The International Solar Alliance (ISA), in partnership with Boston Consulting Group (BCG), released a pivotal report today at COP29 in Baku, titled “Unleashing the Role of Solar in Advancing Economic, Social, and Environmental Equity.”
The report, unveiled by Shri Kirti Vardhan Singh, India’s Hon’ble Minister of State for Environment, Forests, and Climate Change, and attended by key figures including Mr. Karma Tshering, Secretary of Bhutan's Ministry of Energy and Natural Resources, outlines actionable pathways for leveraging solar energy to drive a fair and inclusive global energy transition.
The report projects a 20-fold increase in global solar capacity by 2050, detailing three potential transition scenarios: Slow Transition, Dynamic Transition, and SHINE. Of these, the SHINE pathway is identified as the most competitive and cost-effective route for achieving net-zero targets.
Key Insights from the Report:
- Equitable Energy Access: Solar energy could help bridge energy gaps, providing over 1 billion people, particularly in low-income nations, with access to electricity through grid-connected and decentralized solutions.
- Job Creation: By 2050, the solar sector could generate over 27 million green jobs globally, benefiting women and marginalized communities.
- Environmental Impact: Accelerated solar adoption within current Nationally Determined Contributions (NDCs) could reduce global greenhouse gas emissions by 25%, aligning with the 1.5°C target set by the Paris Agreement.
- Cost Efficiency: Solar energy remains the most scalable and cost-effective renewable source, with expected generation cost reductions of up to 60% by 2050.
Shri Kirti Vardhan Singh emphasized India's commitment to solar energy, noting its potential to transform decarbonization efforts and drive sustainable development, especially in the Global South. He highlighted that the report is a crucial step toward a solar-centric energy transition.
Dr. Ajay Mathur, Director General of the ISA, pointed out that solar energy solutions must be tailored to country-specific needs to drive down costs and maximize socio-economic benefits.
BCG’s Anirban Mukherjee underscored the importance of solar’s scalability, adding that the report presents a roadmap to ensure global solar adoption and equitable growth, particularly through cross-country collaboration.
The report highlights solar's role as the cheapest and most scalable renewable energy source, with technological advancements in photovoltaic (PV) and storage solutions set to reduce energy costs by up to 60%. These developments are expected to enable continuous power supply from solar, driving further adoption globally.
Furthermore, the report emphasizes differentiated strategies for high-income countries, emerging economies, low-income nations, and small island developing states, offering tailored solutions to overcome unique challenges.
Karan Mangotra, Senior Partnership and Strategy Specialist at ISA, stated that solar energy is a key bridge between today’s energy challenges and future opportunities, with the SHINE scenario offering a pathway to save up to $4 trillion in transition costs while fostering economic equity.
The ISA continues to champion solar energy’s transformative potential and its role in sustainable global development.
About the International Solar Alliance (ISA):
The International Solar Alliance is an intergovernmental organization dedicated to increasing the deployment of solar energy technologies. Through its work, the ISA aims to enhance energy access, ensure energy security, and facilitate the global energy transition. For more information, visit www.isolaralliance.org.
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