Ms Mio Oka, Country Director, India Resident Mission, Asian Development Bank, noted, “We must ensure that growth is green, and it's our ADB's responsibility to facilitate emerging economies' access to technologies and finance to attain green growth. The good news is that the cost of clean energy has rapidly declined, and the share of renewable energy has increased. The cost of solar PV has declined by over 80% in the last decade to about $0.05 per kilowatt hour.”

Ms Viktoria Martin, President, the International Solar Energy Society, leaving a lead for the discussions to follow during the day said, “And I think this is the send-off idea for your discussion today, to think integrated planning in technology, to think about the diverse mix of storage that is needed to connect, for example, electricity generation to the other types of energy services, heating and cooling and transport, that are needed in our green and clean energy systems.”

An added attraction at the inaugural was the launch of the third edition of the World Solar Report series. Launched in 2022, the series provides a concise overview of global advancements, challenges, and trends in solar technology, markets, and investments. Key findings from the 2024 edition include:

World Solar Market Report Highlights Unprecedented Growth and Future Projections

The World Solar Market Report highlights a remarkable growth trajectory in the solar power sector.

· Rise in Solar Capacity: In just two decades, global solar capacity has exploded from

1.22 GW in 2000 to an astounding 1,418.97 GW in 2023—a staggering 40% annual growth rate. In 2023 alone, 345.83 GW of solar power was added, accounting for three- quarters of all new renewable capacity worldwide. Solar generation has surged similarly, rocketing from 1.03 TWh in 2000 to 1,628.27 TWh in 2023.

• Solar Manufacturing to Exceed Demand with Over 1,100 GW by 2024: By the close of 2024, the capacity for global solar manufacturing is projected to exceed 1,100 GW, which is more than twice the anticipated demand for PV panels. Solar cell prices have reached $0.037/watt, while advanced mono TOPCon and mono PERC module prices have fallen below $0.10/watt, indicating a trend towards greater affordability in solar technology.
• Solar Industry Employment Boom: The clean energy industry now fuels 16.2 million jobs, with solar leading the charge at 7.1 million—up 44% from 2022’s 4.9 million. And a striking 86% of these jobs are concentrated in just ten countries.

· Future Forecasts: Global solar capacity is set to skyrocket to between 5457 and 7203 GW by 2030, driven by Paris Agreement commitments. This surge underscores the massive infrastructure push needed to meet climate goals.

World Investment Report Unveils a Dynamic Shift in Global Energy Investments

The latest World Investment Report has significantly transformed global energy investments, highlighting a steadfast march towards sustainable energy solutions. Here are the key findings:

• Exponential Growth in Energy Investments: Global energy investments are set to soar from $2.4 trillion in 2018 to a projected $3.1 trillion in 2024—a steady climb at nearly 5% annually. Global clean energy investment now nearly doubles that of fossil fuels, set to leap from $1.2 trillion in 2018 to $2 trillion by 2024—marking a bold pivot toward renewables.

• The Solar Investment Surge: Investments in solar represented ~ 59% (USD 393 billion) of

all RE investments (USD 673 billion), driven largely by drop in solar panel costs

· APAC leads global solar investments: Region-wise, APAC is at the forefront of solar investments pouring USD 223 billion into solar in 2023. EMEA has experienced modest solar investment growth, with USD 91 billion in 2023, followed by AMER region with solar investments of USD 78 billion

World Technology Report Highlights Breakthroughs in Solar PV Efficiency and Material Innovation

The World Technology Report highlights the rapid progress being made in the field of solar technology. These innovations are not only enhancing the efficiency and accessibility of solar power but are also paving the way for a more resilient and cost-effective power infrastructure. Key highlights from the report include:

· Record-Breaking Solar PV Panel Efficiency: Solar PV monocrystalline modules have hit a new high with record-breaking 24.9% efficiency—a major leap in maximizing solar energy potential. Multijunction perovskite cells are set to disrupt the solar panel industry, promising higher efficiency, lower production costs, and seamless integration with diverse surfaces—leaving traditional silicon panels in the dust.

· Solar Manufacturing Now Uses 88% Less Silicon per Watt Peak than in 2004- The manufacturing process has undergone significant improvements, resulting in a drastic reduction in silicon usage- from consuming 16 gm/Wp in 2004 to 2 gm/Wp in 2023. This 88% decrease in silicon consumption not only reflects the strides made in optimizing material efficiency but also underscores the potential for further cost reductions and environmental benefits.

· Utility-Scale PV Costs Hitting New Low- The global weighted average LCOE for utility- scale Solar PV dropped by 90%- falling from USD 0.460/kWh in 2010 to USD 0.044/kWh in 2023. At country level, the drop ranges from 76%-93% over the same period.

Ministerial delegations of the ISA Member Countries, policymakers, experts, and industry leaders attended the Conference proceedings. The Conference was introduced in 2022 to drive real-world change and make significant progress toward achieving global climate goals by fostering collaboration and sharing knowledge among concerned stakeholders and key players.

The inaugural also witnessed the release of the ‘Readiness Assessment of Green Hydrogen African Countries’ report by ISA and Denmark.

Direct electrification cannot solve the decarbonisation requirements of industries that still rely on fossil fuels like coal, oil, or natural gas as feedstocks to produce commodities like steel, fertilisers, refined gasoline, and diesel fuel. Hence, green hydrogen, produced through the electrolysis of water powered by renewable electricity sources like wind, solar, and geothermal, emerges as a suitable replacement for fossil fuel-based energy sources.

Mr Emil S. Lauritsen, Head of Strategic Sector Cooperation, Embassy of Denmark, New Delhi, sharing his insights on the report, said, “This report is the first project under the umbrella of the memorandum of understanding for the green hydrogen partnership, which the Embassy of Denmark has inked with the International Solar Alliance. The objective is to conduct a readiness assessment of the target countries: Egypt, Morocco, Namibia, and Egypt. The report focuses on three categories: country-specific parameters, financing requirements and possible financing methods. It also includes assessing risks and preparing plans to develop a green hydrogen economy in these countries. Under the partnership, the Ministry of Foreign Affairs of Denmark will also support ISA with three years of content, focusing on green hydrogen policy, regulation, and other components of the green hydrogen value chain.”

Green hydrogen provides a great avenue to monetise a country’s rich renewable resources (wherever available), aid the country in achieving industry decarbonisation, and generate sustainable jobs in the process. Countries have been identified based on their vast renewable energy potential and thus can potentially contribute significantly to developing the green hydrogen ecosystem.