ISA to release report on global adoption of solar technology in November

Source: The post is based on the article “ISA to release report on global adoption of solar technology in November” published in “The Hindu” on 26th October 2023

Why in the News?

The International Solar Alliance (ISA) will for the first time compile and release a ‘Global solar stocktake report’.

What is the Global solar Stocktake Report?

To be released by:  International Solar Alliance(ISA)

Inspired by:‘Global Stocktake’ of the United Nations Conference of Parties

Aim: To take stock of the progress made by countries in the solar energy sector.

Focus of the report: In 2020, there was about $300 billion invested in solar, and in 2022, it was around $380 billion. But most of the manufacturing is in China.The stocktake will explore ways to diversify this manufacturing.

What is a Global Solar Facility?

To be Launched by: International Solar Alliance(ISA)

Aim: To help reduce the remaining constraints related to contracts and financing for solar energy projects.

Focus area: To expand solar installations in Africa and then expand it to West Asia, Latin America, and the Caribbean.

Funds: It will have three funds: 1) payment guarantee fund 2) Insurance fund to mitigate project risks and 3) Investment fund for technical assistance.

How much gigawatts of solar photovoltaic panels have been installed globally?

As of 2022, global solar photovoltaic installations have reached 1,133 gigawatts (GW) with 191 GW added in 2022.

China accounts for about a quarter of this total solar photovoltaic installations followed by the United States.

India is also among the top five countries globally with 62 GW of installations.

UPSC Syllabus Topic: International Organizations