The renewable energy market reaches $1,200 billion in 2024

The global renewable energy market continues to grow, reaching $1,200 billion in 2024, according to a report by the International Energy Agency (IEA), supported by investments in solar and wind energy.

Partagez:

The global renewable energy market is expected to reach $1,200 billion (approximately EUR1,080mn) in 2024, a significant increase from the previous year, according to the International Energy Agency (IEA). This growth is primarily driven by increased investments in solar and wind energy, which now dominate the sector. Governments worldwide, as part of their efforts to reduce greenhouse gas emissions, have reinforced support policies for these technologies.

Solar energy has played a central role in this expansion, accounting for approximately 50% of new investments in the renewable energy sector in 2024. The increase in production capacity, combined with the decline in solar panel costs, has strengthened its position as the leading renewable energy source. Offshore and onshore wind also experienced rapid growth, supported by large-scale projects in Europe and Asia.

Public and private investment sees sharp increase

Investments in renewable energy have been fuelled by a mix of public and private financing. Many European countries have implemented subsidy schemes and tax incentives to encourage companies to invest in these technologies. At the same time, private investors have shown increasing interest in renewable energy projects, attracted by long-term returns and the opportunities offered by the energy transition.

Funds dedicated to renewable energy reached record levels in 2024. For example, investments in solar and wind infrastructure in the Asia-Pacific region rose by 30% compared to 2023. This dynamic is driven by strategies to diversify investment portfolios and increased awareness of the risks associated with fossil fuels.

Impact of global energy policies

Global public policies have played a decisive role in this development. The European Union has recently introduced new regulations to promote the integration of renewable energy into power grids. China, the world’s leading solar producer, announced new initiatives aimed at doubling its wind capacity by 2030, thereby strengthening its position as the top investor in renewable energy.

The role of private companies, particularly in the technology sector, has also been crucial. Technology giants such as Apple and Google have invested heavily in renewable energy projects to power their data centres and operations, contributing to the reduction of their carbon footprint.

  • Populaires ​
CNOOC partners with KazMunayGas to explore the Zhylyoi subsoil area
Uranium Energy Corp acquires 170 million shares of Anfield Energy Inc.
Longi and Pertamina launch 1.6 GW solar plant in Indonesia
Austria introduces a 20% bonus for European photovoltaic equipment
Chinese independent refiners poised to increase fuel oil imports
Renewable energy: access improving, but financing still insufficient for Africa
According to the 2025 report on global energy access, despite notable progress in renewable energy, insufficient targeted financing continues to hinder electricity and clean cooking access, particularly in sub-Saharan Africa.
China and the United States improve their energy performance in an unstable global context
While advanced economies maintain global energy leadership, China and the United States have significantly progressed in the security and sustainability of their energy systems, according to the World Economic Forum's annual report.
Algeria and Angola strengthen energy cooperation at US–Africa summit
On the sidelines of the US–Africa summit in Luanda, Algiers and Luanda consolidate their energy collaboration to better exploit their oil, gas, and mining potential, targeting a common strategy in regional and international markets.
UK urged to accelerate electricity price reforms
The UK's Climate Change Committee is urging the government to quickly reduce electricity costs to facilitate the adoption of heat pumps and electric vehicles, judged too slow to achieve the set climate targets.
Brussels expands subsidies for low-carbon technologies and nuclear power
The European Commission will extend until the end of 2030 an expanded state-aid framework, allowing capitals to fund low-carbon technologies and nuclear power to preserve competitiveness against China and the United States.
Japan Faces Major Electricity Shortfall of 89 GW by 2050
Japan's grid operator forecasts an energy shortfall of up to 89 GW by 2050 due to rising demand from semiconductor manufacturing, electric vehicles, and artificial intelligence technologies.
EU Approves Targeted Energy Aid for Europe’s Heavy Industries
Energy-intensive European industries will be eligible for temporary state aid to mitigate high electricity prices, according to a new regulatory framework proposed by the European Commission under the "Clean Industrial Deal."
Mauritius launches international tender for floating power plant
Mauritius seeks international investors to swiftly build a floating power plant of around 100 MW, aiming to secure the national energy supply by January 2026 and address current production shortfalls.
Spain and Portugal Strengthen Networks Following April Blackout
Madrid announces immediate energy storage measures while Lisbon secures its electrical grid, responding to the historic outage that affected the entire Iberian Peninsula in late April.
Indonesia Commits 190 Billion USD to Expand Energy Capacity by 2034
Indonesia has unveiled its new national energy plan, projecting an increase of 69.5 GW in electricity capacity over ten years, largely funded by independent producers, to address rapidly rising domestic demand.
France: Moratorium on renewables; warning about immediate industrial impact
French Minister Agnès Pannier-Runacher condemns the parliamentary moratorium on new renewable energy installations, warning of the potential loss of 150,000 industrial jobs and increased energy dependence on foreign countries.
New European Battery Regulation Disrupts Europe’s Industrial Sector
The European battery regulation, fully effective from August 18, significantly alters industrial requirements related to electric cars and bicycles, imposing strict rules on recycling, supply chains, and transparency for companies.
European Parliament urges Brussels to act on energy grids
The European Parliament calls on the Commission to strengthen energy infrastructure and accelerate the implementation of the Clean Industrial Deal to enhance the continent's energy flexibility and security amid increased market volatility.
Europe Commits Major Investments to Electricity Grids and the Clean Industrial Deal
The European Commission unveils an ambitious plan to modernize electricity grids and introduces the Clean Industrial Deal, mobilizing hundreds of billions of euros to strengthen the continent's industrial and energy autonomy.
Wood Mackenzie highlights advantage of regulated utilities amid data centre boom
In the United States, regulated electric grid operators hold a decisive advantage in connecting new data centres to the grid, now representing 134 GW of projects, according to a Wood Mackenzie report published on June 19.
France sets renewable energy target of 200 TWh by 2030
The French National Assembly approves a specific target of 200 TWh renewable electricity production by 2030 within a legislative text extensively debated about the future national energy mix.
United States: emissions stagnate in 2024, uncertainty under Trump administration
In 2024, US CO₂ emissions remain stable at 5.1bn tonnes, as the Trump administration prepares hydrocarbon-friendly energy policies, raising questions about the future evolution of the American market.
France: Anticipated Energy Decree, National Assembly Denounces Democratic Risk
The early publication of France's energy decree triggers strong parliamentary reactions, as the government aims to rapidly secure investments in nuclear and other energy sectors.
Spain Blackout: Analysis of Causes and European Financing Plan Approved
Seven weeks after the major Iberian power outage, Spain identifies technical network failures, while the European Investment Bank approves major funding to strengthen the interconnection with France.
European Union Sets Precise Timeline for Russian Gas Import Ban
The European Union has announced a detailed schedule aiming to definitively halt Russian gas imports by the end of 2027, anticipating internal legal and commercial challenges to overcome.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS