Vinny,
The 1 percent figure for plants (on average across many species) is attributable to photosynthetic efficiency, though calling it photosynthetic inefficiency would be more accurate. It’s worse than Rogers LS3/5A levels of inefficiency.
Joe
I suspect that that is for vegetation, not for plants. In other words, per square metre or square kilometre or whatever.
PAR (photosynthetically active radiation) represents somewhat less than 50% of all radiation arriving at the earth's surface from the sun. Obviously, one hell of a lot misses plants and being absorbed, based on (making the maths incredibly simple), 50% and 1%, plants only capture 2% of PAR, but if they didn't absorb so little, all plant material would be black, or at least not (mostly) green.
I have just spent ages trawling literature about photosynthesis and insolation for an article for a horticultural magazine - I'll post links if interested - no conjecture or legends, pukka science.