Global solar investments will touch $500 bn this year: Joshi

Renewable Energy Minister Pralhad Joshi on Monday said India had been re-elected as the president of the International Solar Alliance (ISA) from 2024 to 2026. France has been re-elected as the vice-president of the ISA.

Speaking at the inaugural ceremony of ISA, the minister said global solar investments would touch $500 billion this year, up from $393 billion in 2023.

“These investments are not only adding new capacity, but are also driving down the cost of energy from solar energy worldwide. Today, solar power has become the most affordable source of electricity in many regions, even surpassing coal and gas. This cost-effectiveness is fuelling a global surge in solar ambitions, with several countries emerging as frontrunners in the field,” Joshi, who is also the chief of the ISA, said.

He said in September this year, India had reached an impressive 90 GW of installed solar capacity, moving steadily forward towards its broader goal of 500 GW of renewable energy capacity by 2030.

“India is also setting its sight on new horizons, with a target to produce 5 million metric tonnes of green hydrogen by 2030, supported by 125 GW of renewable energy capacity. We have approved 50 solar parks with a capacity of 37.5 GW and have identified potential offshore wind energy sites to reach our 30 GW goal by 2030,” Joshi said.

“India’s Budget for 2024-25 reflects this commitment, with a 110 per cent increase in funding for solar power projects and targeted support for initiatives like the PM-Surya Ghar Muft Bijli Yojana,” he said.