Intl
Solar Energy Releases World Solar Report Series
Four Key Reports on Global Solar Growth,
Investment Trends, Technological Advancements, and Africa’s Green Hydrogen Potential
were released
The 3rd 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 were released. The newly launched 4 reports namely World
Solar Market Report, World Investment Report, World Technology Report,
and Green Hydrogen Readiness Assessment for African Countries each highlight
a crucial area in the global shift towards sustainable energy.
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.
The World Solar Market Report reveals
exceptional solar growth, with global capacity soaring from 1.22 GW in 2000 to 1,418.97
GW in 2023. 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.
The latest World Investment Report
highlights a global shift toward sustainable energy, with energy investments rising
from $2.4 trillion in 2018 to $3.1 trillion by 2024. Solar leads renewable energy
investments, accounting for 59% 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% efficiency in solar PV
modules, an 88% reduction in silicon usage since 2004, and a 90% 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.
Here are more details of each report
World Solar Market Report Highlights Unprecedented
Growth and Future Projections
The World Solar Market Report highlights
a remarkable growth trajectory in the solar power sector.
·
Rise in Solar Capacity: In just two decades, global solar capacity has exploded from 1.22 GW in
2000 to an astounding 1,418.97 GW in 2023—a staggering 40% annual growth rate. In
2023 alone, 345.83 GW of solar power was added, accounting for three-quarters of
all new renewable capacity worldwide. Solar generation has surged similarly, rocketing
from 1.03 TWh in 2000 to 1,628.27 TWh
in 2023.
·
Solar Manufacturing to Exceed Demand with Over 1,100 GW by 2024: By the close of 2024, the capacity for global
solar manufacturing is projected to exceed 1,100 GW, which is more than twice the
anticipated demand for PV panels. Solar cell prices have reached $0.037/watt,
while advanced mono TOPCon and mono PERC module prices
have fallen below $0.10/watt, indicating a trend towards greater affordability in
solar technology.
·
Solar Industry Employment Boom: 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. And a striking 86% of
these jobs are concentrated in just ten countries.
·
Future Forecasts: Global solar capacity is set to skyrocket to between 5457 and 7203 GW by 2030,
driven by Paris Agreement commitments. This surge underscores the massive infrastructure
push needed to meet climate goals.
World Investment Report Unveils a Dynamic
Shift in Global Energy Investments
The latest World Investment Report has significantly
transformed global energy investments, highlighting a steadfast march towards sustainable
energy solutions. Here are the key findings:
·
Exponential Growth in Energy Investments: Global energy investments are set to soar
from $2.4 trillion in 2018 to a projected $3.1 trillion in 2024—a steady climb at
nearly 5% annually. Global clean energy investment now nearly doubles that of fossil
fuels, set to leap from $1.2 trillion in 2018 to $2 trillion by 2024—marking a bold
pivot toward renewables.
·
The Solar Investment Surge: Investments in solar represented ~ 59% (USD 393 billion) of all RE investments
(USD 673 billion), driven largely by drop in solar panel costs
·
APAC leads global solar investments: 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
World Technology Report Highlights Breakthroughs
in Solar PV Efficiency and Material Innovation
The World Technology Report highlights the
rapid progress being made in the field of solar technology. These innovations are
not only enhancing the efficiency and accessibility of solar power but are also
paving the way for a more resilient and cost-effective power infrastructure. Key
highlights from the report include:
·
Record-Breaking Solar PV Panel Efficiency: Solar PV monocrystalline modules have hit a new
high with record-breaking 24.9% efficiency—a major leap in maximizing solar energy
potential. Multijunction perovskite cells are set to disrupt the solar panel industry,
promising higher efficiency, lower production costs, and seamless integration with
diverse surfaces—leaving traditional silicon panels in the dust.
·
Solar Manufacturing Now Uses 88% Less Silicon per Watt Peak than in 2004- The manufacturing process has undergone
significant improvements, resulting in a drastic reduction in silicon usage- from
consuming 16 gm/Wp in 2004 to 2 gm/Wp in 2023. This 88% decrease in silicon consumption not only
reflects the strides made in optimizing material efficiency but also underscores
the potential for further cost reductions and environmental benefits.
·
Utility-Scale PV Costs Hitting New Low- The global weighted average LCOE for utility-scale
Solar PV dropped by 90%- falling from USD 0.460/kWh in 2010 to USD 0.044/kWh in
2023. At country level, the drop ranges from 76%-93% over the same period.
Ministerial delegations of the ISA Member
Countries, policymakers, experts, and industry leaders attended the Conference proceedings.
The Conference was introduced in 2022 to drive real-world change and make significant
progress toward achieving global climate goals by fostering collaboration and sharing
knowledge among concerned stakeholders and key players.
Readiness Assessment of Green Hydrogen in
African Countries’ report by ISA and Denmark:
Direct electrification cannot solve the
decarbonisation requirements of industries that still rely on fossil fuels like
coal, oil, or natural gas as feedstocks to produce commodities like steel, fertilisers,
refined gasoline, and diesel fuel. Hence, green hydrogen, produced through the electrolysis
of water powered by renewable electricity sources like wind, solar, and geothermal,
emerges as a suitable replacement for fossil fuel-based energy sources.
High-level Conference on New Technologies
for Clean Energy Transition
The International Solar Alliance, in a global
collaboration with the Ministry of New & Renewable Energy, the Government of
India, the Asian Development Bank, and the International Solar Energy Society, also
organised the third edition of the High-level Conference on New Technologies for
Clean Energy Transition. This event took place on the sidelines
of the Seventh Session of the ISA Assembly in New Delhi today, uniting stakeholders
worldwide.
