2024 Year in Review : Climate-driven Global Renewable Energy Resources and Energy Demand

Foreword 3

Executive summary 5

Key messages 8

1. Global perspective on renewable energy resources in 2024 10

1.1 Introduction 10

1.2 Indicators and methodological approach 12

1.3 Global overview 13

1.4 Key climate observations for 2024 14

1.5 Wind power capacity factor 15

1.6 Solar power capacity factor 18

1.7 Hydropower proxy 21

1.8 Energy demand proxy 23

2. Regional perspective 25

2.1 Africa 27

2.2 Asia 29

2.3 Central and South America 31

3. Adaptation to climate variability with seasonal forecasts 33

3.1 Seasonal forecast of wind power capacity factor 34

3.2 Seasonal forecast of solar power capacity factor 35

3.3 Seasonal forecast of hydropower proxy 35

3.4 Seasonal forecast of energy demand proxy 35

4. Conclusions and implications 38

4.1 Climate drivers of energy variability in 2024 38

4.2 Regional highlights and insights 39

4.3 Role of seasonal forecasts 39

4.4 From monitoring to action: Operational needs 39

4.5 Cross-border energy considerations and compensatory strategies 41

4.6 Recommendations for a resilient energy future through renewables 41

Appendix 1. Methodology 43

1. Wind power capacity factor calculation 44

2. Solar photovoltaic power capacity factor calculation 45

3. Hydropower proxy 46

4. Energy demand proxy 48

Appendix 2. Seasonal forecast assessment 51

Seasonal forecast skill measure 51

Appendix 3. Additional figures 58

References 62