Unleashing the Role of Solar

In advancing economic, social, and environmental equity

Executive Summary

1

Equitable and people-centric development across the world needs to be expedited rapidly on the back of low carbon energy growth in order to meet the 1.5°C target set out in the Paris accord.

This calls for a comprehensive energy transition powered by 2-3x addition in renewable energy capacity by 20301

Significant improvement in social development indicators like HDI is needed where increased energy access is a key lever. Currently, African nations have electricity access <50% with 0.50-0.55 HDI (vs global avg of 0.7)

1. Basis estimates by IRENA

2

Different economies will contribute differently to this energy transition journey basis their unique socio-economic circumstances

New renewable energy capacity addition is expected to be driven by New Growth economies comprising of Emerging Economies (EEs), Low-Income Countries (LICs) and Small Island Developing States (SIDS)

High-Income economies will continue to remain focused on energy transition.

As the cheapest ($0.05 LCOE for Solar vs $0.06+ for wind, hydro etc), most versatile resource Solar has emerged as the leading tool for driving the renewable energy (RE) agenda

3

Differences in GDP growth, energy consumption, energy access, financing requirements, current penetration of renewables and other socio-economic indicators across archetype necessitate differentiated solutions to further the adoption of Solar /RE

A data-centric, archetype-specific approach is imperative to explore the nuances of RE adoption across different economies

Developmental goals and challenges need to be at the forefront of any RE adoption pathway particularly for new growth economies

4

Four primary archetypes have been considered each with its own unique story

High Income countries - Large contributors (60% share of emissions) to climate change, HICs have made significant progress with the RE agenda but there is a need to do more particularly in the subject of transitioning existing (57% of current assets) assets to clean energy

Emerging economies - These run the risk of breaching emission budgets very quickly, on the back of rapid growth (5%+ historic growth), calling out for an immediate low risk enabling environment to facilitate accelerated adoption of RE

Low Income countries - Increased energy access to drive growth coupled with the establishment of domestic RE ecosystem is the need of the hour

Small Island Developing States - Strengthening energy security by lowering dependence on imported fossil fuel (10-20% of GDP spent on fossil fuel imports vs global average of 8-12%,) using low-cost clean energy finance is the key to solving the resilience puzzle

5

Going forward, it is our goal to annually publish a report exploring the global adoption of Solar (and/or renewables) through the lens of socio-economic and developmental priorities for each individual archetype, utilizing a diverse set of indicators across finance, technology and policy enablers.

This report shall extensively leverage consultations with a wide variety of stakeholders familiar with the individual circumstance and needs of each archetype

Note: Based on IEA data from the IEA (2022) World Energy Outlook, www.iea.org/weo. All rights reserved; as modified by BCG.
Source: IRENA, World Bank, UNDP, IEA (2022) World Energy Outlook, OWID, Trademap BCG Analysis

Introduction | Unleashing the Role of Solar - In advancing economic, social and environmental equity

There is no “one-size fits all” solution for sustainable and people-centric development, globally

Context

Role of Solar in driving people centric growth

  • Climate change already affecting regions worldwide - rapid growth of renewables key to driving people centric, low-carbon development
  • Solar leading solution among clean technologies - highest potential at lowest cost; most used decentralized solution

Deploy socio-economic lens to assess differentiated solutions

  • Path to Solar different for Developed vs New Growth economies
  • Varying context across archetypes - need for customized solutions

Introduction | Unleashing the Role of Solar - In advancing economic, social and environmental equity

There is no “one-size fits all” solution for sustainable and people-centric development, globally

Our approach

Creation of archetypes

Country archetypes established to assess different climate context & challenges

Analysis of archetypes

Archetype specific analysis basis publicly available data and expert consultations

Explore differentiated solutions

Assessment of differentiated solutions for different archetypes

thermometer

Source: Climate Action Tracker, IPCC AR6 Physical Science Report, Global Climate 2021, UNFCCC, WMO Report

1.5°C goal at risk, climate change already affecting regions worldwide

As we navigate the critical decade ahead, the imperative for swift and substantial action to curb global emissions becomes abundantly clear. The trajectory we are currently on signals a stark misalignment with the Paris Agreement's goal of limiting global warming to 1.5 degrees Celsius. Projections based on current actions, pledges, and targets suggest that by 2050, global emissions may only see a modest reduction of around 4%, pushing the thermometer towards an alarming 2.4-degree increase.