The conference’s overarching goal is to
translate dialogue into action. Deep-dive sessions focusing on new-age solar technologies,
emerging storage technologies, and unleashing solar's
role in accelerating equitable economic, social, and environmental development formed
the crux of the discussions.
In his opening remarks, Dr Ajay Mathur,
Director General, ISA said, “Today’s Conference and discussions are very timely.
In a week, the world leaders will convene in Azerbaijan under the aegis of COP29
with two guiding goals: agreed to transition away from fossil fuels, triple renewable
power and double energy efficiency by 2030. Both of these goals can be built on
the foundations of efficient and clean technologies, hence underlining the importance
of today’s proceedings.”
Mr Pralhad Joshi,
Hon’ble Minister, New and Renewable Energy, India & President of the ISA Assembly, in his inaugural address, noted, “As the
President of the International Solar Alliance, I would like to acknowledge that
today the world stands united like never before, combining the global efforts towards
the energy transition. The significance of advancing solar technology cannot be
overstated as we move towards the clean energy transition. With the challenges posed
by climate change, our collective efforts to innovate and implement this sustainable
solution are more important than ever.” He further added, “At the International
Solar Alliance, we believe that together we can harness the power of the sun to
drive the change and create a more sustainable future. I am happy that at a platform
like this, important technological advancements are being deliberated. This conference
has brought together policymakers, experts, industry leaders, highlighting our global
awareness. Our goal is to drive real-world change and make significant progress
toward achieving the climate targets through collaboration, innovation and knowledge
sharing.”
Mr Prashant Kumar Singh, Secretary, Ministry
of New and Renewable Energy, Government of India stated, “Government of India (GoI) has committed to translating the ISA vision into action.
GOI is actively supporting through financial and technical means to assist developing
countries in expanding their solar power grids to meet their energy needs. Solar
energy has had a visible impact on the Indian energy scenario during the last few
years. In addition to large-scale solar power plants, solar energy-based decentralised
and distributed applications have benefited millions of people in Indian villages
by meeting their energy needs in an environmentally friendly manner. With the increased
support of the Government of India policies and improved economics, the solar energy
sector has become attractive from an investor's perspective.”
Ms Mio Oka, Country Director, India Resident
Mission, Asian Development Bank, noted, “We must ensure that growth is green, and it's our ADB's responsibility
to facilitate emerging economies' access to technologies and finance to attain green
growth. The good news is that the cost of clean energy has rapidly declined, and
the share of renewable energy has increased. The cost of solar PV has declined by
over 80% in the last decade to about $0.05 per kilowatt hour.”
Ms Viktoria Martin, President, the International
Solar Energy Society, leaving a lead for the discussions to follow during the day said, “And I
think this is the send-off idea for your discussion today, to think integrated planning
in technology, to think about the diverse mix of storage that is needed to connect,
for example, electricity generation to the other types of energy services, heating
and cooling and transport, that are needed in our green and clean energy systems.”
Mr Emil S. Lauritsen, Head of Strategic
Sector Cooperation, Embassy of Denmark, New Delhi, sharing his insights on the report, said,
“This report is the first project under the umbrella of the memorandum of understanding
for the green hydrogen partnership, which the Embassy of Denmark has inked with
the International Solar Alliance. The objective is to conduct a readiness assessment
of the target countries: Egypt, Morocco, Namibia, and Egypt. The report focuses
on three categories: country-specific parameters, financing requirements and possible
financing methods. It also includes assessing risks and preparing plans to develop
a green hydrogen economy in these countries. Under the partnership, the Ministry
of Foreign Affairs of Denmark will also support ISA with three years of content,
focusing on green hydrogen policy, regulation, and other components of the green
hydrogen value chain.”
Green hydrogen provides a great avenue to
monetise a country’s rich renewable resources (wherever available), aid the country
in achieving industry decarbonisation, and generate sustainable jobs in the process.
Countries have been identified based on their vast renewable energy potential and
thus can potentially contribute significantly to developing the green hydrogen ecosystem.
About the International Solar Alliance
The International Solar Alliance is an international
organisation with 120 Member and Signatory countries. It works with governments
to improve energy access and security worldwide and promote solar power as a sustainable
transition to a carbon-neutral future. ISA’s mission is to unlock US$1 trillion
of investments in solar by 2030 while reducing the cost of the technology and its
financing. It promotes the use of solar energy in the agriculture, health, transport,
and power generation sectors.
ISA Member Countries are driving change
by enacting policies and regulations, sharing best practices, agreeing on common
standards, and mobilising investments. Through this work, ISA has identified, designed
and tested new business models for solar projects; supported governments to make
their energy legislation and policies solar-friendly through Ease of Doing Solar
analytics and advisory; pooled demand for solar technology from different countries;
and drove down costs; improved access to finance by reducing the risks and making
the sector more attractive to private investment; increased access to solar training,
data and insights for solar engineers and energy policymakers. With advocacy for
solar-powered solutions, ISA aims to transform lives, bring clean, reliable, and
affordable energy to communities worldwide, fuel sustainable growth, and improve
quality of life.
With the signing and ratification of the
ISA Framework Agreement by 15 countries on 6 December 2017, ISA became the first
international intergovernmental organisation to be headquartered in India. ISA is
partnering with multilateral development banks (MDBs), development financial institutions
(DFIs), private and public sector organisations, civil society, and other international
institutions to deploy cost-effective and transformational solutions through solar
energy, especially in the least Developed Countries (LDCs) and the Small Island
Developing States (SIDS).