The renewable energy sector has seen significant growth in 2024, especially in solar power due to the increase in installed capacity due to declining installation costs and supportive government policies. In the global production of solar energy, 600 GW of new solar capacity was added, approximately a 30% increase compared to the previous year. And China alone accounted for over 70% of the new capacity. Wind power growth was not even close to what it was for solar power, but wind power grew at a relatively slower pace of 7-8%. China and Europe were the major contributors to this growth. Interestingly, offshore wind capacities grew much faster than onshore capacities; this reflects a shift of interest towards harnessing wind energy over oceans and seas rather than on land.