The ramifications of such a trajectory are felt across all corners of the globe,with climate change leaving an indelible mark on regions worldwide. The toll on economies is staggering, as the world incurred losses exceeding $2.5 trillion in the 2011-2020 period due to extreme weather events, underscoring the urgent need for a paradigm shift in our approach to climate action.

Global emissions must be cut by 43% in this decade for the world to reach the 1.5°C limit agreed in Paris

warming-graph warming-graph
reduction-graph reduction-graph

Note: Pledges & Targets includes the NDCs submitted to the UNFCCC and long-term or net-zero targets included in countries' long-term strategies submitted to the UNFCCC or adapted in law. It includes the long-term and net zero targets of: Canada, Chile, Costa Rica, the EU27, Japan, Norway, Singapore, South Africa, South Korea, Switzerland and the UK. It also includes the announcements (yet to be submitted to the UNFCCC) from Canada, China, Japan, South Africa and Ukraine. Optimistic Targets assumes implementation of the net zero targets by the US, China and others that have announced such targets but have not yet submitted them to the UNFCC Source: Climate Action Tracker

Climate change is already affecting all regions worldwide;
however, its impact varies from region to region

Change in extreme heat observed since the 1950s1

climate-map
sea-level

In 2013-2021 vs. 1993-2002, driven by accelerated loss of glaciers and ice sheets2

disaster

In the 1970-2019 period, driven by climate change and more extreme weather

total-losses

In the 2011-2020 period, due to extreme weather events

1. Based on daily maximum temperatures; regional studies using other indices (heatwave duration, frequency and intensity) are used in addition
2. Mass loss doubled in the 2015-2019 period, when compared to 2000-2004
Source: IPCC AR6 Physical Science Report, Global Climate 2021, UNFCCC, WMO Report

People-centric growth:
cornerstone of the climate agenda

Despite the landmark Paris Agreement, spanning the years 2015 to 2022, global greenhouse gas (GHG) emissions have exhibited a persistent upward trend. This is coupled with an increase in energy consumption as well as increase in energy efficiency. Hence, while the decoupling of per capita energy and emission intensity has started - the rate of decoupling needs to be higher in order to achieve people-centric growth.

Historically, the correlation between increased global energy consumption and improved social development indicators, such as reduced mortality rates, and enhanced economic well-being, as evident in the rise of GDP per capita, has been a hallmark of progress.

Projections indicate a need for approximately three times the current renewable energy capacity addition from now until 2030. This imperative is echoed in the global target of 11,000 gigawatts by 2030. This commitment signals a collective recognition of the need for transformative measures in the global energy landscape to align development goals with environmental sustainability.

Source: IRENA, BCG Analysis

Global energy transition journey necessitates extensive decoupling of energy consumption and emissions

Historically, emissions have grown inline with energy consumption, albeit at a lower rate

arrow

Effective decoupling required with significant RE capacity addition by 2030

emission

1. 2021 share of RE in energy mix: 40%, 2030 share of RE in mix (projected): 60%; 2. 7.7K GW projected by World Energy Outlook 2022, IEA to meet NDC targets under APS (announced pledges scenario) 3. Includes CO2 emissions from fossil fuels and industry. Land-use change is not included. 4. Based on substitution method and converted to EJ Source: Global Carbon Project (2023)(OWID), Energy Institute - Statistical Review of World Energy (2023); Smil (2017)(OWID), IRENA, Global Renewables Alliance, IEA (2022) World Energy Outlook. All rights reserved, BCG Analysis

…while ensuring that people-centric growth remains the cornerstone of the climate agenda as well

Global energy consumption share (%)2

Growth in energy consumption & energy access over the years…

… has been coupled with economic well-being and social development across the globe

