We examine cumulative net energy use and cumulative net CO 2 emissions associated with the 5 development of photovoltaics (PVs) on a global scale. The analysis is focused on the performance of five countries with the largest installed PV capacities -Italy, Japan, Germany, Spain, and the United Statesand on the aggregate values for the world (23 countries). The historical record shows that, during the past 19 years of development, the installed base has grown to 64 GW, with an average annual growth rate of almost 40%. During that period the manufacturing and use of photovoltaics has led to a cumulative net 10 consumption of approximately 286 PJ of energy, and cumulative net emissions of 34 Mt of CO 2 as a result of a considerable payback time. While energy/CO 2 payback time is not unique to PV systems, it plays a larger role in the development of new energy systems than other low-carbon systems. PV energy/CO 2 payback time decreases with the following measures: installation of PVs in locations with a large PV potential and high CO 2 emissions of the electricity replaced, manufacturing PVs at locations 15 with low CO 2 emissions of kWh of electricity used in the production, recycling PVs, and increasing PV conversion efficiency. The analysis is therefore extended into the future for three scenarios with different maximum capacities of photovoltaics (20%, 50%, and 100% of total electricity production). In these scenarios, cumulative net CO 2 emissions can be reduced by 4%, 9%, and 18%, respectively, over the long term (by the year 2050). Short-term CO 2 increases during growth versus long-term CO 2 reduction present 20 a trade-off in developmental growth strategies.