World Solar Report 2024

1. In November 2024, the International Solar Alliance (ISA) released its World Solar Report 2024.
2. The global solar energy capacity has grown significantly, rising from 1.22 GW in 2000 to 1,419 GW in 2023.
3. This represents an impressive compound annual growth rate (CAGR) of approximately 36%. Currently, solar energy accounts for about 75% of all new renewable energy capacity globally.

Emerging Solar Technologies

1. Quantum Dot Solar Cells: These cells have reached a record efficiency of 18.1%, showing great promise in boosting solar energy capture and enabling atmospheric water harvesting.
2. Self-Healing Solar Panels: Researchers are developing solar panels that can repair themselves, extending their lifespan and reducing maintenance needs.
3. Solar-Powered Phyto-Mining: This innovative technique uses solar energy to extract valuable metals from the soil with the help of plants, providing an eco-friendlier alternative to traditional mining.
4. Solar Paver Blocks and Building-Integrated Photovoltaics (BIPV): New solar technologies like paver blocks that generate electricity and transparent solar panels integrated into building designs are making it possible to incorporate solar power into infrastructure without compromising aesthetics or functionality.
5. Reducing Reliance on Critical Materials: The development of these technologies is also aimed at reducing dependence on rare and essential materials, such as lithium and rare earth metals.

1. The solar industry is focusing on improving the recycling of panels and adopting circular economy practices to minimize environmental impact.

Falling Solar Costs and Their Impact

1. Declining Auction Prices: The 2024 World Solar Report highlights a consistent decline in auction prices for utility-scale solar photovoltaic (PV) projects across all regions.

1. The global average cost for utility-scale solar PV projects was $40/MWh in 2024.

2. India's Leadership: India emerged as a leader in auctioned solar PV capacity, achieving a competitive price of $34/MWh.
3. Rising Investments: Investments in solar PV within the power sector are projected to exceed $500 billion by 2024, surpassing combined investments in other power generation sources.

Global Solar Market Insights

1. China’s Dominance: By 2023, China accounted for 43% (609 GW) of the world’s installed solar capacity.
2. Key Contributors: The U.S. followed with 10% (137.73 GW), while Japan, Germany, and India each contributed 5–6%. Emerging markets like Brazil, Australia, Italy, and Spain each added about 2%.
3. Manufacturing Growth: Global solar PV manufacturing capacity for wafers, cells, and modules almost doubled in 2023. China led with a dominant share, producing 97% of wafers, 89% of cells, and 83% of modules.

Current Status of India’s Solar Sector

1. India ranks as the 3^rd-largest energy consumer globally and holds the 5^th position in terms of solar power capacity (REN21 Renewables 2024 Global Status Report).
2. During COP26, India committed to reaching 500 GW of non-fossil fuel-based energy by 2030, as part of the Panchamrit initiative, which represents the world’s largest renewable energy expansion effort.
3. India’s solar capacity has grown by 30 times in the past nine years, reaching 89.4 GW by August 2024.
4. The country’s solar potential is estimated at 748 GWp, according to the National Institute of Solar Energy (NISE).
5. India allows 100% Foreign Direct Investment (FDI) through the automatic route for renewable energy generation and distribution projects, in compliance with the Electricity Act of 2003.

Solar Energy’s Influence on Other Sectors

1. Job Creation: Employment in the solar PV industry rose to 7.1 million in 2023, a significant increase from 4.9 million in 2022.
2. Agricultural Transformation: Solar irrigation systems are revolutionizing farming, with the solar pump market projected to grow at a CAGR of 5.8% from 2021 to 2027.

1. These systems offer a cost-effective and eco-friendly alternative to diesel pumps.

3. Agrivoltaics: Solar panels are being installed in pastures for livestock management, providing shade for animals and generating electricity simultaneously.
4. Pay-As-You-Go Models: Flexible financing options like pay-as-you-go systems have made solar adoption more accessible for households and businesses.
5. Driving Solar Growth Globally: Technological progress has reduced solar energy costs and expanded its applications.

1. To ensure inclusive growth, we must focus on transferring technology and financial support to developing nations and small island states. This will help bridge gaps and make solar energy universally accessible.

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International Solar Alliance (ISA) The International Solar Alliance (ISA) is a global initiative founded in 2015 during the United Nations Climate Change Conference (COP21) in Paris. Co-founded by India and France, its main aim is to promote the use of solar energy and promote cooperation between countries to tackle climate change. Vision and Objectives Promoting Solar Energy: Drive the adoption of solar energy as a reliable, affordable, and sustainable source of power. Enhancing Energy Security: Reduce reliance on fossil fuels and ensure universal energy access. Technology and Knowledge Sharing: Promote collaboration among member countries in research, innovation, and deployment of solar technologies. Mobilizing Investments: Attract investments to fund large-scale solar projects globally. Membership and Key Initiatives ISA membership is open to 121 countries located between the Tropic of Cancer and the Tropic of Capricorn. However, countries outside this region can also join as partners. As of 2024, 115 countries are full members, with a strong emphasis on developing nations. Armenia became the 104th full member in November 2024. Key Initiatives and Programs: Affordable Solar Power for All, Scaling Solar Mini-Grids, Solar Solutions for Agriculture, Solar Parks and Infrastructure Development, Global Risk Mitigation Facility Future Goals 1,000 GW of Solar Capacity by 2030: Raise $1 trillion in investments to meet this ambitious goal. Equitable Energy Access: Work to close energy access gaps, especially in least developed countries (LDCs) and small island developing states (SIDS). Innovation and Collaboration: Drive innovation in solar technologies and strengthen global partnerships.