A joint report by IRENA, the COP30 Presidency, and the Global Renewables Alliance reveals that while 582 GW of new renewable capacity were installed in 2024 — a record figure — this growth remains insufficient to meet the goal of tripling global renewables by 2030. The world must now expand capacity by 1,122 GW annually from 2025 onwards, supported by major investments in grids, storage, and energy efficiency.

Electricity prices rose across Europe in mid-October as demand, gas and CO₂ costs increased, while lower solar and wind output in several markets further pushed rates above €75/MWh, with some exceeding €100/MWh.

The agency highlights the European Union as one of the most dynamic regions in the global expansion of renewable energy, with growth driven by new policies, capacity auctions and the rise of self-consumption solar.

Nineteen PPAs totalling 653 MW were signed, driven by corporate agreements in Italy and Spain. While volumes increased compared to August, the solar share continues to decline and the market approaches year-end cautiously.

Photovoltaic production reached historic records for a single day in October in the main European markets, and wind energy also reached record levels in several of them. The increase in renewable generation, along with lower electricity demand in most markets and the drop in gas prices, were the main factors behind the price decline. For their part, CO2 futures reached their highest settlement price since mid-February, above €79/t, and Brent futures reached their lowest since the end of May.