1. Based on data from Enerdata and World Bank; as modified by BCG
2.Based on data from Enerdata; as modified by BCG
Source: Enerdata, World Development Indicators, World Bank, IRENA, UNDP, BCG Analysis

Source: Enerdata, World Development Indicators, World Bank, IRENA, UNDP, BCG Analysis

New Growth Economies will be major drivers of future expansion in renewables where majority of new energy assets will be created going forward

Bulk of renewable capacity addition

new-growth new-growth

Existing assets needs to be transitioned

Different pace of growth resulting in differing needs from RE…

…with new growth economies major driver of future growth in renewables

1. New growth economies include Emerging Economies, Low Income Countries and Small Island Developing States. 2. ~1400 & 4700 GW of additional new RE capacity for advanced economies by 2030 & 2050 respectively, 1400 & 10,600GW of additional new RE capacity for new growth economies by 2030 and 2050 respectively. Based on IEA data from the IEA (2022) World Energy Outlook, www.iea.org/weo. All rights reserved; as modified by BCG. Source: IEA (2022) World Energy Outlook, BCG Analysis

While significant growth to come from New Growth
economies; multiple archetypes exist within New Growth Economies

Developed economies

developed-tree

High Income
Countries (HIC)

These are high carbon emitters with lower risk from climate change. These nations are high earners with highest electricity access across nations with high penetration of renewables.

New Growth economies

developed-tree

Emerging
Economies (EE)

These nations have high access to electricity and moderate risk from climate change. They have high growth and high RE capacity requirement.

developed-tree

Low Income
Countries (LIC)

These are low emitters with low electricity access across countries. These nations lags in development indicators and have low income per capita.

developed-tree

Small Island Developing
States (SIDS)

SIDS have high dependence on fossil fuel imports and high climate risks. Varying range of development indicators and per capita income.

Note: GNI per capita (2021) used for classification of HIC, EE and LIC according to World Bank limits, UN OHRLLS used to classify SIDS

Solar: the leading solution for energy transition

leading

Solar energy has swiftly risen as the most promising clean energy technology, boasting a remarkable
growth rate with a 21% CAGR from 2015 to 2022, surpassing
wind, bioenergy and hydro energy.

Not only is it the most economical renewable energy source, with a low Levelized Cost of Electricity (LCOE) of $0.049/kWh, but it also possesses the highest energy potential, capable of producing 1600-49800EJ per year. Additionally, solar emits a mere 5 tones of carbon dioxide equivalent, significantly lower than hydropower and bioenergy. As the leading off-grid solution, particularly in developing and low-income nations, solar energy is projected to contribute 27% to the total energy mix by 2030, necessitating 3500 GW of capacity

However, the widespread adoption of solar energy faces challenges, notably an uneven global electricity landscape with varying access levels, and the significant disparity in adoption costs across regions, limiting access in low-income countries.

Source: IEA (2022) World Energy Outlook. All rights reserved., OWID, IRENA, UNDP, World Energy Council, BCG Analysis

Solar has rapidly emerged as the most promising clean energy technology, but there remains a long way to go

Where we are today

Where we need to be

solar-capacity
solar-capacity
solar-capacity

1. Penetration of solar energy in global RE capacity projected to increase from 28% in 2021 to 45% in 2030. 2. 3500 GW indicates APS (announced pledges scenario) 3. Capacity increase calculated announced pledges capacity for 2030 with actuals. Based on IEA data from the IEA (2022) World Energy Outlook, www.iea.org/weo. All rights reserved; as modified by BCG. Source: IEA (2022) World Energy Outlook. All rights reserved., IRENA, BCG Analysis

Solar can act as the medium to fuel both growth and transition at the same time…

1. Solar PV is the cheapest RE available

technologies

2. Solar offers the highest potential

offers

3. Solar emits lower CO2 emissions per GWH of electricity consumpsion than most RE

emits

4. Solar is the most used decentralized solution

off grid

Source: IRENA, OWID, UNDP, World Energy Council, BCG Analysis

Solar to form the bulwark of the global energy transition journey with the world requiring $1.6 - $2 trillion in Solar investment by 2030

Note: $1.6 trillion indicates investment needed according to stated policies and $2 trillion indicates investment needed according to announced pledges Source: IEA (2022) World Energy Outlook. All rights reserved

However, increased solar adoption faces a number of challenges across the globe…

Clean

Rate of RE penetration needs to increase significantly in order to halt increasing global emissions

solar-clean

Inclusive

Different regions of the world experience varying levels of access to electricity

solar-inclusive

Affordable

Cost of solar varies significantly across regions

solar-affordable

Countries with varying degrees of development face differing challenges!

