Global renewable energy surges as solar and wind reshape power landscape

Solar photovoltaics accelerates dramatically whilst wind confronts manufacturing and policy challenges, with China dominating both sectors despite regional variations and obstacles across markets

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THE renewable energy sector experienced unprecedented growth in 2024, with solar photovoltaics leading a transformative shift in global electricity generation whilst wind power navigated a complex landscape of manufacturing pressures and policy uncertainties.

Solar photovoltaics shattered records throughout 2024, with global installed capacity surpassing 2 terawatts (TW) and reaching 2.25 TW, nearly double the capacity installed just two years earlier.

Annual additions hit an extraordinary 602 gigawatt (GW), representing a 32 per cent year-onyear increase and equivalent to all global PV capacity installed by the end of 2019.

According to the REN21's 'Renewables 2025 Global Status Report', this surge was "facilitated by record-low module prices due to oversupply, as well as favourable policy environments and falling installation costs in key markets".

China maintained overwhelming dominance, accounting for approximately 60 per cent of new additions globally with a staggering 357 GW installed, 30 per cent more than 2023.

The country's solar PV capacity reached 1.05 TW, representing 47 per cent of the global total, and China achieved its combined 2030 solar and wind capacity target six years ahead of schedule.

Solar electricity generation grew to 2,131 TWh globally, representing 6.9 per cent of global electricity generation, up from 5.6 per cent in 2023.

China alone accounted for 53 per cent of this growth, increasing its solar PV generation by 46 per cent or 265 Terawatt-hour (TWh).

In the US, solar generation rose by 64 TWh, and the combined share of solar PV and wind overtook coal for the first time.