10 May 2024 Global Electricity Review 2024
THIS ARTICLE COVERS ‘DAILY CURRENT AFFAIRS’ AND THE TOPIC DETAILS OF ”Global Electricity Review 2024”. THIS TOPIC IS RELEVANT IN THE “Environment” SECTION OF THE UPSC CSE EXAM.
Why is the News?
Ember has published its fifth annual Global Electricity Review 2024 report, which provides the first comprehensive overview of changes in global electricity generation in 2023. The report provides an in-depth analysis of the global energy scenario 2023, utilising data from various countries. It scrutinises information from 80 countries, which account for 92% of the world’s total electricity consumption, and also considers historical data from 215 countries.
About the Global Electricity Review 2024:
- The Global Electricity Review 2024 was published by global energy think tank Ember.
- It was found that renewable energy generated a record 30 per cent of global electricity in 2023, driven by solar and wind growth.
- The report finds that solar is the main supplier of renewable energy growth, and solar energy produced a record 5.5 per cent of global electricity in 2023.
- An increase in coal generation met the shortfall in hydropower, leading to a 1 per cent increase in global power sector emissions.
- The report highlighted that fossil fuel generation will drop in 2024, and the trend will continue in other years.
- According to the report, China was the main contributor in 2023, accounting for 51% of the additional global solar generation and 60% of new global wind generation.
- India surpassed Japan to become the world’s third-largest solar power producer in 2023.
- China and the USA were the top two producers, with India following behind.
- India ranks fifth globally in installed solar power capacity at 73 GW, while Japan is third with 83 GW.
- India generated 5.8 per cent of its electricity from solar energy in 2023.
- In 2023, India saw the fourth-largest increase in solar power behind China, the US, and Brazil, with these countries making up 75% of the year’s global solar expansion.
India stands among the select few nations committed to tripling renewable capacity by 2030. The report suggests India must significantly ramp up annual capacity additions to meet this ambitious target.
Renewable electricity generation refers to producing electricity from naturally replenishing energy sources that are abundant and sustainable over the long term. Renewable electricity generation sources, such as solar, wind, and Hydro, emit little to no greenhouse gases, reducing air pollution and improving public health by replacing fossil fuels. Solar energy is vital to transitioning to a sustainable, low-carbon energy system, offering multiple benefits for the environment, economy, society, and energy sector.
Renewable electricity generation offers numerous benefits, including reduced greenhouse gas emissions, improved air quality, energy security, job creation, and economic development. As renewable energy technologies advance and become more cost-competitive, they become increasingly significant in transitioning to a sustainable, low-carbon energy future.
India ranks as the world’s third-largest energy consumer. Globally, it holds the fourth position in Renewable Energy Installed Capacity (counting large hydro), the fourth in Wind Power capacity, and the fifth in Solar Power capacity, according to the REN21 Renewables 2023 Global Status Report. At COP26, India committed to achieving 500 GW of non-fossil fuel-based energy capacity by 2030.
NITI Aayog reports that by May 2024, although solar energy constituted 18% of India’s overall installed electrical capacity of 442 gigawatts (GW), it accounted for just 6.66% of the electricity generated. This discrepancy highlights the difference between potential output and actual production, which can shift annually based on changes in national power needs and specific regional conditions.
Way forward:
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- Investment in Research and Development: To address climate change and ensure sustainable energy futures, governments, private sector companies, and research bodies must invest in research and development to enhance renewable energy technologies. Key focus areas should include boosting efficiency, cutting expenses, improving storage solutions, and solving integration hurdles with current systems.
- Policy Support and Incentives: Governments can implement supportive policies and financial incentives to accelerate renewable energy deployment. This includes feed-in tariffs, tax credits, renewable portfolio standards, net metering programs, and subsidies for renewable energy projects. Clear and stable policy frameworks can provide market certainty and encourage investment in renewable energy development.
- Infrastructure Investment: Upgrading and expanding renewable energy infrastructure requires significant investments in transmission networks, storage, and grid technologies to enhance flexibility and integrate variable sources like solar and wind.
- Public Awareness and Education: Campaigns, community events, and demonstrations can educate the public on renewable energy’s benefits and the need for clean energy transition, enhancing support for renewable energy policies and initiatives.
- Public-Private Partnerships: Collaboration among government, private sector, academia, and civil society can drive renewable energy progress through public-private partnerships, facilitating technology transfer, investment, and large-scale project deployment.
Download Yojna daily current affairs eng med 10th May 2024
Prelims Practice Question:
Q. Consider the following statements about the Global Electricity Review 2024:
- According to the report, solar energy set a new record by generating 5.5% of global electricity, leading to the growth in renewable energy sources in 2023.
- India surpassed Japan to become the world’s third-largest solar power producer in 2023.
- India generated 5.8 per cent of its electricity from solar energy in last year.
How many of the above statement/s is/are correct?
A. Only one
B. Only two
C. All three
D. None
ANSWER: C
Mains Practice Question:
Q. Is it feasible for India to source half of its energy requirements from renewable sources by 2030? Provide reasoning for your stance. Additionally, explain how reallocating subsidies from fossil fuels to renewable energy forms can contribute to accomplishing this goal. Explain.
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