QAZAQ GREEN. The global solar power sector is set to reach approximately 2 terawatts of installed capacity in 2024 and global investment in solar power could reach $500 billion by the end of 2024. This was stated by Indian Minister for New and Renewable Energy Pralhad Joshi, speaking at the 7th General Assembly of the International Solar Alliance, held in New Delhi, TASS reported.

‘Solar power accounted for 5.5 per cent of global electricity in 2023 and its role in the energy mix is growing rapidly. This rapid growth is fuelled by record investments. Global investment in solar has grown from $144bn in 2018 to $393bn in 2023 and is expected to reach $500bn by the end of 2024,’ he said.

According to the Indian minister, who also serves as chairman of the International Solar Alliance, ‘Today, solar energy has become the most affordable source of electricity in many regions, even surpassing coal and gas.’

As Joshi reminded, India has set ambitious targets for renewable energy. ‘Last month, India reached an impressive 90 GW of installed solar capacity, making steady progress towards its larger target of 500 GW of renewable energy capacity by 2030,’ he noted.

Indian Prime Minister Narendra Modi proposed an alliance of countries to develop solar power in 2015. Three years later, the International Solar Alliance was established. Its creation was supported by more than a hundred countries, most of which are located in the tropical zone south and north of the equator. The headquarters of the Alliance is located in the city of Gurgaon in the Indian state of Haryana.