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Since May of this year, global solar power generation has consistently surpassed that of wind power, becoming the largest utility-scale renewable energy source. Furthermore, the energy think tank Ember noted in May that, thanks to the increase in solar and wind power generation, renewable energy accounted for an unprecedented 30% of global electricity generation in 2023.
According to Ember’s data, solar power generation in May exceeded wind power by 1.65 terawatt-hours (TWh). This gap widened to 9.57 TWh in June. Although data for July and August has yet to be published, it is expected that this trend will continue. Typically, July is the peak month for solar power generation in the Northern Hemisphere, followed by August.
However, wind power is expected to regain its status as the largest renewable energy source globally in September. Throughout 2024, global wind power generation is anticipated to exceed solar power by at least 30%. Over the past two decades, wind power has been the largest utility-scale renewable electricity source, generating a total of 2,311 TWh in 2023, compared to 1,632 TWh for solar power.
Nevertheless, solar power generation has grown at twice the rate of wind power over the past five years, with global solar capacity increasing by 188% from 2018 to 2023, compared to an 80% increase for wind power. Solar power was the primary source of electricity growth in 2023 and a highlight in the development of renewable energy. It has remained the fastest-growing electricity source for 19 consecutive years, surpassing wind power as the largest new electricity source for the second year. In 2024, solar power generation is expected to reach new heights.
Today, solar power even challenges the role of fossil fuels in the global energy mix. The energy supplied by the world’s top seven solar companies has exceeded that produced by the seven largest fossil fuel producers, with all of these solar companies based in China. In 2023, China’s solar and wind power generation accounted for 37% of the global total, with new solar capacity representing 51% of the global increase. In the coming years, the growth of solar and wind capacity and electricity generation in China is expected to remain high.
Compared to oil, solar energy offers clear advantages. Solar power is a renewable energy source that is virtually inexhaustible, while oil is a finite fossil fuel that depletes with extraction. Additionally, only about a quarter of the energy produced by oil companies can be converted into useful power, with most being dissipated as heat. In contrast, electric motors can convert over 85% of electrical energy into mechanical energy. As technology advances and economies of scale are achieved, the cost of solar power generation continues to decrease, making solar competitive with traditional energy sources in many regions.
Last year, the International Energy Agency (IEA) predicted that for the first time in history, capital investment in the solar sector would surpass that in oil production. IEA Executive Director Fatih Birol stated in an interview that the investment gap between fossil fuels and clean energy continues to widen. Clean energy is developing rapidly, even faster than many had anticipated, with about $1.70 invested in clean energy for every $1 in fossil fuels.
