IEA predicts that the global PV installed capacity will reach 650GW by 2030
The International Energy Agency (IEA) pointed out in its latest World Energy Outlook 2022 that photovoltaic power generation and wind power generation are the most important ways to reduce carbon emissions in the power industry. According to the data released by the agency, the share of global renewable energy power generation in total power generation will increase from 10% in 2021 to 40% in 2030, and to 70% in 2050.
The report shows that in 2021, the installed capacity of photovoltaic systems installed worldwide will be 150GW, and a new record will be set again. Due to economies of scale and continuous innovation of the supply chain, the price of photovoltaic modules has decreased by 80% in the past decade. Therefore, photovoltaic system has become the most economical power generation technology in many countries and regions in the world. The International Energy Agency predicts that the installed capacity of photovoltaic systems installed in 2030 will increase by more than four times to 650GW.
By 2030, the installed capacity of photovoltaic systems and wind power generation facilities installed annually in the United States will increase 2.5 times compared with the current level, which is partly due to the recently passed Inflation Reduction Act. The new emission reduction targets are also promoting the installation of a large number of clean energy power generation facilities in China. According to the report, the accelerated installation of renewable energy power generation facilities and efficiency improvement in the EU mean that the EU’s demand for natural gas and oil will drop by 20% and coal consumption will drop by 50% in the next decade.
The average price of PV modules will rise for the first time in 2021 due to the rise in freight and commodity prices, especially the rise in polysilicon prices, which is about 20% higher than that in 2020. Although the price of PV modules will remain at a high level in the first half of 2022, the International Energy Agency (IEA) said that continuous innovation, further improvement of materials and energy efficiency will further reduce the cost of PV modules.
The International Energy Agency (IEA) said that the energy crisis caused by the Russian Ukrainian conflict may accelerate the transition to a more sustainable energy system. Although the use of fossil fuels will reach its peak by 2030, it will decline in the long run. The International Energy Agency predicts that by 2030, through the Inflation Reduction Act, REPowerEU and Japan, South Korea and China to accelerate the deployment of renewable energy projects, more than $2 trillion will be invested in climate neutral technologies worldwide each year. This has increased by more than 50% compared with the current situation. However, this is still lower than the goal of limiting the earth temperature to 1.5 ℃, which requires an investment of $4 trillion by 2030.
Fatih Birol, Director General of the International Energy Agency (IEA), said that, “The conflict between Russia and Ukraine has changed the global energy market and energy policy, which is not only a temporary policy, but will affect the development of the next few decades. Even under the current political framework, the energy world is undergoing tremendous changes in front of people. The response measures and commitments of governments around the world make this a historic and decisive turning point and move towards a cleaner, more affordable and safer energy system.”