Global Solar Report Highlights Massive Growth And Green Hydrogen Potential For Africa – ISA

The 3rd edition of the World Solar Report series was released at the 7th Assembly of the International Solar Alliance (ISA). The reports focus on global solar growth, investment trends, technological advancements, and the potential for green hydrogen in Africa. Four new reports—World Solar Market Report, World Investment Report, World Technology Report, and Green Hydrogen Readiness Assessment for African Countries—were presented to highlight essential aspects of the global transition toward sustainable energy.

The reports were launched by Pralhad Joshi, India’s Minister for New and Renewable Energy and President of the ISA Assembly. First introduced in 2022, the World Solar Report series provides a comprehensive overview of the progress in solar technology, industry challenges, and investment trends. This latest edition emphasizes solar energy’s role in advancing sustainable solutions and gives stakeholders insight into the industry’s rapid evolution.

The World Solar Market Report indicates significant growth in solar power, with global capacity increasing from 1.22 GW in 2000 to 1,418.97 GW in 2023. Manufacturing capacity is set to surpass demand, making solar power more affordable. Solar jobs now number around 7.1 million, with capacity projections reaching 7,203 GW by 2030.

The World Investment Report highlights a global shift toward sustainable energy, with investments expected to grow from $2.4 trillion in 2018 to $3.1 trillion in 2024. Solar energy accounts for 59% of renewable energy investments, and the Asia-Pacific region leads in solar investment.

The World Technology Report details breakthroughs in solar efficiency and affordability, including record-setting 24.9% efficiency in solar PV modules, an 88% reduction in silicon usage since 2004, and a 90% decrease in utility-scale solar PV costs.

The Green Hydrogen Readiness Assessment highlights green hydrogen’s potential to decarbonize industries reliant on fossil fuels, such as steel and fertilizer. Produced through renewable-powered electrolysis, green hydrogen offers a sustainable alternative and supports Africa’s energy transition.

The conference featured ministerial delegations from ISA member countries and other key stakeholders, all aiming to advance global climate goals. Dr. Ajay Mathur, Director General of ISA, stressed the importance of the discussions, noting the upcoming COP29 summit in Azerbaijan, where leaders will focus on reducing fossil fuels and improving energy efficiency.

Pralhad Joshi highlighted the unified global efforts toward energy transition, emphasizing solar technology’s critical role. He expressed confidence that international collaboration could harness solar power to drive sustainable change. Mr. Prashant Kumar Singh from India’s Ministry of New and Renewable Energy noted the significant impact of solar energy on India’s energy landscape, supported by government policies that make solar energy more appealing to investors.

Mio Oka, from the Asian Development Bank, emphasized the responsibility of facilitating access to clean energy technology and finance, noting a substantial decline in solar PV costs. Viktoria Martin from the International Solar Energy Society encouraged integrating diverse energy storage solutions to connect power generation with heating, cooling, and transportation needs. Emil S. Lauritsen of the Embassy of Denmark shared insights from the green hydrogen report, which assesses readiness for green hydrogen economies in countries like Egypt, Morocco, and Namibia.

The report covers country-specific parameters, financing methods, and strategies to build a green hydrogen economy. Lauritsen emphasized that green hydrogen can help countries monetize their renewable resources, achieve decarbonization, and create sustainable jobs.