Schedule a Call Back
Solar investments dominated by developed nations and China: ISA
Industry News- Sep 06,24
The ISA, which was founded at the 2015 Paris climate change conference, is currently working with 92 countries to create an enabling environment for solar deployment.
While the global adoption of solar energy continues to accelerate, the majority of investments are still concentrated in developed countries, China, and large developing nations like India. According to Ajay Mathur, Director General, International Solar Alliance (ISA), efforts in low-income countries, especially in Africa, are expected to bear fruit in the coming years.
Mathur acknowledged that although the initial target to attract $1 trillion for solar energy has been met, about 74% of this has flowed to developed nations and China, with India adding to over 80% of the total. He explained that lower-income nations face higher entry barriers, making it harder to compete for investments. Instead of large solar farms, these countries require solar-powered solutions and applications tailored to their specific needs.
The ISA, which was founded at the 2015 Paris climate change conference, is currently working with 92 countries to create an enabling environment for solar deployment. While notable successes have been seen in places like the Democratic Republic of Congo and Cuba, challenges remain. Mathur expressed optimism that more solar projects will begin to materialize in these regions within the next year or two.
The ISA is hosting a two-day "solar festival" in Delhi to foster community participation and promote solar solutions among its 100 member countries. The event aims to share success stories and best practices, with plans to make it an annual gathering.
Mathur also noted that solar deployment in India is poised to accelerate, with recent tenders for round-the-clock renewable energy projects offering electricity prices lower than or equal to new coal power. He believes India is well on track to meet its target of 500 GW of renewable energy capacity by 2030.
However, Mathur highlighted the global challenge of China's dominance in solar manufacturing. With 97% of the silicon ingots used in solar cells coming from China, the price advantage is unmatched. He stressed the need for geographical diversification of solar manufacturing, urging countries like the U.S., India, and Germany to ramp up production of solar cells to compete with China in the long term.
(The Indian Express)
Related Stories
Auto & Auto Components
India is a key pillar in BorgWarner’s global growth strategy: C Krishnamurthy
In this interview, Chandrasekar Krishnamurthy, Global Director of Product Management at BorgWarner, discusses the company’s expanding footprint in India and its pivotal role in the nation’s elec..
Read moreElectrical & Electronics
How Solar and Battery Storage Synergy can Meet Peak Energy Demand in India?
While solar PV systems offer clean energy during daylight hours, they alone are insufficient to meet peak energy demand in the country, especially during summer. In this article, Minakshi Baranwal, ..
Read moreElectrical & Electronics
Navigating ALMM Reset: A Guide for Solar Importers
India's solar energy sector is undergoing a significant transformation, with the government’s ALMM (Approved List of Models and Manufacturers) reset marking a key shift in the industry. In this ar..
Read moreRelated Products
Geared Electric Motors
ELECTRICAL & ELECTRONIC EQUIPMENT
Delco Fans Pvt Ltd offers single phase capacitor run and three
phase geared Instrument motors, totally enclosed face/foot mounted.
“Kusam-Keco” Partial Discharge Acoustic Imager - Model - Km-pdai
ELECTRICAL & ELECTRONIC EQUIPMENT
‘Kusam-Meco’ has introduced a new “Partial Discharge Acoustic Imager Model KM-PDAI.
78 Series Din Rail Terminal Blocks
ELECTRICAL & ELECTRONIC EQUIPMENT
Werner Electric Private Limited offers a wide range of 78 series din rail terminal blocks.
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
