China's installed capacity of solar power has reached over 470GW in the first half of 2023, according to statistics from the country's national energy administration.
Solar PV additions have seen significant increase over the past few years, while it is also leading the increase in new renewable capacity worldwide this year, according to the International Energy Agency’s latest report Renewable Energy Market Update June 2023.
Global solar energy investment will surpass oil for the first time in 2023 as PV leads the charge in a projected 24% increase in clean energy investment compared with 2021.
Renewable energy developer MPC Energy Solutions has expanded its footprint in Latin America by entering the Panamanian market, taking a step forward to strengthen its portfolio in the region.
Amid potential supply chain bottlenecks as China increases its PV manufacturing dominance, companies in markets such as the US, India and Europe are looking to leverage new policy support to scale up domestic production. Jules Scully charts the industry’s efforts to onshore solar module manufacturing.
Europe’s solar industry must address the talent shortage, supply chain challenges and permitting hurdles to build on last year’s strong installation figures, according to PV industry experts.
Solar PV capacity is expected to almost treble over the 2022-2027 period, growing by 1.5TW and will surpass coal as the largest source of power capacity worldwide, according to a report from the IEA.
New policies in major energy markets would accelerate the investment in clean energy to US$2 trillion by 2030 in the states policies scenario (STEPS), according to a report from the International Energy Agency (IEA).
