NEW DELHI: The global solar capacity might reach 7,203 GW by 2030, more than five times than what the world saw in 2023 (nearly 1,419 GW), with commitments under the Paris Agreement and the global net-zero goals becoming big drivers of the renewable energy growth, according to multiple reports released at the ongoing seventh assembly of the International Solar Alliance (ISA) on Tuesday.
The reports, released by the ISA Assembly’s president and India’s minister for new and renewable energy, Pralhad Joshi, also highlighted that the global clean energy investment now is nearly double that of fossil fuels as it is set to leap from $1.2 trillion in 2018 to $2 trillion in 2024.
As far as investment in the solar sector is concerned, it accounts for nearly 59% ($ 393 billion) of all renewable energy investments ($ 673 billion), driven largely by drop in solar panel costs. The reports noted that the surge underscores the massive infrastructure push needed to meet climate goals.
These reports pertain to global solar growth, investment trends in the sector, technological advancements, and green Hydrogen potential in African countries.
“In a week, the world leaders will convene in Azerbaijan under the aegis of COP29 (UN climate conference) with two guiding goals: agreed to transition away from fossil fuels, and triple renewable power and double energy efficiency by 2030,” said Ajay Mathur, director general of the ISA, while noting importance of discussions at the proceedings of the ongoing Assembly.
One of the reports highlighted that the capacity for global solar manufacturing is projected to exceed 1100 GW, which is more than twice the anticipated demand for PV panels by this year’s end. It attributed the case of manufacturing exceeding demand to the falling costs and increasing efficiency.
On employment potential, it noted that the clean energy industry now fuels 16.2 million jobs globally, with solar leading the charge at 7.1 million – up 44% from 2022’s 4.9 million.