The International Solar Alliance (ISA) entailing 116 member countries to promote the global adoption of solar technology, will publish its inaugural global solar stock-take report, marking a significant initiative in assessing solar energy trends around the globe. This initiative is propelled by the first-ever ‘Global Stocktake’ of the United Nations Conference of Parties, set to take place in Dubai later this year. Throughout this event, countries are predicted to report on the actions taken so far to shift their economies away from fossil fuels and outline plans to rectify their strategies if their efforts prove insufficient in safeguarding drastic global warming. The Global Stocktake is under the Paris Agreement signed in 2015 and is planned to occur every 5 years, serving as an important assessment of global climate action progress.
The ‘solar stocktake’ is set to be released in mid-November, according to Ajay Mathur, Director General of ISA. This report will evaluate the progress made by countries in the kingdom of solar energy adoption. In 2020, nearly $300 billion of investment in solar energy occurred, followed by a rise to nearly $380 billion in 2022. However, manufacturing remains uneven, primarily concentrated in China. The stocktake will discover strategies to diversify this,’ stated Mr. Mathur. Whereas Egypt’s New and Renewable Energy Authority is partnering with the National Project Grid-Connected Small Scale Photovoltaic Systems to develop the design and implementation of small-scale solar systems with capacities less than 500 KW. This collaboration focuses on establishing replicable models, offering technical and financial assistance for these projects, and fostering the growth of the solar PV market in Egypt.
The International Solar Alliance, led by India and France, is gearing up for its 6th annual meeting across Delhi. A significant area of aim for the organization is the development and expansion of solar installations in Africa. To facilitate this, the ISA has established the Global Solar Facility. The objective is to develop solar investments in Africa initially, and then extend efforts to West Asia, The Caribbean, and Latin America. The global Solar Facility will comprise three funds: a payment guarantee fund, an insurance fund to mitigate project risks, and an investment fund enthusiastic to technical help.
As of 2022, solar photovoltaic installations globally reached 1,133 GW with an additional 191 GW added in 2022 alone. China, a non-member of the ISA, accounts for approximately a 4th of these installations, totaling nearly 350 GW. The US, an ISA member, follows with 111 GW, and India is among the top five international countries with 62 GW of solar installations.
‘We believe that the ISA has an important role in the energy transition as it solely aims at renewables and solar energy, India’s witness in this field has been significant. The growth rate of the renewable energy market in our country has been one of the highest around the globe. Among different renewables, solar energy stands out. It is highly reliable, accessible, and dependable for more months during a year. For accomplishing universal energy admittance, solar energy is the solution,’ stated R.K. Singh, Minister for Power and Renewable Energy.