The Path to Drawdown: Solar PVs
Solving climate change and staying below 1.5ºC of global warming demands a wholesale shift away from fossil fuels and toward using 100% emissions-free sources.
The most powerful source of this clean energy is the sun. Photovoltaic or PV solar panels (the kind you see on rooftops) have emerged as the predominant way of capturing the sun's energy and turning it into electricity. This industry has been growing quickly: as of 2020, solar panels are 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 needs to keep massively scaling over the few next decades:
- 720 TWh of solar electricity was generated in 2019
- 28,200 TWh is needed by 2050
- That’s a CAGR of 12.56% from 2019 - 2050
Analysis from the IEA also predicts that, to reach a 100% clean electricity grid by 2050, annual solar panel manufacturing capacity will need to scale from 737 GW in 2020 to 4,956 GW in 2030 (p.198).
SPI Energy Co., Ltd. (stock ticker: SPI) provides PV solutions for business, residential, government, and utility customers. They also develop, own, and operate solar projects and sell the electricity they generate to power companies. Their subsidiary designs and develops electric vehicles and EV charging solutions. Headquartered in Kowloon, Hong Kong, they operate in several countries across the world.
SPI's Role in Drawdown
SPI has three core divisions, all of which offer Drawdown solutions. Their SolarJuice residential solar provides renewable energy system solutions for residential and small commercial markets.
The commercial solar division provides a full range of engineering, procurement and construction services to project developers, and owns and operates their own solar projects that sell electricity to the grid in the US, UK, and Europe. As part of this division, they have an aggregate of 53.49MW (p. 51) of solar PV projects and 5.45 MWh of energy storage projects.
Advancing the Drawdown solution of EVs and EV infrastructure is SPI’s third division - Edisonfuture / Phoenix Motor EV. This division offers medium-duty commercial EVs and is developing EV charger solutions, electric pickup trucks, electric scooters, and other EV products.
SPI: What We Like
We’ll update this section once SPI makes sustainability information available.