The International Solar Alliance (ISA) Director General, Dr. Ajay Mathur, revealed that global solar energy projects are gaining significant traction and are anticipated to secure investments exceeding $380 billion in the current year. Mathur made this announcement during the Singapore International Energy Week.
Soaring Investment Trends
Dr. Mathur pointed out that the solar energy sector has experienced a substantial surge in investments. In the first half of the current year, investments reached $235 billion, and the total for the preceding year amounted to $310 billion. The projections indicate that the investment figures for this year are poised to surpass $380 billion.
Promoting Solar Energy Worldwide
Dr. Mathur emphasized the importance of promoting solar energy as the preferred energy source globally. He expressed the ISA’s goal to make solar energy the energy of choice in every member country. Notably, the ISA is expected to grow to 120 member countries by the end of the year, up from the current 116.
Investment Challenges
Despite the remarkable growth in solar energy investments, there remain challenges. A significant portion of the investments has been directed toward large-scale solar projects in the Organization for Economic Cooperation and Development (OECD) countries and China. Dr. Mathur highlighted the need for more investments in energy storage facilities and various renewable energy sources like solar, hydro, and batteries.
Focusing on Capacity Building
Additionally, Dr. Mathur stressed the importance of capacity building, training, and certification for individuals involved in executing and designing solar projects. He noted that, to date, smaller solar plants have received minimal investment compared to their larger counterparts.
These developments in the solar energy sector signify a growing global commitment to clean and renewable energy sources.
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