In 2025, solar PV set new annual growth records for both installed capacity (510 GW) and electricity generation (636 TWh). This remarkable expansion has also brought economic and technical challenges, including negative wholesale electricity prices and increased curtailment. Against this backdrop, policy makers, energy authorities, industry and civil society have an opportunity to align at COP28 to agree global targets to triple renewable power generation capacity and double the energy efficiency improvement rate by 2030. Led by the rapid rise of solar PV, renewables' expansion is taking place in a context of. A new IEEE report shows solar dominated new generation in 2024, with 70% of added global capacity from PV and record installations in China and the United States. From pv magazine USA The latest edition of IEEE's annual report on the role of solar in the global renewable energy transition shows the. Solar photovoltaic (PV) continues to make significant progress worldwide. Its success is driven primarily by its strong cost competitiveness. Other key factors include its contribution to energy security and the decarbonization of economies.