Solar Surge: Investments Set to Soar to $500 Billion

Union Minister Pralhad Joshi announced that global solar investments are expected to reach USD 500 billion this year, up from USD 393 billion in 2023. Under the leadership of Prime Minister Modi, India is advancing solar initiatives, targeting 500 GW renewable capacity by 2030 and spearheading global solar projects.

Union Minister Pralhad Joshi declared on Monday that global solar investments are poised to hit USD 500 billion this year, climbing from USD 393 billion in 2023. He emphasized that solar is increasingly becoming the most cost-effective energy source, outstripping coal and natural gas.

At the 7th General Assembly of the International Solar Alliance (ISA), Joshi, who is also the ISA President, highlighted that this growth is driven by historic investment levels. From just USD 144 billion in 2018, investments in solar have dramatically increased, with expectations to reach USD 500 billion by 2024's end.

With a strategy called 'Towards 1000,' the ISA plans to mobilize USD 1,000 billion to provide energy access to millions and significantly cut carbon emissions by 2030. Additionally, under Prime Minister Modi's leadership, India has made remarkable strides, achieving 90 GW of installed solar capacity and planning comprehensive green hydrogen production strategies by 2030.

(With inputs from agencies.)