04 Nov 2024
Union Minister of New and Renewable Energy Pralhad Joshi today said that global investments in solar energy are expected to rise to $500 billion this year, up from $393 billion in 2023. He noted that solar power will become the most economical energy source in many regions, surpassing coal and gas.
Joshi emphasised that these investments are not only adding new capacity but also reducing the cost of solar energy worldwide during his address at the inaugural session of the 7th General Assembly of the International Solar Alliance (ISA).
Joshi, the President of ISA, stated, “This swift growth is driven by unprecedented investments. Global investments in solar energy surged from $144 billion in 2018 to $393 billion in 2023 and are now expected to hit $500 billion by the end of 2024.”
He stated today that solar energy has emerged as the most affordable power source, outpacing coal and gas in numerous areas. He also mentioned that the ISA is following the 'Towards 1000' strategy, which seeks to mobilise $1000 billion of investment in solar energy solutions by 2030.
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