Global solar capacity could increase five times to reach 7,203 GW by 2030 – Times of India

NEW DELHI: The global solar capacity could reach 7,203 GW by 2030, more than five times what the world saw in 2023 (nearly 1,419 GW), with Paris Agreement commitments and global net-zero targets becoming major drivers of climate change can be. growth of renewable energyThis is evident from several reports released on Tuesday during the seventh meeting of the International Solar Alliance (ISA).
The reports, released by ISA Assembly President and India’s New and Renewable Energy Minister Pralhad Joshi, also highlighted that global investments in clean energy are now almost double that of fossil fuels as they are expected to rise from $1.2 trillion in 2018 to $2 trillion. trillion by 2024.
As for investments in the solar energy sector, they represent almost 59% ($393 billion) of all investments in renewable energy ($673 billion), largely due to the decline in the cost of solar panels. The reports noted that the increase underlines the huge infrastructure boost needed to meet climate targets.
These reports cover global solar energy growth, industry investment trends, technological advancements and green hydrogen potential in African countries.
“In a week’s time, world leaders will meet in Azerbaijan under the auspices of COP29 (UN Climate Conference) with two guiding objectives: an agreement on a fossil fuel transition, and a tripling of renewable energy and a doubling of energy efficiency by 2030 ” said Ajay Mathur. , Director General of the ISA, while noting the importance of discussions during the work of the current General Assembly.
One of the reports highlighted that the capacity for global solar energy production is expected to exceed 1100 GW, which is more than double the expected demand for PV panels by the end of this year. It attributed the instance where production exceeded demand to falling costs and increasing efficiency.
In terms of employment potential, the report noted that the clean energy industry now supports 16.2 million jobs worldwide, with solar energy leading the way with 7.1 million jobs – a 44% increase from 4.9 million in 2022.