The International Renewable Energy Agency (IRENA) ranked the top 10 countries in the world by the largest number of installed solar power capacity.
China, the US and India are projected to double their renewable energy capacity expansion over the next five years, providing two-thirds of global growth, according to Nasdaq.
It is noted that the global installed capacity of solar power plants at the end of 2022 was 1046.61 GW. At the end of 2013, this figure reached 136.57 GW.
- China
The article said that the country continues to dominate the solar industry, including adding 87.4 GW during 2022. The total installed capacity reaches 392.43 GW, i.e. 37.5% of the world market. However, China planned to install 108 GW in 2022, which failed due to prolonged quarantine restrictions.
Nasdaq stressed that China remains the largest source of global greenhouse gas emissions (27% of all human emissions). In 2022, almost half of global investment, about $550 billion, was in the country's green transition.
- USA
It is noted that in the United States in 2022, 17 GW of solar power was installed, which increased the capacity of solar power plants in the country to 110.1 GW. The solar energy market is expected to triple over the next five years, to 378 GW by 2028.
The article noted that the United States is the second largest source of greenhouse gas emissions and creates 11% of global emissions.
- Japan
Nasdaq said that Japan ranks third in the rankings with a total installed photovoltaic capacity of 78.83 GW. To reduce carbon emissions from households, in December 2022, the country adopted decree, which obliges to build all new houses in Tokyo with SES. The new rules will become mandatory from April 2025.
It is noted that the country creates 2% of global greenhouse gas emissions. Japan is also working to improve solar technologies, such as space solar power (SBSP) and next-generation flexible solar cells.
- Germany
The material emphasized that Germany – the largest economy in Europe – ranks fourth in terms of installed solar capacity. In 2022, 66.55 GW of solar power plants were installed in the country. Against the background of the Russian-Ukrainian war, Germany is seeking to accelerate renewable energy projects in order to reduce external dependence on energy. The German government has passed several laws to encourage the use of renewable energy sources.
The solar market size in the country is expected to reach 137.88 GW by 2028 at a CAGR of 12.80% during 2023-2028.
- India
The Nasdaq said that India is endowed with a huge potential for solar energy. Globally, the country ranks fifth in solar energy with a total installed photovoltaic capacity of 62.80 GW at the end of 2022.
It is noted that the Government of India has announced a plan to add 50 GW of renewable energy capacity annually over the next 5 years to reach 500 GW by 2030. Currently, the total green capacity is 168.96 GW.
The material emphasized that the second five included:
- Australia – 26.7 GW;
- Italy – 25 GW;
- Brazil – 24 GW;
- Holland – 22.5 GW;
- South Korea – 20.9 GW.
Recall, the study showed that the UN Intergovernmental Panel on Climate Change (IPCC) for about 10 years underestimated the carbon footprint by 3-5 times of solar panels produced in China.
As EcoPolitics reported earlier, a study by the non-profit organization RMI and the Bezos Earth Fund showed that by 2030, solar and wind power will provide 33% of the world's energy, of the 12% available.
