The global solar industry has doubled its capacity in two years, reaching 2 terawatts (TW) by 2024, after hitting the 1 TW mark in 2022.
Solar energy has become the cheapest power source in many regions due to significant cost reductions, positioning it as a key pillar in the global energy system.
With 2 TW, the global solar capacity is equivalent to the total power installed across India, the USA, and the UK, enough to power about one billion homes.
The COP29 climate summit in Baku, Azerbaijan, is set to address the financial obstacles hindering solar deployment, with a goal to triple global renewable energy capacity by 2030.
The Global Solar Council emphasizes the need for more accessible financing, particularly in emerging markets, where solar financing costs are high. The council aims to reduce interest rates from 15 percent to around 5 percent for projects in developing economies.
At COP29, the Global Solar Council will introduce the International Solar Finance Group. This initiative seeks to create a collaborative platform between the solar industry and finance sectors to develop financial solutions and make solar investments more attractive worldwide.
The council urges national governments and investors to set ambitious renewable energy targets and address key barriers, including infrastructure and financing, to drive a worldwide energy transition.
Solar PV led renewable energy additions for the 19th consecutive year in 2023, representing 78 percent of the 576 GW of new renewable capacity, with 447 GW connected to grids worldwide.
2 TW solar capacity can power 1 billion households (based on global energy consumption).
2 TW solar capacity is equivalent to twice the EU27’s installed electricity capacity.
2 TW solar capacity is equivalent to the combined power capacity of India, the USA, and the UK.
2 TW solar capacity is nearly double China’s current coal power capacity.
2 TW solar capacity avoids carbon emissions comparable to taking 600+ million gasoline vehicles off the road or recycling over 110 billion bags of trash.
With 93 percent of the global population living in areas where daily solar potential ranges from 3-5 kWh/kWp, solar energy has broad accessibility.
The industry aims to reach 1 TW of new installations annually by 2030.
To meet the COP28 tripling target and stay within a 1.5°C climate pathway, solar must contribute at least half of the 11 TW of required renewable capacity.
Significant investments are needed not only for solar projects but also for grid and storage infrastructure to deliver clean energy worldwide.