Context: The World Solar Report 2024 by the International Solar Alliance (ISA) was released in November.
Relevance of the Topic Prelims: Key understanding of broad trends in the Solar Energy Sector; International Solar Alliance.
Major Highlights of the Report:
- Surge in global solar capacity: Solar capacity represents three-quarters of all renewable capacity additions worldwide. From 1.22 GW in 2000, the world’s solar capacity has surged to 1,419 GW in 2023.
- Increasing Investments: The report highlights the global shift toward sustainable energy, with energy investments rising from $2.4 trillion in 2018 to $3.1 trillion by 2024.
- Increased Installed capacity: As of 2023, China dominates solar PV as 43% (609 GW) of the cumulative capacity of solar panels installed globally is from China. The U.S. contributes 10% (137.73 GW). Japan, Germany, and India each captured a 5-6% share.
- Solar Manufacturing: Solar PV manufacturing has nearly doubled in capacity for wafers, cells, and modules in 2023. China maintained the highest share in component manufacturing in 2023, with 97% in wafers, 89% in cells, and 83% in module installation capacity.
- Employment generation: Employment in the solar PV sector rose to 7.1 million jobs in 2023, up from 4.9 million in 2022 worldwide.
- Advancement in Solar Technology: There is 24.9% efficiency in solar PV modules, an 88% reduction in silicon usage since 2004, and a 90% drop in utility-scale solar PV costs, fostering resilient, cost-effective energy solutions.
New Solar Technologies:
- Quantum dot solar cells have achieved an efficiency of 18.1%, offering a promising approach to enhance solar energy capture and power atmospheric water harvesting technologies.
- Self-healing solar panels (presently under development) to extend the lifespan and reduce the maintenance of existing solar cell technologies.
- Solar-powered phyto-mining uses solar energy to power the extraction of valuable metals from soil-using plants, offering a sustainable alternative to traditional mining practices.
- Solar paver blocks integrated with building infrastructure and BIPV (Building Integrated PV), like transparent solar panels, allow light transmission and visibility.
- The solar sector is also prioritising recycling panels and implementing circular economy practices to minimise environmental impact.
About International Solar Alliance:
- The International Solar Alliance was launched at the United Nations Climate Change Conference in Paris in 2015 by India and France, and came into force in 2017.
- Aim: Global deployment of over 1,000 GW of solar generation capacity and mobilisation of investment of over US$ 1000 billion into solar energy by 2030.
- It seeks to bring together the countries which lie either completely or partly between the Tropic of Cancer and the Tropic of Capricorn for harnessing solar energy.
- The membership of the ISA has now been extended to UN member countries as well (presently 120+ members).
- Initiatives by ISA:
- Global Solar Facility (GSF): A fund formed by ISA to stimulate investments into solar power projects.
- One Sun One World One Grid: OSOWOG envisions building and scaling a transnational electricity grid to share solar energy across the globe, leveraging the differences of time zones, seasons, resources, and prices between countries and regions.
- Secretariat: Gurugram, Haryana, India.