Solar is taking over – recent report from the IEA

We’ve reached a “perfect storm” moment, where our dependence on fossil fuels, added to ever-increasing demand for energy and political upheaval triggered by the conflict in Ukraine has brought us to crisis point on a number of levels. Energy crisis, cost of living crisis, climate crisis – all these struggles share a common thread. They’re exacerbated by reliance on unsustainable fuels.

Finally, it appears that we’re approaching the tipping point. According to a recent report from the IEA, “photovoltaic solar capacity will exceed hydroelectric generation next year, gas in three years and any other source of energy, including coal, within four years”. By 2027, according to the IEA, solar will have overtaken all other sources of energy in terms of generation, world-wide.

This is heartening news on a global level, but for Lightsource bp it will continue to be business as usual. We’ve got ambitious plans and boots on the ground across the globe, working hard to deliver our target of 25GW of projects by 2025. We’ve already developed 8.8GW, with operations in 19 countries and nearly 1,000 employees, all focused on making the IEA’s prediction a reality.

In the UK, the news that solar is set to lead the field in the near future is extremely positive news. The Government has set in place a target of reaching net zero by 2050, and the UK Committee on Climate Change states that if we’re to reach these targets, we’ll need to bring online 85GW of solar energy. For Lightsource bp in the UK, this is an opportunity to utilise our significant experience and in-house expertise to continue pushing the industry forward. We’ve developed around 20% of all utility-scale ground-mount solar in the UK to date, featuring in many major milestones for the UK solar industry along the way, and we’re continuing to focus on enabling the transition to a low carbon economy for the country as a whole, as well as businesses and utilities.

We’re not just putting panels on the ground, either – Lightsource bp has made public commitments to going beyond solar to deliver truly sustainable projects that provide environmental and social benefits, alongside renewable energy. We’re proud to be part of the solution and we’re glad we’re not alone.