Solar Growth Is Still Defying Predictions

The global landscape is poised to achieve a solar capacity increase of one-third this year compared to 2023, exceeding the projections made by industry specialists and independent analysts.

Recent data from the energy think tank Ember indicates that nations are expected to add 593 gigawatts of solar capacity in 2024, which is approximately 200 gigawatts more than the forecasts provided by the International Energy Agency and Wood Mackenzie earlier this year. Notably, the solar capacity additions for this year are anticipated to surpass all coal capacity additions since 2010.

China is the primary driver of this expansion, having installed more solar capacity in the first half of this year than it did throughout all of 2022, thereby reinforcing its position as the global leader in renewable energy.

For the second consecutive year, China is projected to contribute over half of the total solar capacity added worldwide. Significant advancements are also occurring in other regions; for instance, India has already surpassed its total solar installations from the previous year by May, while the United States is experiencing a substantial boost in the industry due to new tax incentives. According to a recent industry analysis, solar manufacturing in the U.S. has quadrupled since the enactment of the Inflation Reduction Act in 2022.

Ember asserts that the world is on a promising trajectory to achieve its objective of tripling renewable energy capacity by 2030. The organization emphasizes the importance of ensuring that countries possess adequate grid capacity to distribute power effectively and develop battery storage solutions to support solar energy generation beyond peak sunlight hours.

If these measures are implemented, solar power will likely continue exceeding expectations throughout the remainder of the decade.

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