The world’s total solar photo voltaic (PV) power generation capacity is set to expand to almost 600 GW through 2023 from the 2017 level of 391 GW, making solar PV capacity to be more than all other renewable energy technologies combined, or as much as twice Japan’s total capacity, according to International Energy Agency (IEA).
The report titled Renewables 2018 states,“This growth is expected to continue, and solar PV capacity is expected to reach 1,000 GW by 2030.”
The study also points out that wind energy will remain the second-largest contributor to renewable capacity growth, expected to expand by 60 per cent while, in absolute terms, hydropower will be the largest renewable electricity source by 2023.
The report provides global trends and developments for renewable energy in the electricity, heat and transport sectors. It was presented by Cédric Philibert, Senior Analyst, Renewable Energy Division at IEA in the presence of executives from TERI and Council for Energy, Environment and Water (CEEW).
“Modern bioenergy is the overlooked giant of the renewable energy field. Its share in the world’s total renewables consumption is about 50 per cent today, in other words as much as hydro, wind, solar and all other renewables combined,” IEA Executive Director Fatih Birol said, adding that right policies and rigorous sustainability regulations will be essential to the full potential of bioenergy segment.