The International Solar Alliance (ISA) has pinpointed distributed renewable energy, battery storage, and floating solar projects as crucial elements in the global shift towards green energy.
The ISA plans to launch the Africa Solar Facility, a $200m programme designed to promote distributed renewable energy and function as a financial product that mitigates risks.
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According to CNBC-TV18, prior to the ISA’s 8th Assembly in New Delhi, India, from 27 to 30 October, ISA director general Ashish Khanna emphasised that the cost of battery storage has decreased by 50% over the past year.
This price drop has reportedly rendered solar-plus-storage ventures more competitive compared to new coal-based power plants.
Khanna also mentioned that battery storage, alongside pumped storage and nascent technologies such as molten salts and carbon dioxide-based systems, are experiencing significant innovation and are at various stages of development.
Additionally, Khanna noted that over 800GW of solar energy remains untapped due to transmission challenges and a lack of adequate storage solutions.
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By GlobalDataTo address this, the ISA intends to introduce the initial phase of a global capability centre along with an ISA Academy, aiming to make solar energy education more accessible for all.
Khanna pointed out that while it took 25 years to install the first 1,000GW of solar capacity globally, the subsequent 1,000GW was added in just two years.
Looking ahead, the ISA expects a surge of an additional 2,000GW in the next four years, with 70% of this growth anticipated to originate from the Asia-Pacific region.
Additionally, floating solar energy presents a significant opportunity, with the ISA predicting an increase from 10GW to 77GW worldwide.
The alliance advocates for integrated hybrid projects for small island and developing countries, that amalgamate green hydrogen, floating solar, wind power, and pumped storage to diminish overall energy costs.
Founded in 2015 by India and France at the 21st Conference of the Parties in Paris, the ISA now comprises 124 member and signatory countries.
The organisation partners with governments globally to enhance energy access and advance solar power as a component of a sustainable clean energy future.
It aims to stimulate investments in solar energy by 2030 by lowering technology and financing costs.
