ISA to release report on global adoption of solar technology in November

current affairs - 2023-10-26

ISA to release report on global adoption of solar technology in November

Context 

For the first time, a “global solar stocktake report” will be compiled and released by the International Solar Alliance (ISA), an organization with 116 member nations founded to hasten the global adoption of solar technology.

Why was the International Solar Alliance formed?

  • A collaboration of 116 nations, the International Solar Alliance (ISA) seeks to advance the global adoption of solar technology.
  • The coalition was established to hasten the world’s switch from fossil fuels to solar power.
  • France and India share leadership of the ISA.
  • The organization’s main goal is to increase the number of solar installations in Africa; to do this, they founded the Global Solar Facility.

What is the primary objective of the ISA’s global solar stocktake initiative, and how does it relate to the United Nations Conference of Parties (COP) “Global Stocktake”?

  • The United Nations Conference of Parties (COP) “Global Stocktake,” which is slated to take place in Dubai later this year, served as the model for the International Solar Alliance’s worldwide solar stocktake effort.
  • Countries are scheduled to report on their efforts to move away from fossil fuels and lay out plans for additional climate action during the Global Stocktake.
  • As a result of the 2015 Paris Agreement, the Global Stocktake is scheduled to take place every five years.

When is the Release of Solar Stocktake Report going to be published?

  • In mid-November, the ISA will create and publish a “global solar stocktake report” for the first time.
  • The adoption of solar technology by the member nations will be evaluated in this report.

What is the Global Solar Facility?

  • To further grow into West Asia, Latin America, and the Caribbean, the Global Solar Facility seeks to increase solar investments in Africa.
  • It is composed of three funds: an insurance fund to reduce project risks, an investment fund for technical support, and a payment guarantee fund.

What is Solar capacity globally?

  • As of 2022, global solar photovoltaic installations reached 1,133 gigawatts (GW), with an additional 191 GW added in that year.
  • A significant portion of this capacity, about 350 GW, is installed in China, which is not an ISA member. The United States, an ISA member, follows with 111 GW, and India is among the top five countries globally with 62 GW of solar capacity.

What is the role of ISA in the achievement?

  • Because it only concentrates on renewables and solar energy, the ISA is seen as playing a crucial role in the global energy shift.
  • Particularly in India, renewable energy capacity has grown significantly, and solar energy is seen as a dependable and trustworthy way to achieve universal energy access.

Conclusion

To sum up, the International Solar Alliance (ISA) is aggressively promoting the use of solar energy throughout the world and is leading the world’s first-ever solar stocktake program to evaluate progress and pinpoint chances for additional expansion and diversification in the solar energy industry.