NTI: As the urgency of climate change intensifies, solar energy is rising as a cornerstone in the global push for cleaner, sustainable energy sources. Once considered a niche, solar power has transformed into a key contributor to renewable energy goals, with impressive growth in capacity and technology advancements leading the way.
According to the latest World Solar Report from the International Solar Alliance (ISA), solar capacity globally skyrocketed from a modest 1.22 gigawatts (GW) in 2000 to an astounding 1,418.97 GW in 2023. In this year alone, the sector added 345.83 GW, constituting nearly 75% of all new renewable capacity. At this rate, ISA predicts solar capacity may reach between 5,457 and 7,203 GW by 2030, underscoring its pivotal role in the energy landscape.
India is at the forefront of this clean energy movement, rapidly expanding its solar capacity to meet ambitious climate targets. Solar power has become the backbone of India’s renewable energy initiatives, driven by advanced technologies, policy backing, and strategic investments. “Solar energy has dramatically impacted India’s energy scenario over recent years,” said Prashant Kumar Singh, Secretary, Ministry of New and Renewable Energy. “Beyond large-scale plants, decentralized solar applications have benefited millions in rural India, providing a sustainable energy source.”
This shift aligns with a global trend, as investment in renewable energy surges. Since 2018, global energy investments have grown from $2.4 trillion to an expected $3.1 trillion in 2024, with solar leading the way at 59% of the total. The Asia-Pacific (APAC) region, spearheaded by India, invested $223 billion in solar energy in 2023 alone, with falling solar costs accelerating expansion. “The clean energy cost decline has been rapid, with solar PV prices dropping over 80% in the last decade to around $0.05 per kilowatt-hour,” noted Mio Oka, Country Director, Asian Development Bank’s India Resident Mission.
India’s contributions go beyond capacity expansion; the country is a leader in solar tech innovation. Modern monocrystalline solar modules have achieved 24.9% efficiency, setting new industry standards. This technological progress, coupled with supportive government policies, has made India a magnet for solar sector investments and job creation, with 7.1 million solar jobs globally and India standing out as a major employer.
India’s leadership in expanding solar capacity, advancing technology, and creating jobs highlights its growing influence in the renewable energy sector. As climate concerns deepen, solar power continues to be a beacon of hope for a cleaner, sustainable future.
