India on track to achieve solar power generation sustainability

India has surpassed Japan to become the world’s third-largest solar power producer by 2023, as per a report by global energy think tank, Ember.

India on track to achieve solar power generation sustainability

The Global Electricity Review 2024, estates a detailed analysis of power generation systems worldwide in 2023. It was published alongside the world’s first open dataset on electricity generation in 2023, covering 80 countries representing 92% of global electricity demand.

According to the report, solar power's contribution to global electricity production reached a record high of 5.5% in 2023. In the same year, India saw the fourth-largest increase in solar generation at 18 Terawatt hours (TWh), after China (+156 TWh), the United States (+33 TWh) and Brazil (+22 TWh). These four countries contributed 75% to the overall increase in solar power generation in 2023.

Read Also : HPCL and Oil India sign MoU to explore energy sector

India has made significant progress in expanding its solar generation capacity. According to a report, India's share of solar power rose from 0.5 percent in 2015 to 5.8 percent in 2023, which is a substantial increase. The report also reveals that globally, solar power generation has increased sixfold from 2015 to 2023, while India's solar generation capacity has increased seventeenfold during the same period.

The International Energy Agency (IEA) forecasts that solar power will constitute 22 percent of global electricity generation by 2030. The report suggests that the goal set at COP28 to triple global renewables capacity by 2030 holds the potential to steer the world toward this trajectory.

India is one of the few countries aiming to triple renewable capacity by 2030. However, Ember’s analysis underscores the necessity for a substantial increase in annual capacity additions for India to achieve this target.

Read Also : RBI launches three major initiatives