The global solar industry faces a daunting challenge in securing a projected $12 trillion investment to meet ambitious renewable energy targets set for 2030, according to a report by SolarPower Europe. Released alongside the Global Market Outlook for Solar Power 2024-2028, the report underscores the pivotal role of solar energy in achieving the goals outlined in COP28.
SolarPower Europe emphasizes the necessity of robust public funding and enhanced private sector involvement to facilitate low-cost solar finance. The report advocates for bolstering multilateral development banks and bilateral finance institutions to support solar projects in regions lacking adequate energy infrastructure.
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Grid modernization emerges as a critical component, with recommendations to align grid upgrades with capacity additions to prevent the curtailment of solar projects. The Global Solar Council stresses the importance of proactive grid planning to accommodate the expanding renewables sector effectively.
“Investments in energy system flexibility are crucial as renewables expand across all voltage levels,” the Global Solar Council stated. “Coordinating grid enhancements alongside capacity expansions will mitigate potential bottlenecks, offering investors greater market certainty.”
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The report also highlights the establishment of global targets for energy storage as pivotal to fostering investment and development in the solar sector. Recent initiatives, such as the G7's agreement on a 1500GW energy storage target by 2030, illustrate international efforts to enhance energy security and integration.
Furthermore, SolarPower Europe advocates for comprehensive national targets aligned with each country's solar potential. The council warns against retroactive policy changes that could deter investor confidence and stall market growth, emphasizing the importance of stable regulatory frameworks.
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To maximize solar deployment, the report encourages governments to support diverse solar applications, including off-grid installations and building-integrated photovoltaics (BIPV). It underscores the role of innovative policies that incentivize sustainable supply chains and promote cost efficiencies in the global solar PV market.
The Global Solar Council calls for increased investment in research and development to spur technological advancements in solar PV, aiming to enhance manufacturing efficiency and environmental sustainability.
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Through these initiatives, SolarPower Europe aims to catalyze global efforts towards achieving COP28 targets, setting a precedent for sustainable energy development worldwide.
