The International Renewable Energy Agency says the world will need 5.2TW of solar power capacity by 2030 and 14TW by mid-century to potentially limit global average temperature rise to 1.5 degrees Celsius this century.
According to the United Nations Intergovernmental Panel on Climate Change, photovoltaics could eliminate 4.25 billion tons of carbon emissions each year during this decade. For the rest of this decade, the world will have to install 450GW of new solar capacity annually – most of which is utility-scale, while China and India will lead Asia by 2030, accounting for roughly half of global PV capacity .
The report estimates that to avoid the worst impacts of climate change, Latin America will need 20GW of new solar each year this decade, while the entire Oceania and Pacific region will need "more than 2GW" per year.
Elsewhere, North America will need to install 90GW of solar annually to capture a 14% share of global operating panels by the end of the century, while Europe's 19% share will require 55GW of additional solar capacity annually. Germany has proposed new measures that could see cumulative installed PV capacity reach 215GW by 2030. The new regulations identify new areas for PV deployment and support municipalities' participation in existing solar and wind parks. The goal is to increase PV expansion to 22GW by 2023 and then stabilize for the next few years.
European funding will also help North Africa contribute to 70GW of new solar capacity in the Middle East and Africa each year, while Europe's energy needs will ensure a thriving grid connection to North Africa.