What is the extent of the global share of solar energy?

Context: On November 5, the World Solar Report 2024 by the
International Solar Alliance (ISA) was released. From 1.22 GW in 2000, the
world’s solar capacity has surged to 1,419 GW in 2023, charting a CAGR of about
36%. Today, solar capacity represents three-quarters of all renewable capacity
additions worldwide. The 2024 World Solar Report shows that the average auction
prices for utility-scale solar photovoltaic (PV) projects have consistently
decreased across all regions. The Report further shows that the average auction
prices for utility-scale solar photovoltaic (PV) projects have consistently
decreased across all regions. India's remarkable ascent as the world's
third-largest producer of solar power in 2023 underscores a significant shift
towards renewable energy sources in the global energy landscape.

Key points

·      
Overview: Recently, at the 7th Assembly of the International
Solar Alliance (ISA), the 3rd edition of the World Solar Report Series was
released. This year’s series comprises four key reports: the World Solar Market
Report, the World Investment Report, the World Technology Report, and the Green
Hydrogen Readiness Assessment for African Countries. 

·      
Key
Highlights of the World Solar Report Series: The World Solar Report series, launched by the ISA in 2022, offers a
concise overview of global solar technology advancements, key challenges, and
investment trends, providing valuable insights into the industry's growth.

World Solar Market Report - Global solar capacity has grown exponentially from
just 1.22 GW in 2000 to an impressive 1,418.97 GW in 2023, reflecting a
remarkable 40% annual growth rate. 

World Investment Report - Global energy investments to rise from USD 2.4 trillion in 2018 to USD
3.1 trillion by 2024, with clean energy investments nearly doubling that of
fossil fuels. 

World Technology Report - Monocrystalline solar PV modules (solar panel) have achieved 24.9%
efficiency, while multijunction perovskite cells (a type of solar cell) promise
higher efficiency and lower costs, potentially outpacing traditional silicon
panels. 

Green Hydrogen Readiness Assessment for African
Countries - The report identifies
Egypt, Morocco, Namibia, and South Africa as potential leaders for developing a
green hydrogen economy due to their renewable energy resources.

·      
International
Solar Alliance (ISA): The ISA is
an international organisation with 120 Member and Signatory countries. It works
with governments to improve energy access and security worldwide and promote
solar power as a sustainable transition to a carbon-neutral future.

·      
India’s
Renewable Energy Capacity: India’s
total electricity generation capacity has reached 452.69 GW. Having the 8,180
MW (megawatt) of nuclear capacity, the total non-fossil fuel-based power now
accounts for almost half of the country’s installed electricity generation
capacity. As of 2024, renewable energy-based electricity generation capacity
stands at 201.45 GW, accounting for 46.3 percent of the country’s total
installed capacity.

·      
India’s
Targets: India has a vision to achieve
Net Zero Emissions by 2070, in addition to attaining the short-term targets
which include: Increasing renewables capacity to 500 GW by 2030, Meeting 50% of
energy requirements from renewables.