However, in its analysis, REC’s calculations clearly show that based on the set COP21 target to limit temperature increase, solar’s potential by 2025 can be much higher than what industry analysts today expect, according to REC CEO Steve O’Neil.

“Comparing emissions forecasts under current policies and to limit temperature increase to 1.5 degrees, the world needs to reduce a significant cumulative amount of 144 Gt of CO2 emissions by 2025; currently, the power sector is responsible for roughly one third. Due to continuously declining PV system costs, we believe solar can contribute to save 25% of this emissions part.

“This will require a sharp ramp-up of solar’s capacity, reaching installations of 1.7 terawatts in 2025 alone, nine times the forecast based on the current trend. We will continue to leverage this incredible momentum for solar with expanded capacities, new business models and increased activities in new emerging markets.”