Why is it in the News?

In 2023, India overtook Japan to become the world’s third-highest producer of solar power, according to a report by international energy analytics agency Ember recently.

About Global Electricity Review 2024:

• The Global Electricity Review is published by Ember, a leading climate and energy think tank focused on accelerating the global transition to clean energy.
• The Global Electricity Review 2024 offers an in-depth analysis of the global electricity landscape in 2023.
• Drawing from a vast dataset encompassing 80 countries representing 92% of global electricity demand, and historical data from 215 countries, the report provides a robust and comprehensive examination of the current state of the electricity sector.
• The report's objective is to evaluate the progress made in transitioning the world's electricity systems towards cleaner, low-carbon sources, with a focus on limiting global temperature rise to 1.5 degrees Celsius.

Key Findings from the Report:

• Record Solar Energy Generation: Solar energy accounted for a record 5.5% of global electricity in 2023, solidifying its position as the fastest-growing electricity source for the nineteenth consecutive year.
• Renewables Surge: Renewable sources accounted for 30% of global electricity, marking a significant increase from 19% in 2000. Solar and wind power drove this expansion, with low-carbon sources contributing to nearly 40% of global electricity generation in 2023.
• Fossil Fuel Decline Forecast: The report predicts a decline in fossil fuel generation in 2024 and beyond, indicating a possible peak in global fossil fuel production in 2023.
• China's Dominance: China emerged as a significant contributor to renewable energy, accounting for 51% of the global solar generation increase and 60% of new global wind generation in 2023.

India-Specific Insights from the Report:

• India's Rise in Solar Generation: In 2023, India surpassed Japan to become the world's third-largest solar power generator, climbing from its ninth position in 2015.
  • While India's installed solar capacity ranks fifth globally, its rapid growth demonstrates significant progress in harnessing solar energy.
• Share of Solar Energy in India's Electricity Mix: India generated 5.8% of its electricity from solar energy in 2023.
  • This substantial contribution highlights the increasing role of solar power in meeting the country's energy demands.
• India's Contribution to Global Solar Growth: India experienced the world's fourth-largest surge in solar generation in 2023, adding 18 TWh to its capacity.
  • Alongside China, the United States, and Brazil, India accounted for 75% of global solar growth in that year.
• Solar Generation Growth Since 2015: Global solar generation in 2023 was six times higher than in 2015, with India witnessing a remarkable seventeen-fold increase.
• India's Renewable Energy Target: India has committed to tripling its renewable capacity by 2030, aiming for 500 GW of installed renewable energy capacity.
  • This ambitious target will require a significant acceleration in annual capacity additions.