The latest IEA report has indicated that global electricity generation grew by over 1,200 TWh in 2024, marking a 4 percent annual increase and a significant acceleration from the 2.6 percent average growth rate between 2010 and 2023.
Clean energy sources accounted for over 80 percent of this growth, an increase from 2023, when they made up two-thirds of total expansion.
Renewables alone contributed nearly three-quarters of the overall rise in power generation, with solar PV leading the way at 480 TWh — its largest-ever increase — continuing its trend of doubling approximately every three years since 2016.
Wind generation expanded by about 180 TWh, though its 8 percent growth rate was the lowest in two decades due to a high base and regulatory challenges.
Hydropower generation rose by 190 TWh, supported by wet weather in major markets, while nuclear power output increased by nearly 4 percent due to new projects and the restart of reactors in France and Japan.
Electricity generation from fossil fuels grew by just over 1 percent, contributing less than one-fifth of total electricity growth. Natural gas generation rose by about 2.5 percent due to lower prices and extreme weather, while coal-fired power generation increased by less than 1 percent, half the rate of the previous year. Despite these shifts, fossil fuels still accounted for nearly 60 percent of total electricity generation in 2024.
Coal remained the dominant source at 35 percent, continuing its more than 50-year reign as the largest source of electricity. Natural gas was the second-largest, maintaining its over 20 percent share for more than two decades, while oil-fired plants contributed only a few percent.
However, the global power mix is evolving, with renewables and nuclear energy covering two-fifths of global generation for the first time. Renewables alone accounted for one-third of total electricity, led by hydropower (14 percent), wind (8 percent), solar PV (7 percent), and bioenergy and waste (3 percent), while nuclear power contributed 9 percent.
China led global renewable expansion in 2024, contributing nearly two-thirds of all new renewable capacity connected to the grid. Solar PV additions exceeded 340 GW, marking a 30 percent increase from 2023, with utility-scale projects accounting for over 60 percent of growth. Distributed commercial and industrial installations also played a significant role, while residential solar expansion slowed as incentives were phased out, reducing its share to less than 10 percent of total additions.
Wind energy growth remained strong at 80 GW, and China surpassed its 2030 target of 1,200 GW of combined solar PV and wind capacity six years early, in mid-2024.
In the European Union, solar PV installations reached around 60 GW, maintaining the previous year’s level and more than doubling the capacity added in 2021 before the energy crisis triggered by Russia’s full-scale invasion of Ukraine in 2022. However, outside of Germany, Italy, and Spain, solar PV growth declined year-on-year in over 15 EU member states due to lower energy prices and reduced policy support, which had previously driven expansion in 2022 and 2023.
Three other major solar PV markets — the United States, India, and Brazil — experienced record expansion in 2024. The United States added almost 50 GW of new solar PV capacity, setting a new record, while India installed around 30 GW, nearly tripling the previous year’s growth.
Brazil added over 16.5 GW, driven by large utility-scale projects and continued deployment of distributed solar under a net metering scheme.
Wind capacity additions showed mixed results, with China seeing a slight increase, while the European Union’s wind installations declined by 20 percent compared to 2023 due to long permitting processes, supply chain disruptions, and auction delays. India’s wind capacity additions surpassed 2023 levels, whereas both the United States and Brazil experienced declines in wind installations compared to the previous year.
Global energy demand grew by 2.2 percent in 2024, surpassing the decade’s average, with all fuels and technologies seeing increased consumption. The power sector led this surge as electricity demand spiked by 4.3 percent, driven by record temperatures, electrification, and digitalization, outpacing global GDP growth of 3.2 percent. Renewables contributed the most to the global energy supply growth at 38 percent, followed by natural gas (28 percent), coal (15 percent), oil (11 percent), and nuclear (8 percent). Emerging and developing economies accounted for over 80 percent of the demand increase, with China experiencing a slowdown to under 3 percent but still leading in absolute growth, followed by India, which outpaced all advanced economies combined.
Baburajan Kizhakedath