Global Renewable Energy Investments Set to Soar: Solar Dominates, Green Hydrogen Gains Traction
Key Ideas
  • Renewable energy investments are projected to grow by 29% to $3.1 trillion by 2024, with solar energy leading the way, accounting for 59% of the total investments.
  • The International Solar Alliance assembly in New Delhi saw the release of reports emphasizing the significant growth and potential of solar energy, with global capacity expected to reach 7,203 GW by 2030.
  • The report on Green Hydrogen Readiness Assessment for African Countries highlighted the potential of green hydrogen in decarbonizing industries reliant on fossil fuels, offering a cleaner energy transition solution.
The global investment in renewable energy is forecasted to experience a remarkable 29% growth, reaching $3.1 trillion by 2024, showcasing a shift towards sustainable energy globally. The Ministry of New and Renewable Energy announced that the solar segment is leading this growth, representing 59% of total investments due to its cost-effectiveness. Asia Pacific has emerged as a key region for renewable energy investments. During the International Solar Alliance assembly in New Delhi, several reports were unveiled by MNRE Minister and ISA President Pralhad Joshi. These reports included the World Solar Market Report, which highlighted the substantial increase in global solar capacity from 1.22 GW in 2000 to 1,418.97 GW in 2023, with estimates of reaching 7,203 GW by 2030. The World Technology Report focused on advancements in solar technology, underlining improvements in efficiency, sustainability, and affordability. Moreover, the Green Hydrogen Readiness Assessment for African Countries report emphasized the potential of green hydrogen in reducing carbon emissions from industries heavily dependent on fossil fuels like steel and fertiliser production. Green hydrogen, produced through renewable-powered electrolysis, is seen as a promising alternative to coal, oil, and gas, supporting Africa's transition to cleaner energy sources.
ADVANCEH2

Our vision is to be the world's leading online platform for advancing the use of hydrogen as a critical piece needed to deliver net-zero initiatives and the promise of a clean H2 energy future.

© 2024 AdvanceH2, LLC. All rights reserved.