New Delhi [India], November 20 : Driven by increasing demand and scalability, Solar energy generation costs are likely to drop by 40-60 per cent by 2050, according to a report by the International Solar Alliance (ISA).
The report also noted that solar power is emerging as the most scalable and cost-effective renewable energy source, making it central to the global energy transition.
It said "Cost of round -the -clock generation of solar energy will witness a 40 per cent -60 per cent decline by 2050 across archetypes & emerges as a key metric to track progress of solar adoption"
The report highlighted solar energy's potential to significantly lower greenhouse gas emissions by 25 per cent and reduce electricity generation costs by 60 per cent by mid-century.
Moreover, the report also added that the solar energy is expected to create three to four times more green jobs as compared to other energy sources, with a projected 27 million jobs globally by 2050. These opportunities will also benefit women and marginalized communities, further supporting inclusive economic growth.
As per the report, in low-income countries (LICs), solar energy can help bridge energy access gaps for over a billion people. It said "solar energy can ensure access for over 1 billion people globally through a range of grid-connected and decentralized solutions"
The report emphasized the need for targeted policies and technological interventions to transition approximately 2.6 terawatts of existing energy assets to green energy.
Accelerated adoption of solar energy under current Nationally Determined Contributions (NDCs) could align global efforts with the 1.5°C target of the Paris Agreement.
It also mentioned that the High-income countries (HICs) will play a crucial role, requiring USD 18 trillion in investments for solar photovoltaic (PV) and storage systems by 2050.
Public funding will be essential to attract private investments, with over 80 per cent of solar funding expected to come from domestic sources. HICs are also urged to support capacity-building in emerging and low-income economies to accelerate the global energy transition.
With its ability to scale efficiently and reduce costs, the report outlined that solar energy is positioned to lead the renewable energy revolution and deliver a sustainable future.
The central government also announced the rooftop solar programme in the interim Budget tabled on February 1 this year. It is known as PM Surya Ghar: Muft Bijli Yojana.
The rooftop solar project, with an investment of over Rs 75,000 crores, aims to light up 1 crore households by providing up to 300 units of free electricity every month.
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