Global Solar Investments Soaring: Union Minister Pralhad Joshi's Optimistic Outlook
Key Ideas
- Union Minister Pralhad Joshi predicts global solar investments will reach USD 500 billion in 2024, highlighting the affordability and growth of solar energy worldwide.
- India, under Prime Minister Narendra Modi's leadership, has achieved impressive milestones in renewable energy, with a focus on solar power capacity and green hydrogen production.
- The International Solar Alliance's 'Towards 1000' strategy aims to mobilize USD 1,000 billion in solar energy solutions by 2030, emphasizing energy access, capacity installation, and carbon dioxide emission mitigation.
- ISA's initiatives include demonstration projects, solar data portals, and the Global Solar Facility to facilitate the deployment of solar projects globally, particularly in underserved regions like Africa.
Union Minister Pralhad Joshi, speaking at the International Solar Alliance's 7th General Assembly in New Delhi, expressed optimism about the global solar energy sector. He highlighted the projected surge in solar investments to USD 500 billion in 2024, attributing this growth to solar energy's affordability and surpassing of coal and gas in several regions. Joshi outlined India's commitment to renewable energy under Prime Minister Narendra Modi's leadership, with the country reaching 90 GW of installed solar capacity and aiming for 500 GW by 2030. Additionally, India is targeting 5 million metric tonnes of green hydrogen production by 2030, supported by 125 GW of renewable energy capacity.
The Minister emphasized the ISA's 'Towards 1000' strategy, which aims to mobilize USD 1,000 billion in solar energy investments by 2030, focusing on energy access, capacity installation, and carbon dioxide emission reduction. ISA's efforts include demonstration projects, solar data portals for real-time information, and the Global Solar Facility to attract commercial capital for solar projects in underserved regions like Africa.
Joshi praised ISA's achievements in advancing solar energy deployment and supporting sustainable development across the globe. He highlighted initiatives like the ISA Knowledge Series, Green Hydrogen Innovation Centre, and the upcoming Solar Hub pavilion at COP29 to promote solar energy research and development. The Minister's positive outlook and India's proactive stance on solar innovation underscore the country's commitment to leading in the renewable energy transition.