The International Renewable Energy Agency (IRENA) reported a significant 9.8% growth in renewable electricity generation in 2024, with renewables now accounting for 31.7% of global electricity. This growth is crucial as the world aims to increase renewable energy's share to 78% by 2035 to meet electrification targets, highlighting the urgent need for accelerated transition from fossil fuels to clean energy sources.
The most valuable insight for you is that to meet the global electrification target of 35% of final energy demand by 2035, renewable electricity generation must expand at an unprecedented pace, increasing its share from 31.7% in 2024 to 78% by 2035. This rapid scale-up presents significant opportunities for investment and innovation in renewable technologies, especially solar and wind, which are already showing strong growth, particularly in Asia.