• Global solar capacity is projected to increase five-fold to 7,203 GW by 2030, driven by surplus solar manufacturing.
• Solar cell prices have dropped, indicating greater affordability in solar technology, and the clean energy industry now fuels 16.2 million jobs.
• The World Investment Report highlights a global shift toward sustainable energy, with solar leading renewable energy investments.
• India was re-elected as President of the International Solar Alliance for 2024 to 2026, emphasizing the country's role in the global shift towards renewable energy.

The global solar capacity is projected to experience a five-fold increase, reaching 7,203 GW by 2030, up from 1,418.97 GW in 2023, according to the latest World Solar Market Report. This significant leap is attributed to the anticipated surplus in solar manufacturing, which is expected to exceed demand, thereby making solar energy more affordable.

The report, part of the 3rd edition of the World Solar Market Report series, was unveiled by Union Minister Pralhad Joshi at the 7th Assembly of the International Solar Alliance in Delhi.

The assembly also saw the release of three other key reports - the World Investment Report, the World Technology Report, and the Green Hydrogen Readiness Assessment for African Countries. Each of these reports underscores a critical area in the global shift towards sustainable energy.

Over the past two decades, global solar capacity has seen an explosive growth, from a mere 1.22 GW in 2000 to a staggering 1,418.97 GW in 2023, marking a 40 per cent annual growth rate.

In 2023 alone, 345.83 GW of solar power was added, accounting for three-quarters of all new renewable capacity worldwide. By the end of 2024, the capacity for global solar manufacturing is projected to exceed 1,100 GW, more than double the anticipated demand for PV panels.

Solar Technology: A Trend Towards Greater Affordability

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.

The clean energy industry now fuels 16.2 million jobs, with solar leading the charge at 7.1 million-up 44 per cent from 2022's 4.9 million. Interestingly, 86 per cent of these jobs are concentrated in just 10 countries.

The 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 per cent 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 per cent efficiency in solar PV modules, an 88 per cent reduction in silicon usage since 2004, and a 90 per cent drop in utility-scale solar PV costs, fostering resilient, cost-effective energy solutions.

India's Role in the International Solar Alliance

In a related development, India was re-elected as President of the International Solar Alliance for the period 2024 to 2026. The Republic of France emerged victorious in the contest for the Co-Presidency. The Assembly elects the President and Co-President, with due regard to equitable geographical representation. The four regional groups of the ISA Members include Africa; Asia and the Pacific; Europe and Others; and Latin America and the Caribbean.

The global renewable energy investment is expected to touch the USD 3.1 trillion mark in 2024, according to a report. This is in line with the global shift towards sustainable energy, as highlighted in the World Investment Report.

In a historical context, the global shift towards renewable energy and sustainable practices has been a consistent trend over the past few decades. The Paris Agreement of 2015, which aimed to limit global warming to well below 2 degrees Celsius above pre-industrial levels, marked a significant milestone in this journey.