The world is set to install a third more solar capacity this year than it did in 2023, surpassing forecasts by both industry experts and independent analysts.
New figures from energy think tank Ember show that countries are on track to add 593 gigawatts of solar capacity in 2024, roughly 200 gigawatts more than was predicted by the International Energy Agency and Wood Mackenzie in January. Solar capacity additions in this year alone will likely exceed all coal additions since 2010.
China is driving the bulk of the growth. In the first half of this year, China installed more solar than it did in all of 2022, helping it to maintain its status as the world leader on renewable energy. For the second year in a row, China will account for more than half of all solar added globally.
Solar is also making significant gains elsewhere. Through May, India installed more solar capacity than it did in the whole of last year, and in the U.S., new tax breaks are giving the industry a significant boost. Solar manufacturing has jumped fourfold since the passage of the Inflation Reduction Act in 2022, according to a recent industry analysis.
Ember says the world appears on track to triple solar capacity by 2030. “The key will be to ensure that countries have sufficient grid capacity to transport power to where it is needed, as well as develop battery storage capacity to complement solar outside of the sunniest hours,” it says. “If these actions are taken, solar power could easily continue to surpass expectations throughout the rest of the decade.”
ALSO ON YALE E360
How China Became the World’s Leader on Renewable Energy
