Context:
Recently, the 3rd edition of the World Solar Report series was released at the 7th Assembly of the International Solar Alliance held in New Delhi.
More on the News
- World Solar report series focused on global solar growth, investment trends, technological advancements, and Africa’s green hydrogen potential.
- The 7th assembly re-elected India as President of ISA for a period of two years from 2024 to 2026 as India was the sole contender for the post of President. The assembly elected France as co-president for the same period.
About the Report
The 3rd edition of the World Solar Report series consists of 4 reports:
World Solar Market Report:
- It highlighted the increasing global solar capacity from 1.22 GW in 2000 to 1,418.97 GW in 2023 which may reach to 7,203 GW by 2030.
- The capacity for global solar manufacturing is projected to exceed 1,100 GW by the end of 2024, which is more than twice the anticipated demand for PV panels.
- The clean energy industry now fuels 16.2 million jobs, with solar leading the charge at 7.1 million—up 44% from 2022’s 4.9 million.
World Investment Report:
- It highlights energy investments rising from $2.4 trillion in 2018 to a projected $3.1 trillion in 2024.
- Investments in solar represented ~ 59% (USD 393 billion) of all Renewable energy investments (USD 673 billion), driven largely by a drop in solar panel costs.
World Technology Report:
- Solar PV monocrystalline modules have hit a new high with record-breaking 24.9% efficiency—a major leap in maximizing solar energy potential.
- Manufacturing process drastically reduced silicon usage- from consuming 16 gm/Wp (Grams per watt peak) in 2004 to 2 gm/Wp in 2023.
Green Hydrogen Readiness Assessment for African Countries:
- It highlights green hydrogen’s potential to decarbonise industries heavily reliant on fossil fuels. Green Hydrogen produced via renewable-powered electrolysis, offers a viable alternative to coal, oil, and gas, supporting Africa’s transition to cleaner energy.
ISA Assembly
- The Assembly is ISA’s apex decision-making body that meets annually to make decisions concerning the implementation of the ISA’s Framework Agreement and coordinated actions to be taken to achieve its objective.
- It assesses the aggregate effect of the programmes and other activities in terms of deployment of solar energy, performance, reliability, cost, and scale of finance.
- Previously, the Sixth Assembly of the ISA deliberated on the key initiatives of ISA on three critical issues: energy access, energy security, and energy transition.
International Solar Alliance (ISA)
- It was conceptualized by India and France on the sidelines of the 21st Conference of Parties (COP21) to the United Nations Framework Convention on Climate Change (UNFCCC) held in Paris in 2015.
- ISA is headquartered in Gurugram, Haryana, India. (ISA became the first international intergovernmental organisation to be headquartered in India).
- The ISA is guided by its “Towards 1000’ strategy, which aims to mobilise USD 1,000 billion of investments in solar energy solutions by 2030 while delivering energy access to 1,000 million people using clean energy solutions and resulting in the installation of 1,000 GW of solar energy capacity.