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New Delhi: Global solar capacity has surged to 1,418.97 GW in 2023, marking a remarkable rise from just 1.22 GW in 2000, according to the World Solar Report series unveiled at the 7th Assembly of the International Solar Alliance (ISA). Released by ISA Assembly President and India’s minister for new and renewable energy, Pralhad Joshi, the four-part report series highlighted key growth trends, investment data, and technological advancements driving the solar energy sector.
The World Solar Market Report forecasts that global solar capacity could reach as high as 7,203 GW by 2030, fueled by climate goals under the Paris Agreement. Alongside this, the solar sector has seen employment soar to 7.1 million jobs worldwide—a 44% increase from last year—highlighting solar’s economic potential. Solar manufacturing capacity is also set to exceed demand, with over 1,100 GW projected by 2024, thanks to falling costs and efficiency gains.
Investment trends show a marked increase in clean energy funding, with the World Investment Report projecting global energy investments at $3.1 trillion by 2024, up from $2.4 trillion in 2018. Solar now leads renewable investments, accounting for 59% of total renewable funding, driven by plummeting solar panel costs. The APAC region is at the forefront, with $223 billion invested in solar energy in 2023 alone.
Advances in solar technology are a central theme of the World Technology Report. Solar PV modules have achieved a new efficiency record of 24.9%, while material efficiency has improved, with silicon usage per watt decreasing by 88% since 2004. The global average cost of utility-scale solar PV has dropped by 90%, now at $0.044 per kWh.
The Green Hydrogen Readiness Assessment for African Countries explores the potential for green hydrogen to decarbonize industries reliant on fossil fuels, such as steel and fertilizers, especially in resource-rich African nations. Produced via renewable-powered electrolysis, green hydrogen is positioned as a viable alternative to coal and oil in supporting Africa’s transition to sustainable energy.
The ISA’s high-level conference on clean energy technology coincided with the Assembly, held in partnership with India’s Ministry of New and Renewable Energy, Asian Development Bank, and the International Solar Energy Society. ISA Director General Dr. Ajay Mathur remarked, “With COP29 on the horizon, our goals to reduce fossil fuels and boost renewable power are built on clean and efficient technologies.” The conference sessions focused on leveraging these advancements to accelerate global energy transitions through collaboration and innovation.
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