International Solar Alliance (ISA), 7th Annual Assembly

Context:

The International Solar Alliance (ISA) held its 7th Annual Assembly in November 2024, highlighting significant progress in the global solar energy sector. Here are the key outcomes and findings from the assembly:

Key Outcomes:

• Re-election of India as ISA President: India has been re-elected as President of the ISA for the term 2024-2026. France will serve as the Vice-President.
• Release of the 3rd Edition of the World Solar Report: This edition consists of four major reports, which offer insights into global solar energy developments.

Major Findings from the Reports:

1. World Solar Market Report 2024:

• Global Solar Capacity: The world’s solar capacity grew from 1.22 GW in 2000 to approximately 1,419 GW in 2023.
• Manufacturing vs. Demand: Solar manufacturing is set to exceed 1,100 GW in 2024, more than double the demand, with significant reductions in solar panel prices.
• Solar Jobs: The global solar industry now supports 16.2 million clean energy jobs, with 7.1 million of those in solar alone—an 44% increase from 2022.

1. World Investment Report 2024:

• Energy Investments: Global investments in energy have risen from $2.4 trillion in 2018 to $3.1 trillion in 2024.
• Solar Investment Surge: Solar energy now accounts for 59% of renewable energy investments globally.

1. World Technology Report 2024:

• Technological Breakthroughs: Multijunction perovskite cells are emerging as a disruptive technology in the solar energy sector.
• Cost Reduction in Solar: The cost of utility-scale solar PV has dropped by 90% since 2010.

1. GH2 Readiness Assessment for African Countries Report:

• GH2 Potential: The report highlights green hydrogen (GH2) as a promising technology for decarbonizing industries such as steel and fertilizer production, which are heavily reliant on fossil fuels.