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At the 7th Assembly of the International Solar Alliance (ISA), the third edition of the World Solar Report series was launched, covering key trends in global solar expansion, investment shifts, technology advancements, and Africa’s potential for green hydrogen. This series, first introduced in 2022, includes four reports—World Solar Market Report, World Investment Report, World Technology Report, and the Green Hydrogen Readiness Assessment for African Countries—each examining a vital area in the sustainable energy transition. ISA President and India’s Minister for New and Renewable Energy, Pralhad Joshi, highlighted the importance of this report in tracking solar technology progress and investment growth. The 2023 edition underscores the role of solar energy in meeting global sustainability goals, providing essential insights for industry stakeholders. Key Findings from the World Solar Market Report The World Solar Market Report details remarkable growth in solar power, with capacity soaring from 1.22 GW in 2000 to an impressive 1,418.97 GW in 2023. In 2023 alone, 345.83 GW of solar was added, accounting for three-quarters of all new renewable capacity. Solar industry jobs have also surged, with 7.1 million people now employed globally in solar, up 44% from 2022. Projections suggest that global capacity could reach between 5,457 and 7,203 GW by 2030, driven largely by Paris Agreement commitments. World Investment Report: Solar Investment Leads Sustainable Energy Surge The World Investment Report documents the ongoing global shift toward sustainable energy. By 2024, total global energy investment is expected to reach $3.1 trillion, with renewable energy investments doubling since 2018. Solar dominates this sector, attracting nearly 59% of all renewable energy investments, and the Asia-Pacific region leads with $223 billion invested in solar in 2023 alone. World Technology Report: Innovations Driving Efficiency and Affordability According to the World Technology Report, recent advances in solar PV technology have boosted efficiency and affordability. Record-breaking 24.9% efficiency in solar PV modules and an 88% reduction in silicon usage since 2004 have contributed to an unprecedented 90% drop in utility-scale solar PV costs since 2010. These breakthroughs make solar a resilient, cost-effective energy source. Green Hydrogen Potential in Africa: ISA and Denmark Lead Readiness Assessment The Green Hydrogen Readiness Assessment for African Countries emphasizes green hydrogen’s potential in decarbonizing key industries such as steel and fertilizer. Produced through renewable-powered electrolysis, green hydrogen offers a cleaner alternative to fossil fuels, supporting Africa’s shift to sustainable energy. The High-Level Conference on New Technologies for Clean Energy Transition, organized by ISA in collaboration with the Indian government, Asian Development Bank, and the International Solar Energy Society, took place alongside the report launch. This conference aims to accelerate the adoption of clean technologies through dialogue among policymakers, experts, and industry leaders. ISA Director General Dr. Ajay Mathur noted the event’s alignment with upcoming global climate goals, as world leaders prepare to meet at COP29 to address renewable energy transitions. “Today’s discussions underscore the critical role of efficient and clean technologies in achieving global climate goals,” he said. Pralhad Joshi, ISA Assembly President, also emphasized ISA’s commitment to advancing solar technology. “The challenges posed by climate change call for a united effort. Together, we can harness solar power to drive meaningful change towards a sustainable future,” he remarked. The ISA, with its 120 member countries, strives to unlock $1 trillion in solar investments by 2030 while reducing solar technology costs. This international body works to advance solar energy solutions across multiple sectors, supporting member nations in enacting solar-friendly policies, sharing best practices, and mobilizing financing to meet energy needs sustainably. |
