G7 Country is building 10% of its planned solar power projects: Report

A new report from Global Energy Monitor (GEM) shows that future utility-scale solar and wind capacity pipelines increased for the fifth time last year, but the world’s richest countries make up just a small portion of new construction. It’s there.

Global Solar Power Trackers and Global Wind Trackers have been announced, entered pre-construction or currently built for solar power capacity exceeding 1 megawatt (MW) and utility-scale wind capacity exceeding 10 MW. All the projects in it are included.

In 2024, future utility scale solar and wind capacity increased to 4.4 tw. Utility-scale solar and wind will be roughly equal with future developments of 2 tw and 2.5 tw, respectively.

China has the largest future capabilities for both utility-scale solar and wind, exceeding 1.3 tw, more than a quarter of all future capacity around the world. Golden Week), and Spain (144 GW), the report states.

India’s renewable growth

India is targeting its target to add approximately 130 GW of utility scale solar and wind capacity over the next few years, with these additional 35 GW connected to the grid by March 2025. It increased by 50%, indicating a change in renewable energy plans.

However, the G7 countries, which own 45% of the global gross domestic product, are currently building 59 GW of utility-scale solar and wind capacity. This amount has been war starred by China. China is responsible for more than 70% of current construction on utility-scale solar and wind power worldwide, or more than 416 GW.

Meanwhile, outside of China, utility-scale solar and wind capacity volumes under construction remain low, with only 7% of future capacity (226 GW) currently under construction. Failure to bring renewable projects online could put the pace and scale needed to achieve its goal of tripling renewable energy capabilities by 2030.

GEM data analysis

GEM data included a 185 GW solar farm and wind farm as of December 2023 that were under construction and designated to operate by the end of 2024. Globally, only 59% of these projects began producing electricity on time.

Despite its low overall capacity share, the G7 countries are more likely to finish their projects on time than China and other regions. Approximately 76% of solar and wind projects in the G7 countries are now operational within the initially planned time frame. This figure fell to 55% in China and another 52% in other non-G7 countries.

Diren Kocakuşak, research analyst at Global Energy Monitor, said: Addressing barriers such as physical grid restrictions, bottleneck permits and lack of funds can help to triple renewable energy and limit the worst effects of climate change. ”