The Path to Drawdown: PV Solar Development
To solve climate change and remain below 1.5ºC of global warming, the globe needs to switch away from fossil fuels to using 100% emissions free sources.
The largest source of this clean energy is the sun. Photovoltaic or PV solar panels (the kind you see on rooftops) have emerged as the dominant way of capturing the sun's energy and converting it into electricity.
The industry has been growing fast and, as of 2020, solar panels are now the cheapest source of electricity in most places on earth.
Solar produces ~2% of global electricity today. According to Project Drawdown, to be on a path to remain under 1.5ºC of warming, utility scale solar will need to be generating a combined ~26% of global electricity by 2050.
To get there, the PV solar industry will need to continue to massively scale over the few next decades:
- <::marker> 720 TWh of solar electricity generated in 2019
- <::marker> 28,200 TWh needed by 2050
- <::marker> CAGR of 12.56% from 2019 - 2050
Another analysis from the IEA predicts that in order to reach a 100% clean electricity grid by 2050, annual solar panel manufacturing capacity will need to scale from 134 GWs in 2020 to 630 GWs in 2030 (p. 74).