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The International Solar Alliance (ISA) has unveiled its 3rd edition of the World Solar Report series at the 7th ISA Assembly in New Delhi, highlighting significant trends in global solar growth, technological advancements, investments, and Africa’s green hydrogen potential. The reports reveal a remarkable surge in global solar capacity, reaching 1,418.97 GW in 2023, with projections for even greater growth by 2030. Solar energy continues to lead renewable investments worldwide, while breakthroughs in solar technology are driving down costs and improving efficiency. The Green Hydrogen Readiness Assessment emphasizes Africa’s potential to develop green hydrogen, offering a sustainable solution to decarbonize key industries and positioning the continent as a leader in the emerging global green hydrogen market. Overall, the ISA’s reports underscore the pivotal role of solar and green hydrogen in advancing global clean energy goals, fostering economic growth, and creating jobs.

The International Solar Alliance (ISA) has launched its highly anticipated 3rd edition of the World Solar Report series, providing a comprehensive look at the global solar energy landscape. The new reports were unveiled at the 7th ISA Assembly in New Delhi, where experts, policymakers, and industry leaders gathered to discuss the future of solar energy, investments, and technological advancements.

The four reports — World Solar Market Report, World Investment Report, World Technology Report, and Green Hydrogen Readiness Assessment for African Countries — offer vital insights into the expanding role of solar energy in the global push for sustainability. The reports highlight key areas such as solar capacity growth, rising investments in clean energy, advancements in solar technology, and the potential of green hydrogen to revolutionize Africa’s energy sector.

Solar Industry Poised for Explosive Growth

The World Solar Market Report reveals staggering growth in the solar sector, with global solar capacity soaring from just 1.22 GW in 2000 to 1,418.97 GW in 2023 — a remarkable leap of over 116,000%. The report forecasts that solar capacity could reach as much as 7,203 GW by 2030, driven by aggressive commitments to the Paris Agreement’s climate goals.

Solar power has become the fastest-growing source of renewable energy, with 345.83 GW of new solar capacity added in 2023 alone — accounting for 75% of all new renewable energy installations worldwide. The solar industry has also seen a boom in employment, with the number of solar jobs surging by 44% in just one year, bringing the total number of solar-related jobs to 7.1 million globally.

“The solar sector is experiencing exponential growth, driven by advances in technology, affordability, and global commitment to climate action,” said Pralhad Joshi, Minister for New and Renewable Energy and President of the ISA Assembly. “This growth presents immense opportunities for economies, job creation, and a sustainable energy future.”

Investment Surge Fuels Global Energy Transition

The World Investment Report underscores a significant shift toward sustainable energy, with global investments in clean energy projected to rise from $2.4 trillion in 2018 to $3.1 trillion by 2024. Of this, solar energy takes the lead, accounting for 59% of total renewable energy investments. The Asia-Pacific (APAC) region leads the way, pouring $223 billion into solar energy in 2023, followed by Europe, the Middle East, and Africa (EMEA) with $91 billion.

The report also highlights a significant drop in solar costs, with the price of solar panels falling by over 80% in the past decade. This affordability has led to a surge in investments, particularly in developing regions where solar energy is poised to transform economies.

Breakthrough Solar Technologies Drive Efficiency and Sustainability

The World Technology Report showcases transformative advancements in solar technology, including new record-high efficiencies for photovoltaic (PV) panels. The report notes that monocrystalline solar modules have achieved an impressive 24.9% efficiency, while new materials like perovskite cells are set to further disrupt the industry with even higher efficiencies and lower production costs.

Furthermore, the report highlights the ongoing reduction in the environmental footprint of solar panel manufacturing, noting an 88% reduction in silicon usage since 2004. Utility-scale solar costs have dropped by 90% over the past decade, underscoring the growing affordability of solar power as a mainstream energy source.

“The technological advancements in solar PV are making solar energy not only more efficient but also more accessible to a wider range of consumers,” said Dr. Ajay Mathur, Director-General of ISA. “These innovations are critical to scaling up the solar industry and meeting global climate goals.”

Green Hydrogen: A Game Changer for Africa’s Clean Energy Future

A new report assessing Green Hydrogen Readiness in African countries highlights the potential of green hydrogen to decarbonize key industrial sectors such as steel, fertilizer, and chemicals. Produced through the electrolysis of water using renewable energy sources like solar and wind, green hydrogen could play a pivotal role in Africa’s transition to clean energy.

Several African nations, including Egypt, Morocco, and Namibia, are identified as having significant potential to develop green hydrogen economies, leveraging their abundant renewable resources to produce clean hydrogen for both local consumption and export. This emerging sector could also generate millions of jobs and support Africa’s industrial decarbonization efforts.

“Green hydrogen is a promising alternative to fossil fuels, particularly for industries that cannot easily electrify,” said Emil S. Lauritsen, Head of Strategic Sector Cooperation at the Embassy of Denmark. “Africa’s vast renewable energy resources position it as a global leader in this emerging market.”

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