Data from the International Renewable Energy Agency (IRENA) has revealed that renewable energy generation surged by a record 9.8% in 2024. Titled ‘The Renewable Energy Statistics 2026’, IRENA’s report noted a continued fall in fossil fuel-fired generation between 2023 and 2024, falling behind renewables by 14% during the study period. The report found that green energy accounted for 31.7% of global electricity generation in 2024, totaling 9,836 terawatt-hours.
Dozens of countries across the globe have made major commitments to renewable energy and are actively taking steps to reduce their reliance on fossil fuels like coal and natural gas.
China, currently the largest coal importer, has invested billions of dollars into building out renewable energy infrastructure and connecting it to the grid. In Europe, countries like Norway, Finland, Denmark, and Sweden are leading the charge in green energy adoption.
Even the U.S., where the current Trump administration is actively working against green energy, reported a significant elevation in renewable energy production in 2024. The gains made across these markets led to a nearly 10% increase in green energy generation in 2024, IRENA reports.
This report coincides with incoming COP31 leadership setting a 35% electrification target by 2035 in line with the Action Agenda, and shows that the world will have to source around 78% of its electricity from renewables by 2035, up from 31.7% in 2024.
According to IRENA Director-General Francesco La Camera, renewable energy is becoming the cornerstone of the world’s energy transition amidst surging support for renewables globally. But achieving global electrification will call for a massive increase in renewable energy production over the next ten years.
Even so, La Camera says, we have everything we need, from technology to economics, to make the transition from fossil fuels to renewables. United Nations Framework Convention on Climate Change (UNFCCC) executive secretary Simon Stiell notes that even though the world has made significant progress toward cutting out fossil fuels, the green transition has been anything but equitable so far.
Stiell notes that vulnerable nations need as much help as they can get to ensure no country is left behind in the transition to renewables. At the moment, a vast majority of renewable energy investment goes to wealthy, developed nations while less developed nations lag.
Asia led the charge with a whopping 4,589 TWh of renewable energy generated in 2024, followed by Europe at 1,758 TWh, North America with 1,535 TWh of renewables, and South America with 1,947 TWh. Furthermore, renewable energy production in Eurasia increased by 11.9% while African renewable energy production jumped by 5.7%.
As the energy transition gathers momentum, green energy companies like Turbo Energy S.A. (NASDAQ: TURB) have a big opportunity to leverage the accelerating interest in renewable energy across Europe and other international markets.
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