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 8.4GW, with operations in 19 countries and nearly 1,000 employees, all focused on making the IEA’s prediction a reality.

For Ireland, acceptance of solar’s growing role can be a catalyst to drive the industry forwards. The Irish Climate Action Plan sets out the ambitious target of increasing the share of electricity demand generated from renewable sources to up to 80% by 2030. In 2020, electricity generated from renewable sources accounted for 42.1% of all electricity generated in Ireland (an increase from 33.3% in 2018), so these targets call for a doubling of capacity in just ten years. This requirement represents a huge opportunity for Lightsource bp in Ireland, to utilise our significant experience and in-house expertise to continue pushing the industry forward. We’ve developed over 300MW of solar in Ireland to date and are committed to continuing to develop projects in the country, enabling the transition to a low carbon economy. 

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.