There is need for more investment in developing countries, particularly in small-scale solar projects like solar rooftops and mini-grids. Majority of investments currently flow into OECD countries and China, highlighting the importance of making solar adoption more widespread worldwide

“Investment in solar is expected to be USD 380 billion this year,” said Ajay Mathur Director General of the International Solar Alliance (ISA) .

This marks a significant increase from the USD 310 billion invested in solar energy the previous year, rivalling investments in the fossil fuel-dominated electricity generation sector.

However, the ISA’s Director General,  Ajay Mathur emphasised the need for more investment in developing countries, particularly in small-scale solar projects like solar rooftops and mini-grids. He pointed out that the majority of investments currently flow into OECD countries and China, highlighting the importance of making solar adoption more widespread worldwide.

In line with these objectives, the ISA is planning a “solar stocktake” to complement the global stocktake set to occur during COP28. This initiative aims to support the COP Presidency’s goal of tripling renewable energy capacity. Additionally, the ISA is launching new programs like “Solar for She,” with the aim of empowering women to become entrepreneurs in the solar sector, and will provide updates on the Global Solar Facility and SolarX Startup Challenge during its upcoming assembly