{"id":347909,"date":"2023-09-27T15:01:29","date_gmt":"2023-09-27T15:01:29","guid":{"rendered":"https:\/\/sandbox.lightsourcebp.com\/news\/record-renewable-energy-growth-keeps-1-5-target-alive-iea-report\/"},"modified":"2023-12-11T12:13:51","modified_gmt":"2023-12-11T12:13:51","slug":"record-renewable-energy-growth-keeps-1-5-target-alive-iea-report","status":"publish","type":"post","link":"https:\/\/sandbox.lightsourcebp.com\/uk\/news\/record-renewable-energy-growth-keeps-1-5-target-alive-iea-report\/","title":{"rendered":"Record renewable energy growth keeps 1.5\u00b0 target alive says IEA report"},"content":{"rendered":"
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Record renewable energy growth keeps 1.5\u00b0 target alive – IEA report<\/h1>\n <\/div>\n <\/div>\n <\/div>\n\n
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IEA Executive Director Faith Birol says chances of limiting global warming have improved, thanks in part to a dramatic growth in solar power worldwide.<\/strong><\/p>\n

An update from the International Energy Agency’s (IEA) landmark Net Zero Emissions by 2050 report<\/a> has given the world some cause for optimism at the prospects of limiting warming to 1.5\u00b0 by 2050.<\/p>\n

While the report remarks in its Executive Summary that \u201cthe path to 1.5 \u00b0C has narrowed\u201d, it points out that \u201cclean energy growth is keeping it open\u201d.<\/p>\n

The remarkable growth in solar energy \u2013 alongside rising sales of electric vehicles \u2013 was cited as the driving force behind this more positive outlook.<\/p>\n

In the two years since the original report, new solar photovoltaic (PV) capacity has increased by nearly 50%<\/a>. This is, in the words of IEA Executive Director Dr Faith Birol<\/a>, \u201cstaggering\u201d progress, \u201cperfectly in line with what we said they should be, to be on track to reach net zero by 2050, and thus stay within 1.5C\u201d.<\/p>\n

Solar no longer a nascent industry<\/h2>\n

The seismic shift towards solar PV over the past two years is the culmination of nearly a decade of progress that has seen demand rise and prices fall.<\/p>\n

As Dr Birol points out, \u201csignificant policy efforts<\/a>\u201d have helped accelerate the development and deployment of solar PV technology throughout many developed economies, allowing it to become more competitive with fossil fuels.<\/p>\n

This has yielded tangible results: in June 2023, solar investments<\/a> surpassed those of oil for the first time in history.<\/p>\n

What does this shift mean in the wider context of reaching net zero?<\/p>\n

By 2030, solar PV is projected to reduce emissions by around 3 Gigatonnes which, the report highlights, is equivalent to the emissions from all the cars on the road today. It is playing \u2013 and will continue to play \u2013 a central role in the global effort to curb emissions and limit the warming of the planet.<\/p>\n

But, as the report highlights, we must triple global installed renewables capacity to 11,000 gigawatts by 2030 to achieve this goal, which will require international cooperation on an unprecedented scale.<\/p>\n

At Lightsource bp, we\u2019re playing our part in this historical transition, with ambitious targets of 25GW of installed capacity by 2025.<\/p>\n

That\u2019s why, as one of the world\u2019s leading solar providers, we\u2019ll be at COP28 in Dubai to advocate for solar power\u2019s crucial role in the energy transition. We plan to engage with policymakers, investors and other stakeholders to discuss investment strategies, policy support and innovations that can fast-track the integration of solar into the energy mix, doing everything we can to keep 1.5\u00b0 within reach.<\/p>\n\n <\/span>\n <\/div>\n <\/div>\n <\/div>\n\n

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Latest news<\/h3>\n <\/div>\n <\/div>\n
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13 Feb, 2026<\/p>\n \n

Hett Moor Solar Farm awarded a contract in UK AR7 renewables auction<\/h5>\n <\/a>\n

Lightsource bp has been awarded a Contract for Difference (CfD) for Hett Moor Solar Farm in the UK Government\u2019s latest renewables auction, AR7.<\/p>\n

Read Story <\/svg><\/span><\/a><\/p>\n<\/div>\n

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26 Jan, 2026<\/p>\n \n

Farming and energy – working side by side<\/h5>\n <\/a>\n

Sheep grazing on solar farms combines agriculture with solar electricity generation, enabling livestock to graze and crops to grow alongside and beneath solar panels.<\/p>\n

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21 Jan, 2026<\/p>\n \n

Exploring cutting-edge AgriPV innovations during site visits in Austria<\/h5>\n <\/a>\n

Deepening our understanding of how solar energy and agriculture can sustainably coexist at scale by learning from pioneering projects across Austria.<\/p>\n

Read Story <\/svg><\/span><\/a><\/p>\n<\/div>\n <\/div>\n <\/div>\n\n

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