Solar Energy

 In 2023, Solar Power produced 413 Gigawatts of energy - a number that is only expected to grow. The IEA reports that the solar industry is marked with current trends featuring:

• Dropping solar prices
• Big investments from the G20 countries and China
• Increasing regulatory frameworks of countries aiming to increase solar infrastructure
• Breakthroughs and continuous innovation in technology
• Global conflicts and oil supply chains could affect investment and growth of the solar sector.

• Solar and wind now produce energy at a lower cost than new coal and gas plants.
• 90% of global renewable power capacity is concentrated in the G20.
• Dropping prices of solar panels
• Production of solar panels increased by 300% in 2023.
• In 2023, China commissioned as much solar PV as the entire world in 2022.

Countries such as the US, EU, France, China, and Australia continue to enact legislation, driven by a desire to reduce net carbon emissions, aiming at increasing solar infrastructure. 

In concert with tax credits and rebates as well as legislation requiring solar panels on new construction, governments continue to offer subsidies and rebates to foster solar technology research and development aiming at reducing the costs of solar panels as well as increasing their efficiency. 

These developments mean that we can expect more solar farms as well as see far more solar installations on new constructions in coming years, with China outpacing the rest of the world in solar technology. 

If current trends continue, then the quantum of solar energy will increase to 565 Gigawatts from the previous years' 413 GW. 

However, global politics does affect the rate of expansion of green projects, with some governments more focused on green policies than others. 

While the rate of growth of the solar sector may be somewhat diminished by this factor, the trend towards solar energy remains unmistakable going forward. 

The Russia-Ukraine War has also served to increase the West's appetite for green energy, as they have preferred moving away from a heavy reliance on Russian gas towards solar power. 

Then again, Russia, being a major producer of nickel and palladium - raw materials used in the manufacture of solar power - has contributed to supply disruptions affecting the production and cost of solar panels being produced. 

At the same time, next-generation perovskite solar cells are being developed, which are cheaper and lighter than traditional silicon cells, and which provide far more efficiency than silicon-only cells. 

A number of research projects are in the race to develop next-generation cells and batteries, which will make energy greener, cheaper, and more widely available. 

This has occurred in tandem with a race to develop next-generation storage batteries, as the traditional lithium-ion battery comes under threat from the newer class of batteries that are being developed. 

In the short term, trends point to:

• Adding more renewable capacity in 5 years than has been installed in the previous 100 years
• In 2025, renewables will be the largest source of energy generation
• It will account for over 42% of global electricity generation.
• The share of solar and wind power will double to 25%.
• By 2028 China will account for almost 60% of new renewable capacity.
• By 2030, G20 could triple their collective installed capacity.

Therefore, the trend towards renewable energy is unmistakable, with fossil fuels becoming an increasing casualty at the hands of emerging government policies inhibiting their use. 

The rise of solar and wind energy, and the hastening quantum of innovations making them more attractive, beneficial, cheap, and easy to install, will only quicken the decline of hydrocarbons in the energy matrix, especially once petrol and diesel are phased out of the automobile industry. 

The Islamic world will have to take a serious look at the emerging trends and come up with a framework for survival once its petrochemical riches become compromised.