November 4, 2024 – International Solar Alliance (ISA)
India has lofty targets in the renewable energy sector, including the target of producing 5 million metric tonnes of green hydrogen by 2030, through 125 GW of renewable energy capacity. Speaking at the 7th General Assembly of the International Solar Alliance (ISA), Union Minister for New and Renewable Energy, Pralhad Joshi, gave an overview of the role India is playing in driving investments and production in solar energy. With new records being set by India in renewable energy capacity and projects, the country is emerging as a leader in global energy transition initiatives.
Global Solar Investments Surge
According to Minister Joshi, global solar investments are likely to total $500 billion by the end of 2024, a staggering increase from the $393 billion invested in 2023 and from $144 billion in 2018. This growth reflects the status of solar energy as one of the world’s cheapest sources of energy, and it has overtaken fossil fuels such as coal and gas in several regions. Investments in solar power are generating new capacity globally but also resulting in cost reduction in the production of solar energy so that it is made affordable for the developing economies and hence leads to energy transition.
ISA’s ‘Towards 1000′ Strategy
At the ISA General Assembly, Joshi presented ISA’s ambitious strategy “Towards 1000”, which postulates three major objectives for 2030:
Mobilising $1,000 billion in solar investments globally.
Increasing solar energy capacity by 1,000 GW.
Annual reduction of 1,000 million tonnes of carbon emission.
The plan also includes the enhancement of access to energy for one billion people across the world; in this regard, ISA aims at increasing the penetration of solar energy to make it contribute to the United Nations’ SDGs.
According to Joshi, being a coalition of 120 member countries, the key role played by the International Solar Alliance has meant much in the facilitation of the solar projects around the world, especially on the least-developed countries as well as small island developing states. In the efforts contributed by ISA, 21 of the 27 demonstration projects have been completed-an aspect that proves the aspect of solar energy in promoting both sustainable development and economic development at the same time.
India Renewable Energy Milestones and Target:
India diligently took a step forward toward meeting renewable targets with an installed capacity of 90 GW under solar just achieved. The above fits the bill against a broader target of renewable energy capacities hitting a total of 500 GW before the year 2030. The goal spoke to Indian commitments to sustainable future energy. Minister Joshi said that the progress of the country is because of initiatives led under the leadership of Prime Minister Narendra Modi, who has been a strong advocate for the development of renewable energy as a national priority.
Green hydrogen is one of the key components of India’s 2030 energy strategy, with a goal of 5 million metric tonnes supported by 125 GW of renewable capacity. This will align with the overall vision of India’s hydrogen economy, where green hydrogen will be a prime source of energy for industry, transportation, and electricity generation.
Government Initiatives and Budgetary Support
The Union Budget 2024-25 is further propelling India towards its renewable energy goals with significant financial allocation for solar energy projects, up by 110%. For example, it supports the generation of solar power through schemes like PM-Surya Ghar Muft Bijli Yojana. Other exemptions have been included regarding the critical mineral import into the nation to build India’s own solar manufacturing base and gradually reduce reliance on imported component parts.
One such scheme has been the one about the installation of solar rooftop on a world level that is one of the most ambitious. There have been aims here to empower the local community to build self-sufficient units through which they can generate electricity in their areas. With the use of solar energy for power generation in residential and commercial setups, this helps in decentralising power and reducing the carbon footprint of the entire country.
Major Projects and Future Plans
In addition to ongoing projects under the ISA, the Indian government has sanctioned development of 50 solar parks with an aggregate capacity of almost 37.5 GW. Offshore wind is another area of focus with site identification at various places. The goal is to achieve an aggregate capacity of 30 GW by 2030. All these projects will add to a significant quantum of renewable energy capacity in India and propel the country toward de-addiction from fossil fuels.
The Global Solar Facility is the ISA flagship programme that would mobilize commercial capital to deploy solar power for under- or unreached areas. A pilot scheme is currently in the Democratic Republic of Congo and already secured US39 million commitment from India, ISA, Bloomberg and CIFC. This facility was promised to be operation within COP 29 in terms of actual solar deployment from the group.
New Platforms for Knowledge and Innovation in Solar
The monthly ISA Knowledge Series is another platform that has served as the most recent source of new research, best practices, and state-of-the-art developments in solar. The other is the Innovation Centre launched at the G20 Ministerial, aimed at providing a hub of research and development for hydrogen energy. These initiatives ensure member countries keep pace with new knowledge in both solar and green hydrogen technologies that would help member countries not lag behind as they are kept on the same trajectory for collective advancement.
During the year 2024, ISA also launched a solar data portal that provides access to current data on the solar resources, project performances, and potential opportunities. That particular solar portal can provide transparency and can gain access for governments, investors, and developers in assessing chances around countries for solar energy.
India is looking forward to COP29, where it will be hosting a Solar Hub pavilion, which will have multiple high-level sessions with the aim of driving global engagement on the discussion of solar energy. It would offer a platform for the discussion of pathways by government leaders, industry experts, and investors in accelerating the transition to solar energy across the globe.
Scaling up Cross-Border Solar Capacity
The impact is felt more broadly in India as ISA continues to invest in the development of solar globally with 11 demonstration projects and seven STAR C (Solar Technology Application Resource and Capability) centres recently launched. The efforts have been geared towards increasing capacities at the institutional level of its member states. Tailor-made to help implement the solar energy technology, all these projects focus on issues in each country that needs their specific approach.
In keeping with the general perception on the role that solar energy might play in the global campaign to fight climate change, an interest from diverse geographical places around the world is reflective in such increase in investment in solar power. India, through the mechanism of ISA, is standing out as an international actor in the transition from the burning of fossil fuels to using other renewable sources of energy for all its domestic and internationally set goals on the long journey towards a sustainable future.