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

Sub : Geo

Sec: Eco Geo

Context:

The World Solar Report 2024 by the International Solar Alliance (ISA) was released.

Key highlights:

Solar capacity grew from 1.22 GW in 2000 to 1,419 GW in 2023, achieving a 36% CAGR.
Solar energy now accounts for three-quarters of all renewable capacity additions worldwide.

New Solar Technologies:

Quantum Dot Solar Cells:
- Record efficiency: 18.1%.
- Applications include enhanced solar energy capture and atmospheric water harvesting.
Self-Healing Solar Panels: Aim to extend lifespan and reduce maintenance of solar cells.
Solar-Powered Phyto-Mining:
- Uses plants to extract valuable metals from soil, powered by solar energy.
- Offers a sustainable alternative to traditional mining.
Building Integrated PV (BIPV):
- Includes transparent solar panels that allow light transmission and visibility.
- Solar paver blocks integrated into building infrastructure.
Material Alternatives and Recycling:
- Focus on reducing dependency on critical materials like lithium and rare earth elements.
- Emphasis on recycling panels and adopting circular economy practices.

Declining Solar Costs:

Utility-scale solar PV prices decreased globally, averaging $40/MWh in 2024.
India achieved the lowest auction price at $34/MWh.
Investments in solar PV technology expected to exceed $500 billion in 2024, surpassing investments in all other energy generation forms.

Global Solar Market Trends:

China leads with 43% of global solar capacity (609 GW).
The U.S. follows with 10% (137.73 GW).
Japan, Germany, and India: 5-6% each.
Emerging Markets: Brazil, Australia, Italy, and Spain contribute around 2% each.
Solar PV manufacturing expanded significantly in 2023:
- 97% of wafers, 89% of cells, and 83% of module installation capacity from China.

Impact on Other Industries:

Employment Growth:
- Solar PV sector employed 1 million people in 2023, up from 4.9 million in 2022.
Agriculture:
- Solar-powered irrigation systems are revolutionizing farming.
- Global solar pump market projected to grow at a 8% CAGR (2021-2027).
- Agrivoltaics: Solar panels in pastures provide shade for livestock while generating electricity.
Pay-As-You-Go Models: Allow users to adopt solar systems via affordable, small, regular payments.

International Solar Alliance (ISA):

The International Solar Alliance (ISA) is a global initiative launched in 2015 during the United Nations Climate Change Conference (COP21) in Paris. It was co-founded by India and France with the primary goal of promoting solar energy adoption and cooperation among countries to combat climate change.

Vision and Objectives

Promoting Solar Energy: Accelerate the use of solar energy as a reliable, affordable, and sustainable energy source.
Enhancing Energy Security: Reduce dependence on fossil fuels and ensure energy access for all.
Technology and Knowledge Sharing: Facilitate collaboration among member countries for research, innovation, and deployment of solar technologies.
Mobilizing Investments: Attract and secure investments to finance large-scale solar projects globally.

Membership

Open to 121 countries located between the Tropic of Cancer and Tropic of Capricorn, though countries beyond this geographical area can also join as partners.
As of 2024, 115 countries are members, with a significant focus on developing nations.
- Armenia became the 104th full member of the International Solar Alliance (ISA) in November 2024.

Key Initiatives and Programs:

Affordable Solar Power for All: Work towards reducing the cost of solar projects by addressing challenges like high financing costs and technology barriers.
Scaling Solar Mini-Grids: Promote decentralized solar solutions for rural and underserved areas.
Solar Applications for Agriculture: Support farmers with solar-powered technologies, such as irrigation systems, to boost productivity and sustainability.
Solar Parks and Infrastructure Development: Encourage the establishment of solar parks to scale up renewable energy production.
Global Risk Mitigation Facility: Create financial instruments to mitigate risks and attract investments in solar projects.

Future Goals

1,000 GW of Solar Capacity by 2030:
- Mobilize $1 trillion in investments for achieving this ambitious target.
Equitable Energy Access:
- Bridge energy access gaps, particularly in least developed countries (LDCs) and small island developing states (SIDS).
Innovation and Collaboration:
- Foster innovation in solar technologies and strengthen global partnerships.

Source: TH