World Solar Report Series
Kartavya Desk Staff
Syllabus: Energy and Environment
Source: PIB
Context: The International Solar Alliance (ISA), an international coalition focused on promoting solar energy solutions, released the 3rd edition of its World Solar Report series at the 7th Assembly, highlighting solar growth, investment trends, technological advancements, and green hydrogen’s potential in Africa.
About ISA:
• Origin: Established in 2015 at COP21, jointly launched by India and France.
• Headquarters: Gurgaon, India.
• Aim: Mobilize $1 trillion in solar investments by 2030, advance solar technology, and transition to a carbon-neutral future.
• Members: 120 Member and Signatory countries, focusing on regions with high solar potential.
• Criteria: Open to countries lying fully or partially between the Tropics of Cancer and Capricorn, though other interested countries may join.
Recently Released Reports:
• World Solar Market Report Global Solar Growth: From 1.22 GW in 2000 to 1,418.97 GW in 2023; projected to reach up to 7,203 GW by 2030. Manufacturing & Affordability: Solar manufacturing capacity to exceed 1,100 GW by 2024; module prices below $0.10/watt. Employment: Solar sector supports 7.1 million jobs globally, with 86% concentrated in ten countries.
• Global Solar Growth: From 1.22 GW in 2000 to 1,418.97 GW in 2023; projected to reach up to 7,203 GW by 2030.
• Manufacturing & Affordability: Solar manufacturing capacity to exceed 1,100 GW by 2024; module prices below $0.10/watt.
• Employment: Solar sector supports 7.1 million jobs globally, with 86% concentrated in ten countries.
• World Investment Report Growth in Energy Investments: Investments rising from $2.4 trillion in 2018 to $3.1 trillion by 2024. Solar Dominance: Solar accounts for 59% of renewable energy investments, with APAC as the top investing region. Regional Investment: APAC at $223 billion, EMEA at $91 billion, and AMER at $78 billion in 2023.
• Growth in Energy Investments: Investments rising from $2.4 trillion in 2018 to $3.1 trillion by 2024.
• Solar Dominance: Solar accounts for 59% of renewable energy investments, with APAC as the top investing region.
• Regional Investment: APAC at $223 billion, EMEA at $91 billion, and AMER at $78 billion in 2023.
• World Technology Report Efficiency & Innovation: Record solar PV efficiency at 24.9%; 88% reduction in silicon use since 2004. Cost Reduction: Utility-scale PV costs have dropped 90% since 2010, now at $0.044/kWh. Material Advancements: Multijunction perovskite cells promising enhanced efficiency and lower production costs.
• Efficiency & Innovation: Record solar PV efficiency at 24.9%; 88% reduction in silicon use since 2004.
• Cost Reduction: Utility-scale PV costs have dropped 90% since 2010, now at $0.044/kWh.
• Material Advancements: Multijunction perovskite cells promising enhanced efficiency and lower production costs.
• Green Hydrogen Readiness Assessment for African Countries Potential for Decarbonization: Green hydrogen seen as a sustainable substitute for fossil fuels in industries. Production via Renewables: Hydrogen generated through renewable-powered electrolysis supports Africa’s transition to green energy. Target Countries: Focuses on Egypt, Morocco, Namibia, among others, for developing a green hydrogen economy.
• Potential for Decarbonization: Green hydrogen seen as a sustainable substitute for fossil fuels in industries.
• Production via Renewables: Hydrogen generated through renewable-powered electrolysis supports Africa’s transition to green energy.
• Target Countries: Focuses on Egypt, Morocco, Namibia, among others, for developing a green hydrogen economy.
Key positives:
• Massive solar capacity growth: Global solar capacity rose from 1.22 GW in 2000 to 1,418.97 GW in 2023, making renewable energy more accessible.
• Cost reductions: Solar PV costs have dropped significantly, with utility-scale PV now at $0.044/kWh, making solar energy more affordable.
• Employment opportunities: The solar industry supports 7.1 million jobs globally, fueling economic growth in many countries.
• Green hydrogen potential: Solar-powered green hydrogen is positioned to decarbonize key industries in regions like Africa, aiding the clean energy transition.
Key negatives:
• High initial investment: Setting up solar infrastructure and green hydrogen facilities still requires substantial financial investments.
• Dependency on Technological Advancements: Solar’s future efficiency depends on continuous breakthroughs in technology and materials.
• Uneven regional growth: Investment and infrastructure development are uneven across regions, with APAC leading while others lag.
• Resource intensity: Despite improvements, solar manufacturing remains resource-intensive, with ongoing concerns over silicon use and waste.
Way ahead:
• Boost regional investments: Encourage more balanced solar investments across regions, especially in EMEA and Africa.
• Focus on Innovation: Prioritize research and development to improve solar efficiency and reduce manufacturing resource needs.
• Support green hydrogen projects: Promote green hydrogen infrastructure, particularly in resource-rich regions like Africa, for industrial decarbonization.
• Foster international collaboration: Leverage partnerships like ISA to share best practices, pool resources, and drive down costs globally.
Conclusion:
ISA’s efforts in promoting solar technology and green hydrogen mark a significant step in the global green push, accelerating sustainable growth. Solar energy is emerging as a cornerstone of the world’s transition to a cleaner, more resilient energy future.
Insta Links:
• International-solar-alliance
• India has immense potential for solar energy though there are regional variations in its developments. Elaborate. (UPSC-2020)