India Overtakes Japan to Become World's Third-Largest Solar Power Generator

According to Ember's latest report 'Global Electricity Review 2024', India's surge in solar power generation in 2023 propelled the nation above Japan, securing its position as the world's third-largest solar power generator. 

Contributing to 5.9 percent of global solar growth, this achievement highlights India's commitment to renewable energy.

India's electricity demand surged by 5.4 percent, reaching 99 TWh in 2023 compared to the previous year. This growth rate, more than double the global average increase of 2.2 percent, reflects India's consistent upward trajectory in power consumption over the past decade, maintaining an average annual growth rate of 5.4 percent. 

Despite a slight dip from the 8.3 percent increase in 2022 following the Covid-19 rebound, India's energy landscape continues to evolve rapidly.

The combined increase in wind and solar generation by 30 TWh played a pivotal role in meeting 30 percent of India's demand growth. With solar generation alone witnessing an 18 TWh surge, India's ascent to the third-largest solar power generator status was inevitable.

The report highlights India's substantial progress in solar generation over the past two decades, with generation soaring from a mere 0.01 TWh in 2000 to 113 TWh in 2023. Notably, the growth trajectory has been most pronounced in the last five years, with solar generation more than doubling since 2019.

Despite the remarkable growth in solar energy, coal remains a dominant force in India's energy landscape, witnessing a fourfold increase since 2000. Consequently, India's power sector emissions have also tripled over the same period. However, the report emphasizes that without the growth in wind and solar generation, emissions would have been substantially higher, emphasizing the role of renewable energy in mitigating environmental impact.

In line with its commitment to renewables, the Indian government has set ambitious targets, aiming for solar generation to reach 602 TWh and wind generation to reach 237 TWh by 2030. Achieving these targets would necessitate an annual growth rate of 27 percent for solar and 16 percent for wind, a feat accomplished in 2023. 

However, to align with the International Energy Agency's (IEA) Net Zero Emissions (NZE) scenario, Ember's analysis suggests that these targets would need further enhancement, requiring an additional USD 101 billion in financing.

Furthermore, to meet the IEA scenario's 2030 target of a 33 percent share for solar and a 9.8 percent share for wind generation, significant advancements in capacity additions are imperative. With India aiming to triple its renewable capacity by 2030, Ember's analysis highlights the need for accelerated progress in annual capacity additions to meet this target.