Source: The post World Solar Report is based on the article “ISA releases World Solar Report series” published in “PIB” on 6th November 2024
Why in the News?
Recently, during the 7th Assembly of the International Solar Alliance (ISA), four key reports were released, focusing on the rapid advancements in solar energy and sustainable practices worldwide.
The four reports include the World Solar Market Report, World Investment Report, World Technology Report, and *Green Hydrogen Readiness Assessment for African Countries.
Key Highlights of Each Report:
1. World Solar Market Report: Unprecedented Growth in Solar Capacity:
i) Global Solar Capacity Surge: Since 2000, global solar capacity has expanded from 1.22 GW to an impressive 1,418.97 GW in 2023, marking a 40% annual growth rate. In 2023 alone, 345.83 GW was added, making up 75% of new renewable energy capacity worldwide.
ii) Manufacturing Exceeds Demand: By the end of 2024, solar manufacturing capacity is expected to surpass 1,100 GW, doubling anticipated PV panel demand. Prices for solar cells and advanced modules have dropped significantly, promoting affordability.
iii) Employment Growth: Solar industry jobs have reached 7.1 million, with solar contributing a substantial 44% increase from 2022 figures.
Solar capacity could reach between 5,457 and 7,203 GW by 2030, driven by international climate commitments.
2. World Investment Report: Shifts in Global Energy Investments
i) Rising Energy Investments: Total global energy investments have grown from $2.4 trillion in 2018 to an expected $3.1 trillion by 2024. Clean energy investments now outpace fossil fuel investments, reaching $2 trillion.
ii) Dominance of Solar Investments: Solar energy leads in renewable investments, accounting for 59% of total renewable energy investments in 2023, mainly due to reduced panel costs.
Regional Leadership: The APAC region leads global solar investment with $223 billion, followed by EMEA ($91 billion) and AMER ($78 billion).
3. World Technology Report: Advancements in Solar Technology
Record Efficiency in PV Modules: Monocrystalline solar PV modules have reached a new efficiency high of 24.9%. Multijunction perovskite cells promise higher efficiency and lower production costs, challenging traditional silicon panels.
Material Innovation: Solar manufacturing now uses 88% less silicon per watt than in 2004, highlighting strides in efficiency and environmental benefits.
Cost Reduction in Utility-Scale PV: The levelized cost of electricity (LCOE) for utility-scale solar has dropped by 90%, from $0.46/kWh in 2010 to $0.044/kWh in 2023.
4. Green Hydrogen Readiness in African Countries
Potential for Decarbonization: Green hydrogen, produced through renewable-powered electrolysis, offers an alternative to fossil fuels for industries like steel and fertilizer production, especially in Africa.
Country Assessments: Countries like Egypt, Morocco, and Namibia are evaluated for their green hydrogen potential, focusing on economic feasibility, financing, and risk management.
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