Baku, April 2, AZERTAC

The capacity of renewable energy projects reached 3,869 gigawatts last year, an increase of 52% over the last five years, Anadolu Agency reports citing the latest data from the International Renewable Energy Agency's Renewable Capacity Statistics 2024 report.

The rise in renewable capacity was fueled by the growing trend toward clean energy sources worldwide as countries aim to distance themselves from environmentally harmful fossil fuels.

The share of renewable energy in electricity capacity reached 43.2% last year, rising by 8.6% compared to 2019.

Solar shows biggest growth

Between 2019 and 2023, solar power plants experienced the biggest increase among renewable energy sources.

In the last five years, installed solar capacity rose by 138.5% to 1,419 gigawatts, followed by wind power plants, which recorded a 63.5% rise from 2019 levels. The total installed power of global wind power plants reached 1,017 gigawatts last year.

Biomass power plants increased their capacity by 20% from 2019 to 2023, reaching 150 gigawatts, while geothermal power plants hit 15 gigawatts last year, up by 7.1% from 2019.

The capacity of hydroelectric power plants in 2023 increased by 6.4% over the five-year period, reaching 1,268 gigawatts.

The source with the smallest change in terms of installed capacity was marine energy. This source, which encompasses electricity produced from waves, tidal events, and sea winds, saw a marginal growth rate of 0.2%. Half of the marine energy projects with 527 megawatts of installed capacity are located in Asia, and 45% are in Europe.

Largest renewable capacity growth in Asia

The biggest growth in renewable energy capacity was seen in Asia at 74%, followed by Oceania countries at 56% and European countries at 37%.

Over the same period, renewable capacity grew by 36% in North America and by 29% in South America, while capacity growth was registered in Africa at 23%.

In the last five years, total off-grid renewable energy capacity has increased by 36% to 12,754 megawatts.