Global solar energy capacity, projected to increase 20-fold by 2050, could create 27 million green jobs, reduce global greenhouse gas emissions by 25%, and transform energy access, according to a report by the International Solar Alliance (ISA) and Boston Consulting Group (BCG) presented at COP29.
Transformational Benefits Highlighted The report, titled “Unleashing the Role of Solar in Advancing Economic, Social, and Environmental Equity,” underscores the potential of solar energy to address climate, economic, and equity challenges. It introduces the SHINE scenario, a competitive strategy to scale solar deployment and achieve net-zero targets.
Key findings include:
Energy Access: Solar energy can deliver electricity to over 1 billion people, especially in low-income countries, through decentralized and grid-based solutions. Job Creation: By 2050, 27 million green jobs could be generated, providing economic uplift to marginalized communities and women. Emission Reduction: A 25% cut in global greenhouse gas emissions, aligning with the 1.5°C Paris Agreement target. Cost Efficiency: Solar energy costs are expected to drop by 60% by 2050, solidifying its role as a scalable renewable source. Strategic Insights and Recommendations Ajay Mathur, Director General of ISA, emphasized tailoring strategies to specific countries for optimizing solar adoption, while Anirban Mukherjee, Managing Director at BCG, highlighted solar’s scalability as vital for a sustainable energy future.
The report advocates:
Differentiated Strategies: High-income, emerging, and low-income nations require unique pathways to maximize solar deployment. Technological Investments: Advanced storage technology and grid enhancements are essential to support large-scale solar adoption. Public-Private Partnerships: Encouraging investment through robust policy frameworks is critical to scaling efforts. Global Collaboration Needed Achieving the ambitious solar targets will demand coordinated international efforts to expand infrastructure, lower costs, and ensure equitable energy access. The SHINE pathway alone could save up to $4 trillion in transition costs, highlighting solar energy as a cornerstone of sustainable development and climate action.
The findings position solar energy as a transformative force in addressing energy equity, creating economic opportunities, and combating climate change globally.
