A recent report from the International Renewable Energy Agency (IRENA) presents options to speed up deployment and fully unlock the world’s vast solar PV potential over the period until 2050. The report states that Solar PV project costs, already below marginal fossil-fuel costs in global terms, are set to decline further in the decades ahead.
According to the IRENA scenario, Solar PV would have the most significant installed capacity expansion by 2050. Graph Credit: IRENA
For the projection to hold the PV installation would have to maintain an average CAGR of 8.9% to reach 8 519 GW worldwide installed PV capacity 2050.
Summary of findings:
- Accelerated solar PV deployment, coupled with deep electrification, could deliver 21% of the CO₂ emission reductions (nearly 4.9 gigatonnes annually) by 2050.
- Solar PV could cover a quarter of global electricity needs by mid-century, becoming the second-largest generation source after wind.
- Global capacity must reach 18 times current levels or more than 8 000 gigawatts by 2050.
- Asia would continue to dominate solar PV use, with over 50% of installed capacity, followed by North America (20%) and Europe (10%).
- Solar PV project costs, already below marginal fossil-fuel costs in global terms, are set to decline further in the decades ahead.
- Mobilizing finance will be key, with IRENA’s roadmap estimates implying a 68% increase in average annual solar PV investment until 2050.
- Solar PV is a fast-evolving industry, with innovations along the entire value chain driving further, rapid cost reductions. Floating PV is a prime example, with global cumulative installed capacity exceeding one gigawatt in 2018 and clear potential for rapid growth.
- Rooftop solar PV systems have spread rapidly thanks to supporting policies, such as net metering and fiscal incentives.
- Energy transformation brings socio-economic benefits. The global solar industry could employ over 18 million people by 2050.
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