1. Electrification includes diesel generator sets 2. Levelized Cost of Energy. Comparison basis available data
3. Includes CO2 emissions from fossil fuels and industry. Land-use change is not included
Source: Global Carbon Project (2023)(OWID), World Bank, IRENA

Different solutions for different needs

In the pursuit of an accelerated global transition to a Paris Agreement compliant economy, the recognition of diverse challenges among economies becomes paramount. The journey toward a 1.5-degree pathway is far from uniform, as economies find themselves at different stages of development, grappling with distinct needs and hurdles

From the disparities in energy access and electricity consumption patterns to the intricacies of climate risks, carbon emissions, financial flows, resource availability, and capabilities, the spectrum of challenges is vast and varied. Addressing this complexity requires a nuanced approach that goes beyond one-size-fits-all solutions. Tailoring strategies that are people-centric and geared towards equitable development is essential

By acknowledging and catering to the unique circumstances of each economy, we can forge a more inclusive and effective path towards a sustainable and Paris Agreement-aligned global economic landscape

Each development archetype is driven by a different energy transition agenda

High Income countries

Emerging Economies3

Low Income countries

SIDS

Need for
Energy Transition

agenda-icon-1

Share of global CO2 emissions

agenda-icon-2

GDP Growth rate to be sustained (Global CAGR: 4.3%)

agenda-icon-3

Population with electricity access (Global avg: 87%)

agenda-icon-4

Fossil fuel imports as % of GDP (Global avg: 8-12%)

Renewables5
& Solar Adoption ('21)

agenda-icon-1

High capacity add 38% RE and 13% Solar in total energy mix; 15+% CAGR4

agenda-icon-2

High growth 38% RE mix; 10% Solar 30% CAGR4

agenda-icon-3

Increased growth 46% RE mix; 3% Solar 50+% CAGR4

agenda-icon-4

Limited Adoption 15% RE mix; 5% Solar 50+% CAGR4

% Share in NDC
(2050 Solar Capacity)1,6

agenda-icon-1

High capacity reqd to meet NDC targets

agenda-icon-2

High capacity reqd to fuel growth

agenda-icon-3

Moderate capacity reqd to meet energy demand

agenda-icon-4

Low capacity reqd out of global capacity

Climate Finance
(Today)2

agenda-icon-13

Strong inherent financial position; Low cost of capital

agenda-icon-14

Majority share devoted currently; High cost of capital

agenda-icon-15

Limited access to climate finance; Very high cost of capital

agenda-icon-16

Low capacity reqd out of global capacity

Climate Finance
(Required)

agenda-icon-17

Rapid deployment for RE transition needed

agenda-icon-18

Substantial funding with de-risking of RE projects

agenda-icon-19

Higher flow and lower cost of capital

agenda-icon-20

Higher flow and lower cost of solar

Need of the
hour

agenda-icon-21

Rapid cost-effective low carbon transition

agenda-icon-22

Increased private sector financing

agenda-icon-23

Domestic RE ecosystem

agenda-icon-24

Differentiated tech solution

Source: IEA (2022) World Energy Outlook, IPCC, UNFCCC, ISA reports, OECD, WEF – State of Climate Action report, 2023, OWID, Trademap, BCG Analysis 1. Cumulative global solar capacity required to meet NDC pledges: ~11k GW; 2. 20-25% not allocable 3. Variation in trends observed across upper and lower middle income nations. Potential to study these independently in annual report 4. CAGR since '18 on Solar capacity addition 5. Includes hydro and bio-energy as RE. source; BCG Analysis 6. Based on IEA data from the IEA (2022) World Energy Outlook, www.iea.org/weo. All rights reserved; as modified by BCG.

