Global solar capacity must hit 5.4TW by 2030 to meet Paris climate goals, IRENA report warns.

The Global Solar Capacity (GRA) and IRENA report has stated that global solar capacity must reach 5.4TW by 2030 to meet Paris climate goals. This follows a report by the International Energy Agency which forecasted that solar PV will account for over half of the world’s new power capacity installations over the next decade. The report also expects renewables to account for 77% of the global energy mix by 2030. While most of this capacity is expected to be installed within G20 countries, the rest of the globe will add around 900GW of new capacity by the end of the decade. However, meeting these targets will require the greatest investment, with IRENA director-general Francesco La Camera suggesting investment should be made in the solar PV sector alone. The levelised cost of electricity (LCOE) for solar power has fallen by a greater margin than any other form of renewable energy.