Global Solar Energy Capacity Now Stands at 1.6TW

A new SolarPower Europe report has found that new solar installations in 2023 grew by 87% year-on-year to bring the world’s total solar-energy capacity to a whopping 1.6 TW. Solar energy is still ahead of other green-energy sources, partly due to low prices, and accounted for 78% of global green-energy installations last year, making it one of the world’s primary sources of renewable energy.

According to the report, new global solar installations in 2023 reached 447 GW compared to 239 GW the previous year. SolarPower Europe’s annual Global Market Outlook for Solar Power 2024–2028 estimates that the world’s total solar capacity could potentially reach 2 TW by the end of 2024.

With dozens of countries across the globe working to limit their reliance on fossil fuels, solar and wind energy have attracted billions of dollars in investment. Falling solar prices coupled with the convenience and ease of use of photovoltaic (PV) solar platforms in domestic settings have made solar the go-to in recent years. New solar installations in 2023 alone were enough to cover the annual electricity consumption of the Netherlands, Greece, the Czech Republic, Sweden, Portugal, Austria and Finland combined, SolarPower Europe says.

As expected, China led the pack in terms of solar-energy growth in 2023 with a whopping 57% of the world’s new installations occurring in the east Asian nation. China’s cumulative solar capacity increased from more than 400 GW in 2022 to 656 GW by the start of 2024. SolarPower Europe noted that the number of advanced economies installing at least 1 GW of new solar capacity annually increased from 28 in 2022 to 31 last year with barely any emerging economies featuring on the leaderboard.

SolarPower Europe CEO Walburga Hemetsberger declared the world has entered a “solar age” but noted that solar energy’s progress will depend on equitable global access to financing, coupled with the political will to ensure energy systems are flexible enough to adapt to renewable energy. The renewable-energy segment has seen significant growth through the past several years, and its share of new green-energy capacity surged to 78% last year compared to 56% in 2021, the new SolarPower Europe reports say.

If there is enough energy-system flexibility, a substantial amount of stationary energy storage and funding, the report said, solar energy’s yearly growth rate could hit 1 TW by the year 2028. According to SolarPower Europe, tripling the world’s renewable-energy capacity as per COP28 will call for around $12 billion in global investments.

As solar-energy capacity ramps up rapidly, the zero-emissions vehicles commercialized by companies such as Mullen Automotive Inc. (NASDAQ: MULN) could deliver even more benefits if those vehicles are charged using clean energy from the sun or other sources.

NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN

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