Solar’s generation output could top 8,135TWh per year by 2040, the IEA has said. Image: Getty.
Solar is the “new king” of electricity, the International Energy Agency has said, with the asset class set to deploy more new capacity then any other technology each year for the coming decades.
In its flagship World Energy Outlook report, published today, the IEA reflects on COVID’s impact on the energy economy before glancing forward to forecast the sector’s health and shape out to 2040.
Having already teased that solar would become the pre-eminent source of power in Europe in years to come, today the IEA has said solar PV, driven by continued cost reductions, will become the main driver of renewables growth, setting new records for deployment in each year from 2022 until 2040.
While this growth is more prominent in the IEA’s two more ambitious deployment scenarios, the Sustainable Development Scenario (SDS)