Global Surge in Clean Energy: Asia Drives 15% Jump in Renewable Generation

Global electricity generation from renewables surged by 15.1% in 2023 compared to the previous year, with China’s aggressive expansion of wind and solar infrastructure acting as the primary driver. These findings were published this week by the International Renewable Energy Agency, or IRENA.

According to the agency’s data, installed capacity from variable renewables, such as wind and solar, grew by a staggering 23.3% year-over-year. When you include other sources such as hydropower, geothermal, marine energy, and bioenergy, the overall growth in renewable capacity still comes in at an impressive 15.1%. That’s faster than the pace observed in the prior year, an encouraging sign for clean energy advocates.

Yet, the global renewable boom remains highly uneven. The lion’s share of new capacity is still emerging from Asia. Of the record 582 gigawatts added globally between 2023 and 2024, a hefty 71% came from the region. China alone was responsible for nearly 400 gigawatts, maintaining its position as the world leader by a wide margin. India added almost 25 gigawatts, followed by Japan with around 4 gigawatts and South Korea with 3 gigawatts.

Europe and North America contributed a more modest portion—12.3% and 7.8%, respectively, of the new additions. IRENA is urging governments and institutions to increase their investment in renewable energy in underserved regions, such as Africa, Eurasia, Central America, and the Caribbean. A recent report from the United Nations Development Programme, in collaboration with Octopus Energy and the Pardee Institute, suggests that an accelerated transition to renewable energy, combined with innovative poverty-alleviation policies, could generate $20 trillion in energy cost savings and boost global GDP by 21% by 2060.

As for 2030 targets, there’s still a lot of ground to cover.

At the COP28 summit in Dubai last year, more than 100 countries pledged to triple global renewable energy generation capacity by the end of the decade. That goal would require reaching 11.2 terawatts of energy. Based on current trends, IRENA projects the world will reach around 10.3 terawatts by 2030 if the current annual growth rate continues unchanged.

To achieve the 2030 ambition, the world would need to increase renewable capacity by 16.6% annually from now through the end of the decade. That’s no small feat—but it’s not out of reach.

However, doing so will take serious effort. African nations need to see a rapid scale-up of development. Meanwhile, in more mature markets such as North America and Europe, there’s a pressing need to address long-standing bottlenecks—especially in planning, permitting, grid capacity, supply chains, and workforce training.