New Delhi: The Union Ministry of New and Renewable Energy has authorized 50 solar parks with a total capacity of around 37.5 gigawatts (GW), which is a major boost to India's renewable energy sector, according to Union Minister Pralhad Joshi. In his speech to the 7th General Assembly of the International Solar Alliance (ISA), Joshi described India's aggressive renewable goals, which include developing offshore wind projects to reach the country's 2030 capacity objective of 30 GW.
"To achieve our 30 GW target by 2030, we have identified potential offshore wind energy sites and approved 50 solar parks with a total capacity of nearly 37.5 GW," Joshi stated, highlighting India's commitment to transforming its energy future.
By 2030, the ISA, a group of 120 nations, hopes to raise $1,000 billion in solar energy investments through its 'Towards 1000' strategy, which aims to install 1,000 GW of capacity, give 1,000 million people access to energy, and reduce 1,000 million tonnes of carbon dioxide emissions annually. This worldwide commitment is in line with India's local initiatives, where solar and other renewable energy installations are expanding at an unprecedented rate.
Joshi emphasized India's latest budget allocation, which saw a 110% increase in financing for solar power projects, and stated, "Our journey in renewables is one of vision and progress, with both domestic and international support driving significant achievements." The government's efforts to strengthen solar infrastructure are highlighted by new programs like the PM-Surya Ghar Muft Bijli Yojana and tax breaks on essential resource imports. Furthermore, one of the most extensive rooftop solar programs in the world, India's program is empowering communities to produce renewable energy at the household level.
Interestingly, India's rural-focused PM-KUSUM program is changing agricultural landscapes by empowering farmers to sell excess energy and use solar electricity for irrigation, so promoting sustainable livelihoods. Joshi stated that "the PM-KUSUM scheme has been instrumental in enhancing rural energy access and it's helping farmers to participate in the solar economy as well as irrigate their fields."
By 2024, the world's installed solar capacity is predicted to surpass 2 terawatts, reflecting the similarly impressive expansion in the solar industry worldwide. According to ISA data, solar's share of the world's energy mix is growing quickly. Investments in solar increased from $144 billion in 2018 to an estimated $500 billion by the end of 2024. Due to this increase, solar energy is now more cost-effective than conventional energy sources like coal and gas as the most economical source of electricity in many areas.
The assembly's main focus was on ISA's accomplishments, as Union Minister Pralhad Joshi praised the alliance for finishing 21 of 27 solar demonstration projects in different countries. In order to improve institutional capacity in ISA member states, he also announced the opening of seven STAR-C centers and the dedication of eleven new demonstration projects.
The introduction of the Solar Data Portal, a platform that offers real-time information on solar resources, investment prospects, and project performance worldwide, is a notable feature of ISA's ongoing efforts. "By encouraging transparency and action-oriented insights, this portal is revolutionizing the way governments and investors engage with solar projects," Joshi said. With a prototype project in the Democratic Republic of the Congo and financial support from India and partners like Bloomberg, the Global Solar Facility is another important initiative aimed at releasing funds for solar projects in underserved areas, especially in Africa.
ISA also sponsored the SolarX Startup initiative in 2024, encouraging innovation by choosing 30 Asia-Pacific winners to create scalable solar solutions. Plans are currently in motion to expand the initiative to Latin America and the Caribbean.
In addition to these programs, ISA has increased its efforts to share information by establishing the Green Hydrogen Innovation Centre and the ISA information Series, which support developments in clean energy technology. With planned sessions at COP29 under a dedicated Solar Hub pavilion to promote wider international cooperation, ISA's worldwide events, such as the CEO Caucus and International Solar Festival, further augment its significance.
Add Comment