Global renewable energy capacity registered record growth in 2024 but progress is still falling short of the 2030 renewable capacity target, a report by the International Renewable Energy Agency (IRENA) showed on Wednesday.

About 92.5% of energy capacity added in 2024 came from renewables, at 585 gigawatts (GW), marking record annual growth of 15.1% and lifting total renewables capacity to 4,448 GW.

However, progress remains below the 11.2 terawatts needed to meet the Paris climate agreement and the global goal of tripling installed renewable energy capacity by 2030, which demands an annual growth rate of 16.6%.

General manager of Dunhuang Shouhang Energy Saving New Energy Co. Liu Fuguo speaks to reporters next to heliostat mirrors, at the site of Shouhang 100MW Tower Solar Thermal Power Generation Project, during an organised media tour of Dunhuang Photovoltaic Industrial Park, in Gansu province, China October 16, 2024. REUTERS/Tingshu Wang

"We also face the same challenges of great regional disparities and the ticking clock, as the 2030 deadline is imminent," said IRENA Director General Francesco La Camera.

Almost 64% of new global renewable capacity was built in China, which alone added 278 GW of solar capacity last year. The Group of Seven of the world's most advanced and industrialised economies accounted for 14.3% while Central America and the Caribbean contributed the least at only 3.2%.

Solar and wind energy remained the fastest-growing renewables, together accounting for 96.6% of all net renewable additions in 2024.