The report, known as REthinking Energy, reviews progress in the world’s transition to a sustainable energy future while focusing on the global power sector.
IRENA Director-General Adnan Amin said: "But if we continue on the path we are currently on and fuel our growing economies with outmoded ways of thinking and acting, we we will not be able avoid the most serious impacts of climate change.
Electricity demand would more than double as global population is expected to be eight billion by 2030.
"The good news is that renewable energy provides a viable and affordable solution to address climate change today.
"And while the outlook for renewable power is bright, we need to rethink the mechanisms which have, up to this point, brought renewables into the mainstream and prepare for the next stage of this global transformation."
According to the report, the demand is not only growing but is fundamentally changing, as individuals, governments and businesses are looking for a cleaner, more diverse and more secure energy mix.
Renewable energy sources such as bioenergy, geothermal energy, hydropower, ocean, solar and wind energy are up to 250 times less carbon-intensive than coal and up to 120 times less so than the cleanest fossil fuel, natural gas, the report says.
The first edition of REthinking Energy focuses on power generation while highlighting the need to increase the use of renewable energy for end uses such as transportation, industrial and building heat.
