Solar PV deployments increased by 85% year-on-year in 2023, more than any other renewable technology in a year which saw clean energy deployments curb the rise in carbon emissions.
Latin America and the Caribbean need to double financing for clean energy projects to US$150 billion by 2030 to fulfil the Announced Pledges Scenario (APS), according to the International Energy Agency’s Latin America Energy Outlook.
Renewables are set to contribute 80% of new power capacity to 2030 in the stated policies scenario (STEPS), with solar PV alone accounting for more than half of it, according to the International Energy Agency (IEA).
The expansion of solar PV and battery storage is keeping the global net zero 1.5 degree pathway open, and the current host of planned manufacturing capacity expansions will be enough to meet demand by 2030.
Clean energy investment across Africa has to double the current US$90 billion target by 2030 and reach nearly US$25 billion per year, according to a report by the International Energy Agency (IEA) and the African Development Bank Group (AfDB).
China's installed capacity of solar power has reached over 470GW in the first half of 2023, according to statistics from the country's national energy administration.