Global Solar Capacity Surpasses 1418 GW, Investments Rise to USD 3.1 Trillion: World Solar Report
International Solar Alliance (ISA) has released four key reports on global solar growth, investment trends, technological advancements, and Africa’s green hydrogen potential at the 7th ISA Assembly held in New Delhi.
November 06, 2024. By Mrinmoy Dey
The World Solar report series was released by President of the ISA Assembly and India’s Minister for New and Renewable Energy, Pralhad Joshi. First introduced in 2022, this report series provides a concise and comprehensive overview of global progress in solar technology, key challenges, and investment trends in the sector. The latest edition emphasizes the vital role of solar energy in advancing sustainable energy solutions worldwide, offering stakeholders valuable insights into the industry's rapid evolution.
Alongside this, three other reports namely World Investment Report, World Technology Report, and Green Hydrogen Readiness Assessment for African Countries were released at the event, each highlight a crucial area in the global shift towards sustainable energy.
As per the World Solar Market Report, manufacturing is set to exceed demand, making solar more affordable. Solar jobs have surged to 7.1 million, and global capacity may reach 7,203 GW by 2030. Region-wise, APAC is at the forefront of solar investments pouring USD 223 billion into solar in 2023. EMEA has experienced modest solar investment growth, with USD 91 billion in 2023, followed by AMER region with solar investments of USD 78 billion.
The latest World Investment Report highlights a global shift toward sustainable energy, with energy investments rising from USD 2.4 trillion in 2018 to USD 3.1 trillion by 2024. Solar leads renewable energy investments, accounting for 59 percent of the total, driven by lower costs, with APAC emerging as the top investing region.
The World Technology Report showcases advancements in solar technology, emphasising breakthroughs in efficiency, sustainability, and affordability. Highlights include record-setting 24.9 percent efficiency in solar PV modules, an 88 percent reduction in silicon usage since 2004, and a 90 percent drop in utility-scale solar PV costs, fostering resilient, cost-effective energy solutions.
Readiness Assessment of Green Hydrogen African Countries highlights green hydrogen's potential to decarbonise industries heavily reliant on fossil fuels, such as steel and fertilizer production. Produced via renewable-powered electrolysis, green hydrogen offers a viable alternative to coal, oil, and gas, supporting Africa’s transition to cleaner energy.
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