Need for transition

High Income countries

Emerging Economies3

Low Income countries

SIDS

Cumulative emissions (1750-2021) (GtCO2e)

transition-icon-1

45,617

transition-icon-2

16,731

transition-icon-3

376

transition-icon-4

207

Emissions growth rate CAGR (2015-2021)1,2

transition-icon-1

-1.3%

transition-icon-2

1.8%

transition-icon-3

5.1%

transition-icon-4

-1.1%

GDP growth rate (2015-2021)

transition-icon-1

3.7%

transition-icon-2

5.6%

transition-icon-3

-1.3%

transition-icon-4

1.1%

Emissions per capita (tCO2/capita) (2021)2

transition-icon-13

8.6

transition-icon-14

2.6

transition-icon-15

0.6

transition-icon-16

3

Human Development Index (2021)

transition-icon-17

0.90

transition-icon-18

0.69

transition-icon-19

0.52

transition-icon-20

0.70

Solar generation potential (kWh/m2/day) (2021)

transition-icon-21

4.19

transition-icon-22

4.93

transition-icon-23

5.35

transition-icon-24

5.19

Electricity access (share of population) (2021)

transition-icon-25

100%

transition-icon-26

90%

transition-icon-27

63%

transition-icon-28

91%

Fossil fuel imports (as % of GDP) (2021)

transition-icon-29

2.47

transition-icon-30

2.80

transition-icon-31

4.51

transition-icon-32

13.23

Emissions/GW (2021)3

transition-icon-33

3.68

transition-icon-34

5.00

transition-icon-35

4.80

transition-icon-36

5.60

Climate risk index (2021)

transition-icon-37

0.34

transition-icon-38

0.43

transition-icon-39

0.55

transition-icon-40

Upto 0.7

1. Emissions growth rate CAGR value for LIC skewed due to low absolute emissions in starting year
2. Based on data from Enerdata; as modified by BCG
3. Based on data from Enerdata & IRENA; as modified by BCG
Source: Enerdata, OWID, World Bank, Solar PV Atlas, ND Gain, IRENA, Trandemap, BCG Analysis

Rising global energy demand to be met via efficiency gains...
...as well as increasing RE and solar penetration across archetypes

High
Income Countries

high-income-countries-1 high-income-countries-2
high-incom-legends high-incom-legends

Emerging
Economies3

energy-economy-1 energy-economy-2
energy-legends energy-legends

Low
Income Countries

low-income-countries-2 low-income-countries-2
low-income-legends low-income-legends

SIDS

sids-1 sids-2
sids-legends sids-legends

1. Population growth rate for LICs & SIDS over the same time period was 3.2% and 1.2% respectively;2. CAGR for SIDS till 2019: +0.8% for energy consumption per capita & +1.5% for total energy consumption respectively 3.Based on data from Enerdata, as modified by BCG. 4. Based on
data from Enerdata and World Bank, as modified by BCG Source: Enerdata, World Bank, BCG Analysis

HIGH INCOME COUNTRIES

High-income countries, recognized as significant contributors to climate change, have initiated measures to support global clean energy transitions, but there is room for enhanced action to drive the green agenda. While these nations currently contribute over 60% of global emissions, they have demonstrated a reduction in emissions per capita from 2015 to 2021. Many high-income countries have set ambitious targets, committing to up to a 50% reduction in emissions by 2030, achieving net-zero status by 2050, and incorporating a 30-50% renewable energy share in their energy mix. The enforcement of these targets through robust legal and regulatory frameworks ensures their commitment, backed by strong actions from non-state actors.

To further contribute to a global transition, high-income nations can explore opportunities for decarbonization beyond their borders, leveraging their reliance on global value chains. Facilitating this transition involves leading in the rapid deployment of transition finance, directing financial flows to developing regions through mechanisms like results-based carbon financing, and increasing support for research and development and investments in energy storage technologies to drive down costs.

