Union Minister Prahlad Joshi Solar energy has become the most economical source of electricity in many areas, overtaking coal and gas, it said on Monday. To promote solar energy, the Modi government has approved 50 solar parks with a total capacity of about 37.5 gigawatts. has identified potential offshore wind energy sites to reach its target of 30 GW by 2030. India’s 2024-25 Union Budget reflects this commitment, the minister said, including a 110 per cent increase in funding for solar power projects and targeted support for initiatives like the PM-Surya Ghar Free Power Scheme.
Big investments are being made in solar energy in the world
New and Renewable Energy Minister Joshi said in the inaugural session of the 7th General Assembly of the International Solar Alliance (ISA) that global solar investment will reach $ 500 billion this year from $ 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 also driving down the cost of solar energy around the world. Joshi is also the President of ISA. “This rapid growth has been driven by record-breaking investments,” he said. “Global solar investment is expected to grow from US$144 billion in 2018 to US$393 billion in 2023 and reach US$500 billion by the end of 2024.”
Target to raise investment of 1,000 billion dollars
The minister said that ISA is moving ahead with the ‘Towards 1000’ strategy which aims to garner investment of $1 trillion in solar energy solutions by 2030. He said that under the rule of Prime Minister Narendra Modi-led government, India has set ambitious renewable energy targets and made remarkable achievements. He said India achieved 90 GW of installed solar capacity last month and is moving rapidly towards its broader target of 500 GW of renewable energy capacity by 2030. Joshi said India is also setting its sights on new horizons, aiming to produce 5 million tonnes of green hydrogen by 2030, supported by 125 gigawatts of renewable energy capacity.
