Union Minister Prahlad Joshi on Monday said solar energy has overtaken coal and gas in many areas to become the most economical source of electricity. To promote solar energy, the Modi government has approved 50 solar parks with a total capacity of about 37.5 gigawatts. Potential offshore wind energy sites have been identified to reach its target of 30 gigawatts by 2030. India’s Union Budget 2024-25 reflects this commitment, including a 110 percent increase in funding for solar power projects and targeted support for initiatives such as the PM-Surya Ghar Free Electricity Scheme, the minister said.
Big investment is being made on solar energy in the world
New and Renewable Energy Minister Joshi said in the opening session of the 7th General Assembly of the International Solar Alliance (ISA) that global solar investment will reach $ 500 billion this year, which was $ 393 billion in 2023. He said that in many areas it is a more economical energy source than coal and gas. These investments are not only adding new capacity, but the cost of solar energy is also decreasing worldwide. Joshi is also the President of ISA. He said, “This rapid growth is driven by record-breaking investments. Global solar investment has grown from US$ 144 billion in 2018 to US$ 393 billion in 2023 and is expected to reach US$ 500 billion by the end of 2024.”
Sustainable Maharashtra! With India’s largest solar energy project in Butibori, Fadnavis is putting Maharashtra on the global energy map. #SolarEnergy pic.twitter.com/ij3ImT3G3j
— Prof. Sarita Sidh (@profsaritasidh) November 4, 2024
Target to raise $1,000 billion investment
The minister said that ISA is moving ahead with the ‘Towards 1000’ strategy which aims to raise $1,000 billion in investment in solar energy solutions by 2030. He said that under the rule of the Prime Minister Narendra Modi-led government, India has set ambitious renewable energy targets and achieved remarkable achievements. He said that India achieved 90 GW of installed solar capacity last month and is rapidly moving towards its comprehensive target of 500 GW of renewable energy capacity by 2030. Joshi said India is also setting its eyes on new horizons, aiming to produce 5 million tonnes of green hydrogen by 2030, supported by 125 GW of renewable energy capacity.