Global solar investment to touch USD 500 bn this year: Pralhad Joshi

Union Minister Pralhad Joshi on Monday asserted that global solar investments will touch USD 500 billion this year from the USD 393 billion level in 2023 and said it is the most affordable energy source in many regions surpassing coal and gasThese investments are not only adding new capacity but also driving down the cost of energy from solar worldwide Joshi the minister of new and renewable energy said addressing the inaugural session of the 7th General Assembly of the International Solar Alliance ISAJoshi who is also President of ISA said This rapid growth is fuelled by recordbreaking investments Global solar investments have grown from USD 144 billion in 2018 to USD 393 billion in 2023 and are expected to reach USD 500 billion by the end of 2024 Today he stated solar power has become the most affordable source of electricity in many regions surpassing coal and gasHe also informed that ISA is guided by the Towards 1000 strategy which aims to mobilise USD 1000 billion of investments in solar energy solutions by 2030This is our strategy to deliver energy access to 1000 million people installation of 1000 GW of solar energy capacity and mitigate emissions to the tune of 1000 MT of carbon dioxide every year he addedHe stated that under Prime Minister Narendra Modis leadership India has set ambitious renewable energy targets and achieved remarkable milestonesLast month he informed India reached an impressive 90 GW of installed solar capacity moving steadily forward towards its broader goal of 500 GW of renewable energy capacity by 2030India is also setting its sights on new horizons with a target to produce 5 million metric tonnes of green hydrogen by 2030 supported by 125 GW of renewable energy capacity he addedWe have approved 50 solar parks with a total capacity of nearly 375 GW and identified potential offshore wind energy sites to reach our 30 GW goal by 2030 he saidIndias Union Budget for 202425 reflects this commitment with a 110 per cent increase in funding for solar power projects and targeted support for initiatives like the PMSurya Ghar Muft Bijli Yojana he statedThis along with exemptions on critical mineral imports underscores our resolve to lead in solar innovation he stressedIndia has one of the best schemes globally for solar rooftop installation The country will empower communities to generate their own renewable energy he opinedAs a coalition of 120 member and signatory countries ISA has been at the forefront of mobilising resources and facilitating the deployment of solar projects worldwide particularly in leastdeveloped countries and small island developing states he notedFurther he said ISA has completed 21 out of 27 demonstration projects showcasing Indias collective ability to make significant strides in solar energy deployment and support sustainable development across the globeHe lauded ISA and dedicated 11 demonstration projects to the world and the 7 STAR C centres launched on Monday These will help us expand the strong network of institutional capacities within ISA member statesIn 2024 the solar data portal was launched which delivers realtime data on solar resources project performance and investment opportunities across countriesIt is providing transparent and actionable insights thereby transforming how governments investors and developers engage with solar projects he notedAnother flagship initiative of ISA is the establishment of the Global Solar Facility This facility aims to unlock commercial capital for solar projects in underserved regions especially AfricaWith a pilot project already underway in the Democratic Republic of Congo and commitments of USD 39 million from India ISA Bloomberg and CIFF India is on track to operationalise this initiative by COP29 he saidOur monthly ISA Knowledge Series and the Green Hydrogen Innovation Centre launched at the G20 Ministerial are advancing solar energy research and development he informedAt the upcoming COP29 India will host a pavilion called the Solar Hub where it will be organising numerous highlevel sessions to encourage global participation he addedThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever