Solar May Generate Half of World's Power by 2050, Trina CEO Says

• Gao Jifan said he sees solar dropping to a third or less of current expenses by the middle of the century.

Solar can create half of the world's electricity by 2050 as well as end up being the most inexpensive resource of energy, Gao Jifan, the chief executive officer of Trina Solar Co., said at the Boao Forum for Asia.

International solar power capacity has the prospective to expand to 14,000 gigawatts by the middle of the century from 800 gigawatts at the end of last year, Gao said in a panel discussion at the annual forum in Hainan. Chinese business Trina is the world's third-biggest supplier of solar panels.

Gao said he sees solar going down to a 3rd or less off current expenses by 2050 and this, along with much more effective panels, would certainly contribute in driving uptake. The world will certainly additionally require to vastly expand storage framework to handle unpredictable solar generation and also develop ultra-high-voltage transmission systems to obtain the power to consumers, he said.

The solar sector will certainly have its work removed to reach Gao's soaring targets. Greater than 400 gigawatts of panels would require to be installed each year-- dual the record embeded in 2021-- amid competition from other innovations including wind, nuclear as well as fossil fuels backed by carbon capture technology.

Solar just generated 3.3% of the world's power in 2020, and it's most likely to rise to 22% by 2050, according to BloombergNEF

Still, manufacturers are developing new centers to see to it the capacity for development is there. Trina can put together about 29.6 gigawatts of solar modules a year by the end of 2021 as well as has already announced strategies to greater than double that by adding one more 41 gigawatts of manufacturing facilities, BNEF data show.