Solar PV was world’s fastest-growing source of electricity generation in 2023
- Admin
- May 8, 2024
- 1 min read
Solar PV's generation growth in 2024 is forecast to outpace that of 2023 with China being a key driver of solar generation growth in 2023. Solar accounted for 5.5% of the global electricity mix in 2023. Ember highlights that solar will continue to lead in the energy revolution in 2024 alongside wind power. Various regions such as China, EU, US, and Brazil significantly contributed to solar power growth. Solar PV's capacity is expected to increase in 2024 due to falling solar panel prices and an excess of supply capacity. The report emphasizes that solar's growth is only limited by how quickly it can be connected to the grid. Additionally, data shows that some markets are experiencing curtailment issues, notably Japan, the Netherlands, and Australia. Despite challenges, Ember forecasts clean energy generation to surpass demand growth in 2024, potentially leading to a decrease in global fossil fuel generation.
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