Renewable Energy Sources Can Meet 65% Of World's Power Supply, 90% By 2050: R K Singh
Union Power and New & Renewable Energy Minister, R K Singh, expressed on Tuesday that renewable energy sources have the potential to provide 65 percent of the world's total electricity by 2030 and decarbonize 90 percent of the power sector by 2050. He made this statement during the inauguration of the Sixth Assembly of the International Solar Alliance (ISA).
Currently, approximately 80 percent of the global population resides in countries that heavily rely on fossil fuel imports, totaling around 6 billion people. Minister Singh, who also serves as the President of ISA, emphasised the urgent need for a transition to clean energy, as underscored at the recent G20 Summit in New Delhi.
He invited member countries, ISA partner organisations, and other relevant organisations to collaborate with ISA in becoming a catalyst for transformative change. The original vision behind ISA's establishment was to create a sustainable world through the adoption of solar energy solutions.
The objective is to triple global renewable energy capacity by 2030, aligning with countries' existing targets and policies and expanding aspirations to incorporate zero and low-emission technologies. This will involve adopting more blended finance and risk-sharing facilities in the renewable energy sector.
Minister Singh encouraged approaching the Assembly Session with a sense of duty, purpose, and optimism, expressing confidence that, together, the challenges of climate change can be addressed.
Chrysoula Zacharopoulou, France's Minister of State for Development, Francophonie, and International Partnerships and Co-President of the Assembly, commended the International Solar Alliance as a critical initiative in the fight against climate change. She highlighted the organization's progress in becoming an efficient and results-oriented entity actively engaged in implementing global-scale programmes that significantly impact the solar energy landscape worldwide.
Ajay Mathur, Director General of ISA, noted that investment in clean energy has experienced a commendable 12 percent annual growth rate since 2020, primarily driven by solar and wind power projects. However, he pointed out that this surge in investment is concentrated in a few countries, leaving many developing economies, particularly in Africa, with limited access to such opportunities.
The inauguration ceremony of the sixth ISA Assembly was attended by ministers from 20 countries and delegates from 116 member and signatory countries, along with 18 prospective countries.