Opinion & Analysis

The International Renewable Energy Agency, IRENA, released its Renewable Energy Statistics 2026 on Tuesday, July 14, 2026. The report shows that electricity from renewable sources grew by 9.8% in 2024. That growth is much higher than what was recorded in 2023. Electricity from non-renewable sources like coal and gas only grew by 1.4% in the same period. Overall, renewables made up 31.7% of all electricity generated worldwide in 2024. That equals 9,836 terawatt hours of power. Türkiye, which will lead the COP31 climate talks, has set a goal to get 35% of all energy use from electricity by 2035. To reach that goal, IRENA says renewables will need to grow from 31.7% today to 78% of global electricity by 2035. That means renewable electricity will have to be about 2.5 times bigger than it is now. IRENA Director-General Francesco La Camera said the world is backing electrification as the main way to shift away from fossil fuels. He said clean electricity makes countries more secure and competitive, and that we must move faster to clean power in homes, transport and industry. UN Climate Chief Simon Stiell said the switch to clean energy is now “irreversible.” He noted that renewable power is cheaper, safer and faster to build than fossil fuels. But he also said many poor countries still need financial support to keep up. The report confirms that solar and wind power are leading the growth. Asia was the top region with 4,589 TWh of renewable electricity, a 14.3% increase. Europe produced 1,758 TWh, up 7.2%. North America generated 1,535 TWh, up 5.8%. South America made 1,047 TWh, up 2.9%. Eurasia produced 411 TWh, up 11.9%. Africa generated 227 TWh, up 5.7%. Oceania had 138 TWh, up 3.4%. The Middle East had the fastest growth at 17.3%, reaching 76 TWh. Central America and the Caribbean produced 55 TWh, up 5.8%. IRENA also updated its data on new projects. In 2025, a record 693 gigawatts of new renewable capacity was added. By the end of 2025, renewables made up 5.2 terawatts, or 49.5% of all electricity capacity in the world. New renewable projects accounted for 85.7% of all new power plants built last year. The report shows that renewable energy continues to grow much faster than non-renewable energy.

The worldwide rollout of renewable energy helped economies avoid an estimated $480 billion in fossil fuel expenses last year, strengthening the economic argument for clean power. The finding was highlighted as the United Nations and Nigeria’s Federal Government jointly advocated for wider renewable uptake on June 2nd through the Africa Mini-Grids Programme, AMP. The figures reflect a broader move away from reliance on fossil fuels toward distributed renewable systems. Experts stressed that the shift is now powered less by climate goals alone and more by cost advantages, energy security, and system resilience. IRENA’s Renewable Power Generation Costs in 2025 report found that over 90 per cent of utility-scale renewable capacity added globally in 2024 produced electricity more cheaply than the least expensive new fossil fuel option. Solar PV costs held steady at $44 per megawatt hour, MWh, while onshore wind dropped four per cent to $33/MWh. Offshore wind also eased by three per cent to $78/MWh. In contrast, new gas-fired power became more expensive in multiple markets. Combined-cycle gas plant capital costs rose markedly, and generation costs climbed close to $100/MWh in Italy, Germany, and Japan, driven by elevated gas prices and supply risks. IRENA said the build-out of renewables saved countries roughly $480 billion in fossil fuel outlays in 2025, helping to shield economies from swings in global fuel markets. Francesco La Camera, IRENA’s Director-General, said the continued fall in clean energy costs is generating major financial gains for nations investing in renewables. He added that each new renewable project offers greater insulation against fossil fuel price volatility and boosts a country’s competitive position. The agency noted that renewables provided an additional economic cushion after disruptions to global energy flows, including the temporary closure of the Strait of Hormuz earlier this year, which pushed import prices higher across parts of Asia and Europe. Officials at the AMP launch said the programme has commissioned 23 new solar-powered mini-grids in communities that lacked reliable electricity, serving homes, small businesses, and agro-processing operations. They argued that dependable power is changing rural economies by raising farm output, enabling local businesses, and generating jobs. The focus, they added, should extend beyond grid connections to using energy as a driver of growth, food security, and improved living standards. Minister of Power Joseph Teghe described AMP as a key pillar of Nigeria’s transition plan. He said the government intends to scale decentralized renewable solutions to reach underserved areas, as well as health facilities, universities, and agricultural hubs. UN Resident and Humanitarian Coordinator in Nigeria, Mohamed Malick Fall, said clean energy access is one of the most urgent issues of this era, and that expanding electricity is essential for sustainable growth and inclusion. Speaking at the AMP launch, he noted that the transition is about more than lights and sockets, it powers hospitals, schools, enterprises, and job creation, while raising incomes and quality of life.