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• The global solar capacity has reached 2 terawatts, a significant milestone achieved in just two years, with exponential growth expected to continue.
• The Solar Council aims to increase installed solar capacity to 1 terawatt per year, with a focus on manufacturing capacity, financing, and collaboration with other renewable energy stakeholders.
• The cost of capital for solar projects needs to decrease to 5% to make solar energy more affordable, particularly in the Global South.
• The International Solar Finance Group will be launched at COP29 to bridge the financial gap between ambition and deployment, focusing on private investors and development banks.
To put the 2-terawatt milestone into even more perspective, consider that the installed solar capacity of the globe stood at zero in 1954, when Bell Labs in New Jersey, USA, presented the first practical solar cell to the world. It took a long slog of 68 years to reach the 1-terawatt mark for installed solar capacity in 2022. Following that up with another terawatt in just two years seems almost magical.
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Read the full post at CleanTechnica.
