Fatih Birol, Executive Director of the International Renewable Energy Agency, said, "I think solar energy will become the new hegemon of the world's electricity market. According to the current policy settings, every year after 2022, the deployment will set a new record."

According to the International Renewable Energy Agency, solar production is expected to lead a surge in renewable energy supply in the next 10 years. Under current circumstances, renewable energy will account for 80% of the global power generation growth.

In the recently released annual "World Energy Outlook", the International Renewable Energy Agency stated in its core scenario that by 2025, renewable energy is expected to replace coal as the main power generation method. This scenario reflects the policy intentions and goals announced by the International Renewable Energy Agency.

According to the report, the total share of solar photovoltaic and wind energy in global power generation will rise from 8% in 2019 to nearly 30% in 2030, and solar photovoltaic power generation capacity will grow at an average annual rate of 12%.

According to the International Renewable Energy Agency, mature technology and government support mechanisms have reduced the financing costs of large-scale solar photovoltaic projects and helped reduce overall output costs. It said that in most countries, solar photovoltaic power generation is cheaper than new coal or gas-fired power plants. Renewable energy power generation is the only important energy source that will continue to grow in 2020.

According to the report, it is hoped that the adoption of a net zero emission target by 2050 will make the performance of photovoltaic power generation stronger. The report also pointed out that despite the growth of solar and wind power generation, carbon emissions are expected to rise in 2021 after a drop of 2.4 billion tons in 2020, and exceed the level of 2019 in 2027, reaching 3.6 billion tons by 2030.

The International Renewable Energy Agency said that in many cases, there is still a gap between long-term goals and specific short-term emission reduction plans. The report also said that the integration of new wind and solar power generation will depend on full investment in all parts of the system, including the distribution network. The underlying reason is lower than expected demand or worsening economic conditions in developing countries, which may make the power grid a weak link.

According to foreign media reports, the International Renewable Energy Agency predicts in its report on renewable energy that between 2019 and 2024, the total global installed capacity of renewable energy will increase by 1,200 GW, an increase of 50%, and solar photovoltaics will become dominant. Among them, solar photovoltaic alone accounted for 60% of the expected growth, while wind energy on the mainland accounted for a quarter of the growth. Although water power still accounts for one-tenth of the total increase in renewable energy installed capacity, its growth rate is slowing. The report pointed out that by 2024, China will account for 40% of the total growth in global renewable energy installed capacity. The forecast value for China is higher than last year, mainly because China's system integration has improved, lower wind abandonment rate, and enhanced solar photovoltaic and onshore wind energy competitiveness.

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