International Solar Alliance’s Groundbreaking ‘Global Solar Stock-take Report

Introduction:

• The International Solar Alliance (ISA), comprising 121 member nations primarily located between the Tropic of Cancer and the Tropic of Capricorn, is poised to release its inaugural ‘global solar stock-take report.’ This endeavor draws inspiration from the United Nations’ first-of-its-kind ‘Global Stocktake’ event slated for Dubai later this year.

About the International Solar Alliance (ISA):

• The ISA, headquartered in Gurugram, India, is a treaty-based inter-governmental organization launched in November 2015. Conceived during the India Africa Summit and a meeting of member countries ahead of the 2015 UN Climate Change Conference in Paris, its core objective is to promote the efficient use of solar energy and reduce reliance on fossil fuels.

ISA’s Solar Stocktake:

• First-Ever Report: The ISA’s ‘solar stocktake’ report, a milestone endeavor, is scheduled for release in mid-November. This report will comprehensively assess the progress made by nations in the adoption of solar energy.

Assessing Global Solar Progress:

• Notably, global investments in solar energy have surged, reaching nearly $300 billion in 2020 and approximately $380 billion in 2022. However, there is a significant concentration of manufacturing in China. In light of this, the ISA aims to explore strategies to diversify solar manufacturing beyond China.

ISA’s Commitment to Solar Expansion:

• Co-led by India and France, the ISA is gearing up for its sixth annual meeting in Delhi. One of its primary objectives is to expand solar installations in Africa, facilitated by the establishment of the Global Solar Facility (GSF). The GSF, comprising three funds, aims to guarantee payments, mitigate project risks through insurance, and provide technical assistance through an investment fund.

Expanding Global Reach:

• Following its endeavors in Africa, the ISA envisions extending its efforts to West Asia, Latin America, and the Caribbean.

Global Solar Energy Landscape:

• As of 2022, global solar photovoltaic installations reached an impressive 1,133 gigawatts (GW), with an additional 191 GW installed in 2022 alone. Despite not being an ISA member, China leads with nearly a quarter of global solar installations, around 350 GW. The United States, an ISA member, follows with 111 GW. India, also an ISA member, is among the top five countries globally, boasting 62 GW of solar capacity.

Conclusion:

• The ISA’s forthcoming ‘solar stocktake’ report stands as a monumental milestone in the worldwide endeavor to embrace solar energy. In the midst of the global push towards renewable energy sources, this initiative offers valuable insights into progress and challenges faced by nations worldwide.