The Global Solar Council (GSC) has announced the global solar energy industry has achieved a historic milestone: 2 terawatts (TW) of installed solar photovoltaic (PV) capacity. This achievement comes against the backdrop of ongoing discussions surrounding the Donald Trump presidency in the U.S. and ahead of the crucial COP29 summit, scheduled to begin next week in Baku, Azerbaijan.
This significant leap highlights the rapid acceleration of solar energy adoption worldwide, driven by dramatic cost reductions that have made solar the most affordable energy source in many countries. Reaching 2 TW took just two years, compared to the 68 years it took to reach the first TW from 1954 to 2022.
A Major Step for Global Energy
The milestone is significant as 2 TW of solar energy capacity is roughly equivalent to the total installed electricity capacity of India, the U.S., and the U.K. combined. It could power an estimated one billion homes globally, based on average household energy consumption. According to the GSC, this marks solar energy’s growing role as the backbone of the global energy system.
Sonia Dunlop, CEO of the Global Solar Council, acknowledged the industry’s remarkable progress, crediting decades of hard work, policy support, industrial innovation, and a growing global workforce. “While we celebrate this achievement, it is just a momentary pause,” said Dunlop. “To meet the global renewable energy tripling target, solar must now double its installation capacity, reaching 1 terawatt per year.”
The Road Ahead: Scaling Up Solar Deployment
To reach the ambitious goal of tripling renewable energy capacity by 2030 and keeping the global temperature rise within 1.5°C, the GSC is calling for enhanced financing, especially in the Global South, where access to capital remains a critical barrier. Máté Heisz, Chair of the GSC and Director of Global Affairs at SolarPower Europe, emphasized the importance of equitable access to financing, particularly in emerging markets, to ensure global participation in the clean energy transition.
With annual solar installations now at approximately 500 gigawatts (GW) and global manufacturing capacity at 1.1 TW, the solar industry has proven it can deliver the necessary technology. However, financing remains a persistent challenge to scaling solar further.
International Solar Finance Group to Launch at COP29
At the upcoming COP29 summit, the Global Solar Council will launch the International Solar Finance Group, a first-of-its-kind platform designed to bridge the financial gap between solar energy ambition and deployment. This new initiative aims to address the financing obstacles holding back solar projects, particularly in emerging markets, by engaging both private sector investors and development banks.
Scheduled for November 15 in Baku, the inaugural session will focus on developing innovative financial solutions that make solar investments more accessible and attractive. The GSC’s goal is to reduce the cost of capital for solar projects in developing economies from 15% to 5%, thereby enabling faster and broader deployment of solar energy.
Bruce Douglas, CEO of the Global Renewables Alliance, stressed the need for governments to set clear actions and ambitious targets in their climate plans, particularly regarding infrastructure investments in grids and energy storage to support solar energy growth.
The launch of the International Solar Finance Group is seen as a crucial step towards addressing the financing challenges that are hindering the rapid deployment of solar energy and achieving global sustainability targets.
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