Global Solar Boom: Record Capacity and Investments in Solar Energy Sector
Key Ideas
  • Global solar capacity has skyrocketed to 1,418.97 GW in 2023, with a remarkable 40% annual growth rate, as highlighted in the World Solar Report unveiled at the 7th ISA Assembly in New Delhi.
  • Investments in sustainable energy have surged to USD 3.1 trillion by 2024, with solar leading the renewable energy sector, accounting for 59% of the total investments.
  • Advancements in solar technology showcase increased efficiency, sustainability, and cost-effectiveness, with a record 24.9% efficiency in solar PV modules and significant cost reductions.
  • The Green Hydrogen Readiness Assessment for African Countries emphasizes the potential of green hydrogen in decarbonizing industries reliant on fossil fuels, offering a cleaner energy transition for Africa.
The International Solar Alliance (ISA) recently released several key reports during its 7th Assembly in New Delhi, showcasing the remarkable growth and investments in the global solar energy sector. The World Solar Report revealed that global solar capacity has surged to 1,418.97 GW in 2023, marking a significant 40% annual growth rate since 2000. The report emphasizes the crucial role of solar energy in advancing sustainable energy solutions worldwide. Alongside the World Solar Report, three other key reports were presented: World Investment Report, World Technology Report, and Green Hydrogen Readiness Assessment for African Countries. The World Investment Report highlights a global shift towards sustainable energy, with investments reaching USD 3.1 trillion by 2024, out of which solar energy accounts for 59% of total renewable energy investments. Noteworthy investments were observed in the APAC region, making it a top investing region in solar energy. The World Technology Report showcases significant advancements in solar technology, including increased efficiency, sustainability, and reduced costs, making solar energy more accessible and cost-effective. Moreover, the Green Hydrogen Readiness Assessment for African Countries underscores the potential of green hydrogen in reducing carbon emissions in industries heavily dependent on fossil fuels such as steel and fertilizer production. Green hydrogen, produced through renewable-powered electrolysis, offers a sustainable alternative to traditional energy sources, supporting Africa's transition towards cleaner energy solutions. These reports collectively highlight the positive trajectory of the solar energy sector, emphasizing increased capacity, investments, and technological advancements.
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