The global solar sector is expected to reach approximately 2 terawatt of installed capacity in 2024, and global investment in solar power could reach $500 billion. USD by the end of 2024.
"In 2023 solar energy accounted for 5.5% of the world's electricity and its role in the energy balance is growing rapidly. This rapid growth is fueled by record investment. Global investment in solar power grew from $144 billion in 2018. to $393 billion in 2023. and are expected to reach 500 billion. USD by the end of 2024". This was said by Indian Minister of New and Renewable Energy Pralhad Joshi, speaking at the 7th General Assembly of the International Solar Alliance, which is being held in New Delhi.
According to him, “solar energy has now become the most affordable source of electricity in many regions, even surpassing coal and gas.“
As Joshi recalled, India has set ambitious targets for renewable energy. “India reached an impressive 90 GW of installed solar capacity last month, en route to its larger target of 500 GW of renewable energy capacity by 2030,” he said.
Indian Prime Minister Narendra Modi proposed the creation of an alliance of countries to develop solar energy in 2015. Three years later, the International Solar Alliance was established. Its creation was supported by over 100 countries, most of which are located in the tropics south and north of the equator.