Environment & Energy

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Why is solar PV important?
Solar photovoltaics (PV) is a very modular technology that can be manufactured in large plants, which creates economies of scale, but can also be deployed in very small quantities at a time. This allows for a wide range of applications, from small residential roof-top systems up to utility-scale power generation installations.

What is the role of solar PV in clean energy transitions?
Despite increases in investment costs due to rising commodity prices, utility-scale solar PV is the least costly option for new electricity generation in a significant majority of countries worldwide. Distributed solar PV, such as rooftop solar on buildings, is also set for faster growth because of higher retail electricity prices and growing policy support.

Where do we need to go?
The exceptional growth in PV deployment in recent years will need to continue and scale up to follow the Net Zero Emissions by 2050 Scenario, requiring continued policy ambition.

In 2023, solar PV alone accounted for three-quarters of renewable capacity additions worldwide
Renewable power capacity additions will continue to increase in the next five years, with solar PV and wind accounting for a record 96% of it because their generation costs are lower than for both fossil and non-fossil alternatives in most countries and policies continue to support them.

Solar PV and wind additions are forecast to more than double by 2028 compared with 2022, continuously breaking records over the forecast period to reach almost 710 GW.

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