As COP29 begins in Baku, Azerbaijan, the Global Solar Council announced that global photovoltaic (PV) capacity has reached the 2 TW milestone in just two years since the first terawatt was installed.
This rapid expansion comes amid the U.S. presidency of Donald Trump and the ongoing United Nations Climate Change Conference.
The Global Solar Council highlighted that advancements in PV deployment have sharply reduced costs, making solar power the most affordable energy source in many parts of the world.
Reaching 1 TW took 68 years, but the industry has doubled its capacity to 2 TW in only two. This achievement underscores solar’s critical role in the global energy landscape; 2 TW of solar capacity is roughly equal to the total installed capacity of the US, the UK, and India combined, and more than double that of the European Union.
To meet the 2030 renewable energy goals, the Global Solar Council emphasised the need for triple the current global renewable capacity and quadruple solar installations to 8 TW.
With a 20% capacity factor, 2 TW of solar could theoretically supply around one billion homes using an average of 3.5 MWh per year. However, solar requires storage solutions and additional energy sources for a consistent 24-hour supply.
The Global Solar Council also stressed the need for 1.5 TW of global storage capacity and significant grid expansion by 2030. Notably, global manufacturing capacity has reached 1.1 TW per year.
At COP29, the Council will launch the International Solar Finance Group to foster industry-finance collaboration and reduce solar financing costs in developing markets from 15% to 5%.
Global Solar Council Chair Máté Heisz highlighted the urgency for governmental and investor support to meet global renewable targets.
