The STEPS provides a more conservative benchmark, representing a path based on the energy and climate measures governments have put in place to date, as well as policies that are under development.
This year alone, the EIA expects renewables generation capacity additions to be over 500GW globally, with US$1 billion per day spent on solar deployment.
Measures such as expanding and strengthening the grids and more storage capacity would allow for greater integration of solar PV capacity in the electricity systems.
Manufacturing capacity to reach 1.2TW in 2030
Most of the manufacturing capacity would remain highly concentrated, with China’s expansion plans far outstripping other countries. The country is already the largest producer by far with 80% of the world’s manufacturing capacity.
Read more: PVTECH