Tuesday, May 28th, 2024

India overtakes Japan to become world’s third largest solar power generator: Report

India is set to overtake Japan to become the world’s third-largest solar power generator in 2023, according to a report by global energy think tank Amber. India has moved up from ninth position in 2015.

The Global Electricity Review 2024 published on Wednesday provides a comprehensive overview of the global electricity system in 2023 based on country-level data.

It was published in 2023 with the world’s first open dataset on electricity generation, covering 80 countries representing 92 percent of global electricity demand, as well as historical data from 215 countries.

“India’s growth in solar power generation in 2023 will propel the country past Japan to become the world’s third largest solar power generator. It has climbed up from ninth place in 2015,” the report said.

The report finds that solar energy could generate a record 5.5 percent of global electricity in 2023. In line with the global trend, India aims to generate 5.8 per cent of its electricity from solar power in 2023.

India sees the world’s fourth-largest growth in solar power generation in 2023 (+18 terawatt hours or TWh), behind China (+156 TWh), the United States (+33 TWh) and Brazil (+22 TWh). The top four solar developing countries together aim to achieve 75 percent growth by 2023.

“A future powered by renewable energy is now becoming a reality. In particular, solar energy is growing at an unprecedented pace”, said Aditya Lola, Asia Program Director, Amber.

Solar power retained its position as the world’s fastest growing electricity source for the nineteenth consecutive year, with more than twice as much new electricity added worldwide in 2023 as coal.

Solar energy is growing rapidly in recent years. Global solar energy production in 2023 was six times higher than in 2015, while in India it was 17 times higher. India’s share in solar power generation to increase from 0.5 percent of India’s electricity in 2015 to 5.8 percent in 2023.

Pathways to decarbonizing electricity suggest that solar energy will play a central role in the future energy system.

According to the IEA net zero emissions scenario, solar power will increase to 22 percent of global electricity generation in 2030. The target of tripling global renewable capacity by 2030, agreed at COP28, has the potential to put the world on this path.

India is one of the few countries planning to triple renewable capacity by 2030. According to Amber’s analysis, India needs a significant increase in annual capacity addition to meet this capacity target.

“Raising clean power is not just about reducing carbon emissions in the power sector. It is also needed to meet the growing power demand in an increasingly electrified economy and to decouple economic growth from emissions, which is critical to combating climate change”, concluded Aditya Lola.

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