Renewables Outpace Fossil Fuels: Report by the International Renewable Energy Agency (IRENA)

This year’s report from the International Renewable Energy Agency (IRENA), “Renewable Power Generation Costs in 2024,” clearly demonstrates the economic viability of deploying renewable energy sources (RES) and highlights just how rapidly fossil fuels are becoming a thing of the past.

Key takeaways:

– Around 75% of the global increase in electricity generation came from wind, solar, and other “green” sources.

– Over 90% of new renewable energy worldwide generates electricity at a lower cost than the cheapest fossil fuel alternative.

– Wind, solar and new hydropower were the three cheapest sources of electricity last year.

– Solar energy is now 41% cheaper than fossil fuel power. Not long ago, it was four times more expensive!

– Offshore wind is 53% cheaper and represents the most affordable source of new renewable energy.

– In 2024, global renewable energy capacity grew by 582 GW – nearly 20% more than in 2023. This is also the largest annual increase since records began.

– Almost all new energy capacity added worldwide last year came from renewable sources.

– Around $2 trillion was invested in clean energy last year – $800 billion more than in fossil fuels, and over 70% higher than ten years ago.