached nearly 151 GW in 2024.
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24.6 GW of new HYDROPOWER capacity was added, maintaining hydropower as a backbone of the global REN energy system (1,283 GW total).
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Both solar & wind contributed 97% to the share of all new REN capacity in 2024. At the global level, solar capacity led with 32% increase, followed by wind energy, which increased its gen capacity by 11% [IRENA, 2025]. Figure 1 shows projected changes in global electricity generation from 2022 to 2025 [GWEC, 2023].
The cheapest REN power projects in 2024 can be found in China, achieving levelized cost (LCOE) of USD 34/MWh for best-in-class onshore wind farms, USD 79/MWh for offshore wind, and USD 43/MWh for fixed-axis PV farms [IRENA, 2025]. Figure 2 shows global weighted average total installed cost for REN (2010 to 2018) and projected percentile ranges, while Figure 3 shows LCOE of electricity bench (H2-2009 to H1-2023).
Asia growth
The growth of renewables is persistently concentrated in a few countries and regions like Asia, the U.S., and Europe. Almost half of all new capacity in 2024 was added in Asia, resulting in a total of 2.4 TW of REN capacity. China led the way, adding 370 GW to the continent’s new capacity [ENERDATA, 2025].
Figure 1: Projected changes in global electricity generation (TWh)
Figure 2: Global weighted average total installed cost for renewables (2010-2018) and projected percentile ranges
Figure 3: Global LCOE of electricity benchmarks (2009-2023)
