TAG: GS-2: INTERNATIONAL RELATIONS
CONTEXT: The 7th Assembly of the International Solar Alliance (ISA), the third edition of the World Solar Report series, was released. This year’s series includes four significant reports.
EXPLANATION:
About the International Solar Alliance (ISA):
- The International Solar Alliance (ISA) is an international organization with 120 members and signatory countries. It works with governments to improve energy access and security worldwide and promote solar energy for a carbon-neutral future.
- It was formed at the 21st Conference of the Parties (COP21) of the United Nations Framework Convention on Climate Change (UNFCCC) in Paris in 2015.
- It partners with multilateral development banks (MDBs), development financial institutions (DFIs), public and private sectors,
- The first international intergovernmental organization to be headquartered in India.
Objectives is to unlock USD 1 trillion of investments in solar by 2030 while reducing the cost of the technology and its financing.
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- ISA drives solar adoption through policies, investments, and new business models, providing clean energy and fostering sustainable growth.
Outcomes of the International Solar Alliance Summit:
Exponential Growth of Global Solar Capacity:
- Global solar capacity has skyrocketed, expanding from 1.22 GW in 2000 to 1,418.97 GW in 2023, reflecting a 40% annual growth rate. This aligns with global climate goals, especially the Paris Agreement targets. The projected rise to 5,457-7,203 GW by 2030 indicates a strong focus on clean energy infrastructure, essential to meet international climate obligations.
- 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.
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- The World Technology Report points to significant advancements in solar efficiency, with monocrystalline modules achieving 24.9% efficiency. Emerging multijunction perovskite cells promise even greater efficiency, potentially surpassing traditional silicon panels.
Job Creation in Clean Energy:
- The clean energy industry supports 16.2 million jobs globally, with solar contributing 7.1 million. This shows the sector’s potential for economic benefits alongside environmental gains.
- Solar manufacturing has reduced silicon usage by 88% in 2023 and a 90% drop in utility-scale solar PV costs, highlighting improvements in material efficiency and potential cost and environmental benefits.
Increased Manufacturing Capacity & Reduced Costs:
- Global solar manufacturing is expected to surpass 1,100 GW by 2024, outpacing demand and potentially reducing solar costs. This trend is driven by advancements in technology and efficient material usage, such as the 88% reduction in silicon for solar PVs and a 90% reduction in utility-scale solar PV costs.
Shift in Global Investments:
- According to the World Investment Report, global energy investments are projected to rise to USD 3.1 trillion by 2024, with clean energy investments outpacing fossil fuels. Solar has attracted 59% of renewable energy investments, with Asia-Pacific leading, followed by Europe, the Middle East, and Africa.
Conclusion:
The outcomes of the ISA Summit reflect the global momentum towards the dominance of renewable energy, with solar power at the forefront. These reflect the intersection of energy, economy, technology and sustainable development. Key themes may include the impact of renewable energy on job creation, the importance of investing in clean energy and India’s role in the global solar mission.
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