1. Share of cumulative emissions (1750-2020) 2. Approximate numbers.Based on IEA data from the IEA (2022) World Energy Outlook, www.iea.org/weo. All rights reserved; as modified by BCG. 3.Based on data from Enerdata, as modified by BCG. 4. Based on IEA data from the IEA (2022) World Energy Outlook, www.iea.org/weo. All rights reserved; as modified by BCG.
Source: IEA (2022) World Energy Outlook,Enerdata, OWID, BCG Analysis

EMERGING ECONOMIES

Emerging economies face a looming risk of surpassing emission budgets due to rapid growth, necessitating an immediate enabling environment to effectively manage this expansion and associated risks. Despite having a Human Development Index (HDI) of 0.6-0.7, these nations confront significant climate risks, with 91% of climate-related fatalities originating in this region.

While they have experienced a notable increase in solar capacity, a considerable expansion, requiring investments upwards of $3 trillion, is imperative in the next two decades. The catalysis of private financing becomes a pivotal lever in enabling the energy transition journey, yet the higher risk perception of renewable energy projects in the region poses a challenge.

To address these concerns, the deployment of innovative financial instruments, including increased blended finance, credit guarantees, asset refinancing, is crucial. Moreover, fostering institutional development through incorporation of global best practices for achieving green growth emerges as a key strategy to support these countries in their pursuit of sustainable development.

Note: 1. Based on data from Enerdata; as modified by BCG, 2. Approximate numbers.Based on IEA data from the IEA (2022) World Energy Outlook, www.iea.org/weo. All rights reserved; as modified by BCG.
Source: IEA (2022) World Energy Outlook, Enerdata, UNCTAD, BCG Analysis

LOW INCOME COUNTRIES

Low-Income Countries, facing limited energy access, require increased and more affordable financial support to propel the adoption of clean energy. Despite possessing considerable domestic solar generation potential exceeding 6 kWh/m2 , these countries struggle with the lowest energy access rates among archetypes, standing at less than 50%. To achieve the dual objectives of heightened energy consumption and improved access, low-income nations need approximately $400 billion in financing for their clean energy initiatives, a stark contrast to the mere fraction, $5 billion, currently received. High costs of debt, ranging from 20-30% compared to 5-20% globally, coupled with the absence of domestic renewable energy supply chains hindering solar asset development, necessitate comprehensive financial and policy backing.

This support should encompass greater access to climate finance, the deployment of innovative financing mechanisms, and the integration of more decentralized technology solutions to uplift low-income nations in their pursuit of sustainable energy development

Note: All comparisons done basis available data, 1.Based on IEA data from the IEA (2022) World Energy Outlook, www.iea.org/weo. All rights reserved; as modified by BCG.
2. Based on data from Enerdata, as modified by BCG
Source: IEA (2022) World Energy Outlook, Enerdata, World Bank, Solar PV Atlas, IRENA, OECD, BCG Analysis

SMALL ISLAND DEVELOPING
STATES (SIDS)

Small Island Developing States (SIDS) face the critical imperative of reducing fossil fuel imports and overall emissions from electricity consumption, with solar energy offering a substantial value addition. Despite having the highest exposure to climate risks, exacerbated by their heavy reliance on imported fossil fuels leading to elevated emissions per unit of electricity, SIDS encounter prohibitive costs in solar development, three times the global average per gigawatt. Geographical constraints such as limited land mass and remote locations with grid inaccessibility further complicate large-scale utility projects.

Therefore, addressing these challenges requires increased access to low-cost finance, the implementation of innovative financing mechanisms, and the adoption of differentiated technologies like floating solar, storage systems, and high-efficiency models to meet the unique needs of this segment of the world.

Note: 1.Based on data from Enerdata and IRENA; as modified by BCG
2.Based on data from Enerdata; as modified by BCG
Source: Enerdata, ND Gain, World Bank, IRENA, OECD, Trademap, BCG Analysis.

Adoption across archetypes

Although nations across archetypes have distinct needs, a key set of enablers and solutions—financial, technological, and policy-oriented—can be adapted to address these unique requirements.

