Azeem Azhar

What will continue to happen year in, year out will be the doubling of cumulative production will continue to apply that

learning rate on solar.

And production is growing rapidly.

Pakistan imported 17 gigawatts of solar modules in 2024.

That was more than all but four countries.

Africa imported, the sub-Saharan Africa, two gigawatts of panels in one month last year.

last year.

This is people-led, market-led, and it's policy-led, but all of those panels increase production volumes and the learning rate applies.

Historical learning rates have been 20% per doubling of cumulative production, which means that the panels get 20% cheaper.

New analysis suggests we might be in a regime change and then that learning rate might be as high as 40%, maybe even higher.

I'm a bit sceptical, frankly, about it being 40%, but what it means is that the

reduction in cost will get even faster.

Now, of course, there are other questions like balance of systems costs and how do you build out a utility scale solar cheaply?

Those things are also being addressed through robotics.

I'm an investor in a robotics company that has tracked robots that do solar field installations.

And a lot of this doesn't actually run into balance of systems costs because it's decentralized and it's sort of absorbed by a small business.

And that will...

fundamentally transform how we produce our electricity and 26 is going to be another important year for that and we will be surprised i would i will wage at the end of the year my only forecast really that 26 solar deployment will be higher than ever before and and look at something seven of the big um major six of the major oil nations producing nations are in

in conflict at the moment and oil is trading at $56 a barrel.

I mean, that tells us something.