Indian Economy News

By 2030, renewable energy sources can meet 65% of the world’s power supply and 90% by 2050: Mr. R.K. Singh

  • IBEF
  • November 1, 2023

According to Union Power and New & Renewable Energy Minister Mr. R.K. Singh, renewable energy sources have the potential to provide up to 90% of the world's electricity by 2050 and as much as 65% of it by 2030.

While addressing the inauguration of the Sixth Assembly of International Solar Alliance (ISA), he revealed that around 80% of the world's population—roughly 6 billion people—live in countries that import fossil fuels.

The recent G20 Summit in New Delhi, according to Mr. R.K. Singh, who is also the President of ISA, further highlighted the urgent need for a transition to clean energy.

He further extended an invitation to all member countries, ISA Partner Organisations, and other organisations to collaborate with ISA in order to position it as a driving force for transformative change.

 He stated, "When the ISA was founded, our goal was to use solar energy solutions to create a sustainable world." He emphasised that the goal is to triple the amount of renewable energy produced globally by 2030, in line with national policies and targets. The goal also involves expanding aspirations to include low- and zero-emission technologies, adopting more blended finance, and providing risk-sharing facilities for the renewable energy industry.

The Co-President of the Assembly, Ms. Chrysoula Zacharopoulou, France’s Minister of State for Development, Francophonie and International Partnerships said, “As a critical initiative to fight climate change, the International Solar Alliance has made progress towards being an efficient and results-oriented organisation that is actively engaged in implementing its programmes on a global scale, significantly impacting the worldwide solar energy landscape.”

In addition, according to Mr. Ajay Mathur, Director General of ISA, “Investment in clean energy has seen a commendable 12% annual growth rate since 2020, driven largely by solar and wind power projects.”

The inaugural ceremony of the sixth ISA Assembly was attended by delegates from 116 Member and Signatory countries, 18 prospective members, and ministers from 20 different countries.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.