Themes for the New Growth Economies emerge, encompassing finance, where enhanced access to climate finance for Low-Income Countries (LICs) and Small Island Developing States (SIDS) is crucial, necessitating lower financing costs, innovative products like blended finance, and risk guarantees.

Technology solutions involve exploring differentiated technologies such as distributed and off-grid solutions, storage systems, and high-efficiency solar modules, while also fostering domestic solar ecosystems and implementing improved data collection through digital technology.

On the policy front, the creation of a green policy environment tailored to economies at varying levels of adoption maturity, the mainstreaming of results-based carbon financing, and large-scale training and awareness programs, especially for financial institutions, are essential measures to guide and facilitate sustainable development.

Potential key levers to promote equitable energy transition through adoption of Solar and/or renewables

    FINANCE

  • Access to low-cost, long-term climate finance

    Pledges to clean investment mandates by financial institutions

  • Manage high cost of capital

    Increased adoption of blended financial products, credit guarantees, asset re-financing

    Financial institutions to build up expertise in risk assessment methodologies for Solar projects

  • Large-scale demand aggregation

    Demand aggregation at a country/regional level to drive down costs

finannce

    TECHNOLOGY

  • Differentiated tech solutions and access models

    Engineering, Research & Development and Centres of Excellence to accelerate tech expertise in storage solutions, distributed RE and new panel designs (eg: floating panels) Increased focus on off-grid distribution access models

  • Domestic ecosystem

    for component manufacturing esp domestic assembly

  • Data & Tech for financial institutions

    Highlight importance of data about Solar projects to assess risk

finannce

    POLICY

  • Green Policy Environment

    Understanding of best practices for green policy which facilitate adoption of best practices to enable green growth

  • Carbon financing markets

    Explore results-based carbon financing mechanism

  • Capacity building at an institutional level

    Large scale training and awareness building programs at an institutional level (esp. for FIs and policy makers)

policy

Different solutions are variably suited to be deployed across economies

solutions

Non-Exhaustive

Adoption of solutions showcased using a range of indicators

Finance

  • Finance flows
  • Cost of Solar projects
  • Cost of Capital

Solar

  • Solar penetration
  • Solar capacity
  • LCOE of Solar

Energy & Climate

  • Renewable energy mix
  • Energy Tariff
  • Carbon emissions intensity
  • RE per capita
  • Fuel import % of GDP

Developmental

  • HDI Index
  • Energy Access
  • Energy Intensity
  • Energy consumption/capita
  • Poverty Rate

The Way ahead

Consultative & Collaborative pathways

As the world grapples with the imperative of decarbonising energy sources, a consultative and collaborative pathway emerges beyond the confines of COP 28. The International Solar Alliance (ISA) aims to release an annual report studying solar adoption trends and identifying region-specific solutions. This annual publication will offer a new lens to view ongoing energy transitions across different archetypes.

Holistic approach & better data assessment for solar equity

Promoting economic, social, and environmental equity within the solar ecosystem entails a holistic approach. Access to climate finance, technological advancements, and policy frameworks must align to drive down costs, foster domestic solar ecosystems, and promote widespread awareness and training programmes.

The journey towards equitable solar integration demands a concerted effort from nations, organisations, and stakeholders. Through data-driven insights, tailored solutions, and collaborative pathways, the global community can pave the way for a sustainable and inclusive energy transition that harnesses the transformative potential of solar energy.

Our path forward for the report

dollar-tree

A perspective on New Growth economies…

• The report aims to bring the perspective of New Growth economies into light

• It seeks to inform tech providers, financial institutions, policy advocates and civil society on this perspective

global-expertise

…developed via data metrics and global expertise

• The report aims to provide new indicators to view energy transitions across different archetypes and showcase the impact of various initiatives on a yearly basis

• Utilize latest data and analytics as well as Global Expert consultations

contribution

Hence, Our Contribution

• We will publish an annual report providing an analytical underpinning to energy transitions through the lens of developmental indicator

• Analysis done via set of key socio-economic and energy indicators (to be refined over succeeding publications)

The report aims to highlight the need for a people-centric and pro-planet energy transition and the role of solar and other renewables in enabling the same