As nations face escalating climate challenges, solar power is emerging as an affordable, scalable solution to global energy needs.
According to the latest World Solar Market Report 2024, the world's installed solar capacity surged from 1.22 GW in 2000 to an astounding 1,419 GW by 2023, marking an annual growth rate of around 36%.
RECORD-BREAKING CAPACITY ADDITIONS IN 2023 In 2023 alone, solar power capacity additions reached a record 346 GW, accounting for nearly three-quarters of global renewable capacity additions. Solar energy has shown consistent growth since 2008, with capacity doubling approximately every three years. China led the market with 609 GW of cumulative capacity, contributing 43% of the global total. Other major players include the European Union, the United States, Japan, and Germany, with the top 10 countries collectively holding 86% of the world's installed solar capacity.
This story is from the November 06, 2024 edition of The Business Guardian.
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This story is from the November 06, 2024 edition of The Business Guardian.
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