The share of global electricity generated by solar photovoltaics (PV) could increase from 2 per cent today to as much as 13 per cent by 2030, according to a new report from the International Renewable Energy Agency (IRENA).
According to IRENA, he solar industry is poised for massive expansion, driven primarily by cost reductions. It estimates that solar PV capacity could reach between 1,760 and 2,500 gigawatts (GW) by 2030, up from 227 GW today.
“Recent analysis from IRENA finds that cost reductions for solar and wind will continue into the future, with further declines of up to 59 per cent possible for solar PV in the next ten years,” says IRENA Director-General Adnan Z. Amin.
“This comprehensive overview of the solar industry finds that these cost reductions, in combination with other enabling factors, can create a dramatic expansion of solar power globally.»
«The renewable energy transition is well underway, with solar playing a central role.”
IRENA: Solar PV is the most widely owned electricity source in the world in terms of number of installations, and its uptake is accelerating. It accounted for 20 per cent of all new power generation capacity in 2015. In the last five years, global installed capacity has grown from 40 GW to 227 GW. By comparison, the entire generation capacity of Africa is 175 GW.
IRENA: Solar PV generation has already reduced carbon dioxide (CO2) emissions by up to 300 million tonnes per year. This can increase to up to three gigatonnes (3 X 109) of CO2 per year in 2030.