At the ISA’s 7th Assembly, new reports reveal record-breaking solar capacity, a surge in renewable investments, and Africa’s potential as a green hydrogen leader, underscoring solar energy’s transformative role in the global energy transition
At the 7th Assembly of the International Solar Alliance (ISA), a major focus was directed toward accelerating the shift to sustainable energy as ISA released the third edition of its World Solar Report series. This latest installment—comprising four comprehensive reports on the global solar market, investments, technology advancements, and green hydrogen readiness in Africa—underscores solar energy’s growing impact on the global clean energy landscape.
Unveiled by India’s New and Renewable Energy Minister Pralhad Joshi, the World Solar Report series has evolved since its inception in 2022 as a key resource on solar energy progress. The latest edition reveals significant solar capacity growth, shifting investment priorities, and technological innovations that are helping drive down costs and increase efficiency. A separate report on Africa’s green hydrogen potential, produced in collaboration with Denmark, highlights Africa’s capacity to leverage renewable energy for industrial decarbonization.
World Solar Market Report: Unprecedented Growth The World Solar Market Report documents a rapid rise in global solar capacity, which has surged from 1.22 GW in 2000 to 1,418.97 GW by 2023. With 345.83 GW added just this year, solar has become central to global renewable expansion, now representing three-quarters of all new renewable capacity. Solar manufacturing is projected to exceed demand, making solar more affordable as panel prices drop. Employment within the solar sector has also grown, now supporting 7.1 million jobs globally.
World Investment Report: Major Shift Toward Renewables According to the World Investment Report, global energy investments are set to reach $3.1 trillion by 2024, with solar leading among renewables, capturing nearly 59% of total clean energy investments. Asia-Pacific leads in solar investments, with the region contributing $223 billion in 2023 alone, positioning itself as a significant force in the clean energy transition.
World Technology Report: Advances in Solar Efficiency The World Technology Report highlights solar technology’s rapid advancements. Solar photovoltaic (PV) efficiency has reached a record-breaking 24.9%, and silicon use has been reduced by 88% since 2004. With utility-scale solar PV costs dropping by 90% globally since 2010, solar power has become increasingly accessible and cost-effective.
Green Hydrogen in Africa: A Path to Industrial Decarbonization The “Green Hydrogen Readiness Assessment for African Countries,” jointly produced by ISA and Denmark, emphasizes green hydrogen’s potential to decarbonize industries dependent on fossil fuels, such as steel and fertilizers. African countries rich in renewable resources, including Egypt, Morocco, and Namibia, could play a key role in creating a sustainable green hydrogen economy, supported by ISA and Denmark’s strategic partnership.
The ISA Assembly also hosted a High-level Conference on New Technologies for Clean Energy Transition, gathering global leaders to explore emerging technologies that can bolster solar power’s role in economic and environmental progress.