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Solar energy could be the largest single source of electricity in the world by 2050, according to a new report by the International Energy Agency (IEA).

The energy watchdog reports that Solar PV could provide 16% of the world’s electricity and concentrated solar power (CSP) could provide another 11%.

“The rapid cost decrease of photovoltaic modules and systems in the last few years has opened new perspectives for using solar energy as a major source of electricity in the coming years and decades,” said Maria van der Hoeven, executive director, IEA. “However, both technologies are very capital intensive: almost all expenditures are made upfront. Lowering the cost of capital is thus of primary importance for achieving the vision in these roadmaps.

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