The third edition of the World Solar Report Series was released at the 7th Assembly of the International Solar Alliance, focusing on global solar growth, investment trends, technological advancements and Africa’s green hydrogen potential. The recently launched 4 reports, namely the World Solar Market Report, World Investment Report, World Technology Report and Green Hydrogen Readiness Assessment for African Countries, each highlight a critical region in the global shift towards sustainable energy.
The four main reports of the World Solar Report Series
World Solar Market Report
- Solar Capacity Growth: Global solar capacity is projected to grow from 1.22 GW in 2000 to 1,418.97 GW in 2023, reflecting an annual growth rate of approximately 40%.
- Solar Industry Employment: The solar industry accounts for 16.2 million jobs, with the solar power sector leading the way with 7.1 million jobs.
World Investment Report
- Energy Investment: Global energy investment is expected to grow from $2.4 trillion in 2018 to $3.1 trillion in 2024, showing an annual growth rate of 5%.
- Leading Role of Asia-Pacific Region: The Asia-Pacific region is leading in investing US$223 billion in solar energy by 2023.
World Technology Report
- Solar PV modules have 24.9% efficiency, 88% reduction in silicon use, and 90% reduction in the cost of solar PV, making energy production more flexible and affordable.
Assessing Green Hydrogen Readiness in African Countries:
- Green hydrogen presents as an alternative to coal, oil, and gas, which can significantly contribute to Africa’s clean energy transition.
International Solar Alliance
- Founded: In 2015 by Prime Minister Narendra Modi and French President Francois Hollande.
- Headquarters: Located in India, it is the first international inter-governmental organization headquartered in India.
- Goal: To attract US$1 trillion of investment in the solar energy sector by 2030 and reduce technology and financing costs.
Renewable Energy Potential of India
- Total Capacity: India has a total installed electricity generation capacity of 452.69 GW.
- Renewable Energy Contribution: By 2024, renewable energy-based generation capacity is 201.45 GW, accounting for 46.3% of the total installed capacity. This includes solar power at 90.76 GW, wind power at 47.36 GW, and hydropower at 46.92 GW.
Renewable Energy Goals of India
- Net Zero Emissions: India aims to achieve net zero emissions by 2070.
Short-term goals
- Increase renewable energy capacity to 500 GW by 2030.
- Meet 50% of energy needs from renewable sources.
- Reduce cumulative emissions by one billion tonnes.
- Reduce GDP emissions intensity by 45% from 2005 levels by 2030.
- This report series makes clear that scaling up and investment in solar energy can play a key role in achieving sustainable energy goals globally.