“‘Sunshine gold’ dethrones ‘black gold’”

Recognising the vast potential of solar energy, countries around the world began making substantial investments in developing innovative technologies to harness it. Global investment in solar energy has surged, with China leading at over USD 100 billion in 2023, pioneering perovskite-silicon tandem cells with efficiencies exceeding 30 percent, and dominating low-cost panel production.

The United States follows, investing $56 billion, achieving breakthroughs like quantum dot solar cells with 39.5 percent efficiency and advanced grid-scale storage. India, at USD 25 billion, excels in agrivoltaics and bi-facial cells (22 percent efficiency), while Germany, with USD 19 billion, advances thin-film solar cells (26 percent efficiency) and decentralized storage. Japan, investing USD 17 billion, developed multi-junction cells achieving 47 percent efficiency and floating solar farms.

The global shift to solar energy has enabled significant economic savings by reducing reliance on oil imports. China leads with annual savings of USD 13 billion through extensive solar adoption in industries, followed by the United States at USD 11 billion due to reduced oil usage in power generation.

India saves USD 9 billion annually, leveraging solar for rural electrification and industrial needs, while Germany’s $8 billion savings result from replacing oil-fired power plants. Japan (USD 6 billion) benefits from residential and industrial solar systems, and Australia (USD 4.5 billion) achieves savings through rooftop solar and large-scale farms.

Copyright Business Recorder, 2025