Solar PV additions have seen significant increase over the past few years, while it is also leading the increase in new renewable capacity worldwide this year, according to the International Energy Agency’s latest report Renewable Energy Market Update June 2023.
Global solar energy investment will surpass oil for the first time in 2023 as PV leads the charge in a projected 24% increase in clean energy investment compared with 2021.
Renewable energy developer MPC Energy Solutions has expanded its footprint in Latin America by entering the Panamanian market, taking a step forward to strengthen its portfolio in the region.
Solar PV capacity is expected to almost treble over the 2022-2027 period, growing by 1.5TW and will surpass coal as the largest source of power capacity worldwide, according to a report from the IEA.
New policies in major energy markets would accelerate the investment in clean energy to US$2 trillion by 2030 in the states policies scenario (STEPS), according to a report from the International Energy Agency (IEA).
The world installed around 174GW of solar PV in 2021, a 20% jump on the previous year, and is expected to deploy 260GW this year, barring any major disruptions to international trade.
Solar PV will lead new capacity additions in Africa, reaching a total installed capacity of 125GW by 2030, according to a report from the International Energy Agency (IEA).
Global solar PV deployment is on track to grow by 17% this year in spite of surging commodity prices increasing manufacturing costs, according to the International Energy Agency (IEA).
