According to UN Environmental Programme, in 2015, the global investment in renewable energy had been the highest, with a total investment of USD 285.9 Billion. The clean technology energy generation accounted for 10% of the world’s electricity in the same year. Of the renewables, a total of 134 GW in 2015, solar photovoltaic accounted for 56GW. In 2016, the global investment in solar energy summed up to USD 113.7 billion, with a record 75 GW of installed capacity. This is predominantly due to the increase in the number of solar installations in countries such as China and India. These countries have recently surpassed the US in the solar energy market with substantial investment in the solar energy sector.
Key developments in India
The Indian government has plans to install the capacity of 100 GW for solar energy generation, by 2022, to meet the renewable energy targets. India is home to the world’s largest solar plant on a single location with a 648 MW in Southern India with an estimated cost of USD 679 million. Another largest single-location solar park of 1,000 megawatts (1 gig watt) is nearing completion.
Key developments in China
In 2015, China, hqaving the world’s highest carbon emissions, invested USD 102.9 billion in renewable energy, which accounted for 36% of world total. According to China’s National Energy Administration (NEA), new capacity additions of in 2016 lead to over 77 GW of cumulative installed PV capacity in China. According to Institute for Energy Economics and Financial Analysis, China has increased its foreign investment in renewables and solar by 60 percent to reach a record USD 32 billion in 2017. The country recently opened a new 40 MW floating solar farm facility to further underline its role as the global leader in solar energy. This is driving the global market for solar panels.
Key developments in The U.S.
In U.S., the solar power has become affordable, accessible, and prevalent after the Solar Powering America initiative. According to Solar Energies Industries Association (SEIA), the U.S. had 44.7 gig watts (GW) of total installed capacity in 2016. The main driver for this growth was the continuous 1 GW of installation for utility-scale solar in many states; it is projected to nearly triple over the next five years to reach 100 GW, nationwide.
Solar electricity in the country is now economically competitive with conventional energy sources in several states, including California, Hawaii, Texas, and Minnesota. The sector also contributes to job growth throughout the nation.
