Solar energy exceeded all expectations of Investing.com

DAWOS, Switzerland, January 23, 2025 /PRNewswire/ — World Economic Forum Annual General Meeting, also known as Conference in Davoshe started the day January 20^th in Davos, Switzerland. This year’s meeting, under the theme “Collaboration for an Intelligent Age”, attracted nearly 3,000 global leaders from more than 130 countries and regions to address key global and regional challenges. Zhong Baoshen, President of LONGi and Eric Luovice president of LONGi, attended the conference as a representative of Chinese solar photovoltaic companies. They shared the latest achievements and future trends of the solar energy industry with numerous political elites and business leaders.

P.m January 21^StZhong Baoshen attended the Ideas Hub session on “Solar: Beating All Expectations” and gave a speech. vice president Eric Luo shared insights from the perspective of a leading solar photovoltaic (PV) company, highlighting how the exponential growth of the solar photovoltaic industry has brought new momentum to the achievement of global climate goals.

Zhong Baoshen introduced that the photovoltaic industry has achieved remarkable development, not only experiencing exponential growth, but also playing a significant role in the process of energy transition. “From 1954 to 2022, it took 68 years to exceed the first terawatt, while the second terawatt was reached in just two short years. This highlights the rapid development of the solar industry in recent years. International Energy Agency (IEA) predicts that by 2030, global installed solar PV capacity will exceed 4,000 gigawatts (GW). However, I personally believe it will exceed 5,000 GW.”

Today, the cost of solar PV systems has fallen to approximately 1/820 of what it was in 1975. Eric Luo highlighted world records set by LONGi 2024, including 27.30% efficiency for monocrystalline silicon solar cells and 34.6% efficiency for crystalline silicon perovskite tandem solar cells. He emphasized that LONGi’s relentless commitment to technological innovation has not only increased conversion efficiency, but also reduced the levelized cost of electricity (LCOE). These efforts have significantly boosted the global drive towards achieving net zero emissions.

Zhong Baoshen pointed out that the installed capacity of solar photovoltaic energy will increase several times in just a few years, with the speed of development far exceeding previous expectations. Solar PV is now an unstoppable force, becoming a key driver of the global energy transition and profoundly reshaping the global energy landscape.

While achieving technological innovation, LONGi also actively promotes innovation in intelligent manufacturing. In 2024 Conference in DavosLongi’s Jiaxing base became the only one”Lighthouse factory” in the global photovoltaic industry. Eric Luo introduced that LONGi has extensively adopted new technologies such as Industrial Internet of Things (IIoT), Big Data, Artificial Intelligence and Digital Twins in Lighthouse factorysuccessfully implementing more than 30 digital use cases. This effectively triggered the photovoltaic industry’s leap from “manufacturing” to “intelligent manufacturing” and further demonstrated the enormous potential of digital transformation in the field of solar photovoltaic manufacturing.

Ten years ago, the energy sector was faced with the so-called ‘Energy Trilemma’, which argued that environmental protection, economic sustainability and energy security could not be achieved simultaneously. However, rapid technological advances, particularly significant developments in the field of solar photovoltaic (PV) systems, have completely changed this situation. Today, solar PV has become one of the most reliable, affordable and sustainable energy sources in the global energy system.

While meeting the world’s growing energy demands, solar PV has also created more opportunities for the widespread adoption of new green energies such as energy storage technologies, green hydrogen, green ammonia, and green methanol. The extensive application of solar energy has further stimulated the global process of deep decarbonization, making a significant contribution to the fight against climate change and the achievement of global sustainable development goals. This has raised the development of the energy sector to a new level for humanity.

Eric Luodrawing on the current innovation trends in solar photovoltaic technology, he believes that solar energy will become increasingly intertwined with technologies such as energy storage, transportation, architecture and smart grids in the future. For example, the integration of solar energy with energy storage can effectively solve the problem of intermittency of photovoltaic energy production, ensuring a stable supply of electricity. The fusion of solar energy and architecture gave birth to Building-Integrated Photovoltaics (BIPV), which not only meets the energy needs of buildings, but also returns excess energy back to the grid, enabling more efficient energy use.

“Through continued innovation in the integration of these technologies, we can attract more industries to jointly drive the global energy system towards a more intelligent and sustainable future. Solar PV systems will pave the way for a cleaner, more efficient and more reliable energy future for humanity.” Said by Eric Luo.

The collective efforts of the global industry have driven a holistic transformation in the solar PV sector, encompassing application scenarios, technological innovation, cost effectiveness and intelligent manufacturing.

“The future of solar energy will not only exceed expectations, but will also become a key force for the harmonious development of the global economy and environment. We are working together to contribute more opportunities to the realization of the global net-zero goal.” Zhong Baoshen concluded.

About Longi

Founded in 2000, LONGi is committed to being the world’s leading solar technology company, focusing on creating customer value for the complete energy transformation scenario.

Under its mission to ‘make the best use of solar energy to build a green world’, LONGi has devoted itself to technological innovation and established several business sectors, covering mono silicon cells and modules, commercial and industrial distributed solar solutions, green energy solutions and equipment for hydrogen. The company has honed its capabilities to provide green energy and recently also embraced green hydrogen products and solutions to support global carbon-free development. www.longi.com