According to a report by Amber, a UK-based independent think tank, India will overtake Japan to become the world’s third-largest solar power generator in 2023.
India is expected to produce 113 terawatt-hours of solar power in 2023 compared to Japan’s 110 terawatt-hours, a significant increase of 19 percent year-on-year.
China will produce 584 TWh of solar energy in 2023, more than the United States (238 TWh), making it the largest solar energy producer in the world.
China’s solar output accounts for more than a third (36 percent) of the solar output of the top four countries (US, Japan, Germany and India).
Yet, according to data from Niti Aayog, the Indian government think tank, solar energy contributed 6.66 percent of the total electricity generated by generating 442 GW of power by May 2024, which makes one thing clear the distinction between potential and reality.
Solar Power Has Been Increasing Quickly
Record-setting annual solar capacity increased by 76% in 2023 compared to 2022. To put this in context, Bloomberg NEF reported that global solar capacity is expected to increase by 268 GW in 2022, up from 444 GW previously. By 2023, the 200 GW per year milestone will be breached.
The report said supportive environmental policies, improvements in technology efficiency, and increased manufacturing capacity have led to steep declines in the cost of solar energy in most countries.
The increase in deployment is evident; 33 countries account for more than 10 percent of solar energy production, including Chile (20%), Australia (17%), the Netherlands (17%), and California (the world’s fifth largest economy).
The Era of Renewable Energy Is Here
The Global Energy Review estimates energy growth in 2024 for 80 countries (accounting for 92 percent of world electricity demand).
According to the report, the share of renewable energy (mostly from additional solar and wind power sources) in the world electricity mix exceeds 30 percent for the first time.
Renewable energy accounted for 19 percent of world electricity in 2000, due mainly to the expansion of solar and wind power, this will reach 30 percent by 2023. Combined with nuclear power, low-carbon sources could create about 40% of the world’s electricity by 2023.
“The renewables future has arrived,” Ember’s global insights director Dave Jones said in a communication. “Solar in particular is accelerating faster than anyone thought possible.”
It is estimated that the COP28 climate summit to be held in Dubai in 2023 aims to triple renewable energy capacity by 2030, which will account for 60 percent of energy consumption worldwide.
India also aims to triple renewable capacity to 509 GW by 2030. For India to meet this capacity target, according to the Amber analysis, annual capacity addition will need to increase significantly.