Global Solar Installations Could Touch 574 GW In 2024, Predicts BloombergNEF

PM Modi Inaugurates Several Solar Projects In Rajasthan, UP, Other States

The latest report by energy think tank BloombergNEF forecasts that there could be solar installations of capacity as high as 574 GW this year. The new global PV outlook report says the new installations hit 444 GW in 2023 instead of having peaked at 413 GW as was predicted earlier by BloombergNEF. The research further stated that new global PV installations to reach 627 GW in 2025 and 672 GW in 2026, and then grow further to 718 GW in 2027 and 722 GW in 2028.

As far as the next two years 2029 and 2030 are concerned, the report stated that those two years will witness 820 GW and 880 GW of solar installations respectively.

Another report on Energy Transition published by energy think tank BloombergNEF said that the global investment in the low-carbon energy transition surged 17% in 2023, reaching $1.77 trillion. The report titled, ‘Energy Transition Investment Trends 2024 ‘, said that this number is a new record level of annual investment and demonstrates the resilience of the clean energy transition in a year of geopolitical turbulence, high interest rates, and cost inflation.

The report found that electrified transport is now the largest sector for spending in the energy transition, growing 36% in 2023 to $634 billion. This figure includes spending on electric cars, buses, two- and three-wheelers, commercial vehicles, and associated infrastructure.

According to this report, energy transition investment would need to average $4.8 trillion per year from 2024 to 2030 to align with BNEF’s Net Zero Scenario, a Paris Agreement-aligned trajectory from the 2022 New Energy Outlook. This is nearly three times the total investment observed in 2023.

In its report earlier this month regarding Offshore Wind Energy, BloombergNEF said that global offshore wind investment reached a record $76.7 billion, jumping 79%. This offset the 17% year-on-year decline from the onshore segment. China remained the largest offshore wind market, despite a down year, followed by the UK and the US. The offshore wind industry had a tumultuous 2023. Some 6.9 gigawatts of projects in the US and the UK canceled their revenue contracts last year, as rising equipment and financing costs, permitting and grid connection hurdles, and supply chain delays slashed many developers’ expected project returns, the report stated.