Solar power doubles global capacity in 2 years - Photovoltaic technology plans to reach 8 TW by end of decade
Global solar power capacity has reached 2 TW, marking rapid growth in the past two years. The Global Solar Council's objective is to quadruple this potential by the end of the decade.
As world leaders and top climate diplomats met in Baku for COP29, the Global Solar Council declared that the 2 TW threshold of total photovoltaic capacity had been reached. It took only two years from the first terawatt.
Technology deployment has accelerated exponentially in recent years, bringing with it dramatic cost reductions that make energy the cheapest form available to consumers in many countries around the globe.
It took the photovoltaic industry 68 years to reach 1 TW of installed capacity and just two years to double it, according to calculations by the Global Solar Council and SolarPower Europe.
This moment highlights how solar energy is becoming the backbone of the global energy system, the release said. 2 TW of solar power is equal to the total installed electricity capacity of India, the US and the UK combined. This figure is also twice as high as the total capacity in the European Union.
At a 20% capacity factor, 2 TW could supply a billion homes consuming a global average of 3.5 MWh per year.
But this is only one source, as photovoltaic panels cannot produce electricity without sunlight. This means that it is necessary to combine it with energy storage and other sources for a 24-hour supply every day.
The Global Solar Council highlighted the need to achieve 1.5 TW of global storage capacity and develop 25 million kilometers of grid infrastructure before the end of the decade. The 2030 target for solar energy is 8 TW. But more importantly, the global production capacity has already reached 1.1 TW per year, the organization underlined.
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