Address by Union Minister of New and Renewable Energy Shri Pralhad Joshi on Seventh General Assembly of ISA

Ministry of New and Renewable Energy

azadi ka amrit mahotsav

Address by Union Minister of New and Renewable Energy Shri Pralhad Joshi on Seventh General Assembly of ISA

Posted On: 04 NOV 2024 6:32PM by PIB Delhi

Hon’ble Ministers, Vice Presidents of the ISA Assembly

Ambassadors, High Commissioners, Honorary Consuls, Director General, Other Excellencies and Esteemed Delegates

It is a pleasure to stand before you today at the 7th General Assembly of the International Solar Alliance. Today, we are at a crucial point in our mission to reshape the global energy future.

Today we also celebrate the Power of the Sun. It is amazing to reflect on how harnessing solar energy has been a vital part of cultures globally for centuries.

In ancient Egypt, the sun god Ra was worshipped, symbolising life and energy. In the early 13th century in South America, the sun god, Inti was considered the ancestor of the Inca people.

Whether it be the Aztec civilisation, or the African traditions, Sun is personified and worshipped through dances and offerings.

Just like the Olympics, the Pythian Games were also part of ancient Greece. In Greek mythology, Apollo was the god of sun and light. He was worshipped through various festivals, including the Pythian Games.

Similarly, in India, the sun has held a sacred place in our culture, with the worship of Surya, deeply embedded in our traditions. To this day, we continue to pay our respect to the Sun God, through festivals like Makar Sankrant, or by reciting Gayatri Mantra or by practising Surya Namaskar every morning.

Our ancestors utilised solar energy in various forms, from solar heating techniques to architecture designed to capture sunlight effectively. Throughout India, you will find temples dedicated to Surya God anywhere and everywhere you go.

As we move forward, let us draw inspiration from these rich traditions and continue to promote solar energy, embracing its potential to transform lives and protect our planet. Together, we can harness the sun's energy, furthering the wisdom of our ancestors while paving the way for a sustainable future.

Solar energy, once just a vision, is now a powerful reality, leading the world toward a cleaner and more sustainable path. The progress we have made together is undeniable, and the true potential of solar energy is unfolding, showing us just how transformative it can be.

In 2024, the global solar sector is set to reach approximately 2 terawatt of installed solar photovoltaic capacity. This marks an extraordinary leap from just a decade ago when solar was still considered a small segment within global energy markets. In 2023, solar energy contributed 5.5% of the global power, with its role in the energy mix expanding rapidly.

This rapid growth is fuelled by record-breaking investments. Global solar investments have grown from $144 billion in 2018 to $393 billion in 2023 and are expected to reach $500 billion by the end of 2024.

These investments are not only adding new capacity but are also driving down the cost of energy from solar worldwide. Today solar power has become the most affordable source of electricity in many regions, even surpassing coal and gas.

This cost-effectiveness is fuelling a global surge in solar ambitions, with several countries emerging as frontrunners in the field. Countries like the United States with more than 130 GW of installed solar capacity, and regions like the European Union (Germany and Spain collectively contribute over 250 GW of solar capacity) are also making good progress.

It gives me immense pride that India is also swiftly advancing its renewable energy capabilities. India’s journey is one of bold vision and relentless progress.

Under India’s Prime Minister Shri Narendra Modi’s leadership, India has set ambitious renewable energy targets, and achieved remarkable milestones along the way. Last month, India reached an impressive 90 GW of installed solar capacity, moving steadily forward towards its broader goal of 500 GW of renewable energy capacity by 2030.

India is also setting its sights on new horizons, with a target to produce 5 million metric tonnes of green hydrogen by 2030, supported by 125 GW of renewable energy capacity. We have approved 50 solar parks with a total capacity of nearly 37.5 GW and identified potential offshore wind energy sites to reach our 30 GW goal by 2030.

India’s Union Budget for 2024-25 reflects this commitment, with a 110% increase in funding for solar power projects and targeted support for initiatives like the PM-Surya Ghar Muft Bijli Yojana. This, along with exemptions on critical mineral imports, underscores our resolve to lead in solar innovation.

India has one of the best schemes globally for Solar rooftop installation. We are empowering communities to generate their own renewable energy.

In fact, the PM-KUSUM scheme is already transforming rural landscapes, enabling farmers to irrigate with solar power and sell surplus energy, advancing both livelihoods and sustainable agriculture. Furthermore, our Production Linked Incentive scheme is strengthening India’s solar manufacturing sector, fostering a self-reliant supply chain.

With these initiatives, India is not just contributing to a global energy transition but is setting a benchmark for sustainable growth. I am proud to say that we are making a tangible impact on the ground. This commitment to progress aligns seamlessly with the goals of the International Solar Alliance.

As a coalition of 120 Member and Signatory countries, ISA has been at the forefront of mobilising resources and facilitating the deployment of solar projects worldwide, particularly in Least Developed Countries and Small Island Developing States.

I am also pleased to share that ISA has successfully completed 21 out of 27 demonstration projects. This showcases our collective ability to make significant strides in solar energy deployment and support sustainable development across the globe.

I congratulate ISA and dedicate to the world 11 demonstration projects and the 7 STAR C centres launched today. It will help us expand the strong network of institutional capacities within ISA member states.

One of our innovative flagship initiatives in 2024 has been the launch of the Solar Data Portal. This platform delivers real-time data on solar resources, project performance, and investment opportunities across countries. It is providing transparent and actionable insights, thereby transforming how governments, investors, and developers engage with solar projects.

Another flagship initiative of ISA is the establishment of the Global Solar Facility. This facility aims to unlock commercial capital for solar projects in underserved regions, especially in Africa. With a pilot project already underway in the Democratic Republic of Congo, and commitments of $39 million from India, ISA, Bloomberg, and CIFF, we are on track to operationalise this initiative by COP29.

In addition to this, the SolarX Startup Challenge has successfully identified and supported innovative, scalable solutions for the solar sector. In September, we announced 30 winners from the Asia and Pacific edition, and preparations are underway to host the 3rd Edition of the challenge for the Latin America and the Caribbean region.

Besides these initiatives, ISA continues to expand knowledge-sharing. Our monthly ISA Knowledge Series and the Green Hydrogen Innovation Centre, launched at the G20 Ministerial, are advancing solar energy research and development.

Our efforts have been brought to life through global events organised by ISA, like the International Solar Festival and CEO Caucus. At the upcoming COP29, we will host a pavilion called the Solar Hub where we shall be organising numerous high-level sessions to encourage global participation.

The ISA is guided by the Towards 1000 strategy which aims to mobilise $1,000 billion of investments in solar energy solutions by 2030. This is our strategy to:

Deliver energy access to 1,000 million people

Installation of 1,000 GW of solar energy capacity

Mitigate emissions to the tune of 1,000 MT of carbon dioxide every year.

Excellencies, ladies, and gentlemen, the path ahead is clear, and the time for action is now. As we look to the future, I urge all of us - governments, international organisations, private sectors, and civil society - to continue working hand in hand to accelerate the solar revolution.

Our nations come in all shapes and sizes, much like the diverse fingers of a hand. Yet, when we join together, we form a fist that represents strength and unity. ISA is your partner, and together, we have the power to shape a brighter, more sustainable future for generations to come.

As President of the International Solar Alliance, I take immense pride in the progress we have made together. The achievements of 2024 have set the stage for even greater advancements in the years to come. With your continued support, I am confident that ISA will continue to lead the world in making solar energy the foundation of our clean energy future.

With these words, I thank you, and look forward to the fruitful discussions ahead as we embark on this next chapter of our shared solar journey.

Thank you.