Renewable energy sources can meet 65% of world's power supply, 90% by 2050: R K Singh

New Delhi: Union Power and New & Renewable Energy Minister R K Singh on Tuesday said renewable energy sources can supply 65 per cent of the world's total electricity by 2030 and as much as 90 per cent by 2050.

Addressing the inauguration of the Sixth Assembly of International Solar Alliance (ISA), Singh said "Renewable energy sources have the potential to supply 65 per cent of the world's total electricity by 2030 and decarbonise 90 per cent of the power sector by 2050."

Currently, he informed that around 80 per cent of the global population resides in countries that depend on fossil fuel imports, totalling a staggering 6 billion people.

Singh, who is also president of ISA, stated that the recent G20 Summit in New Delhi also underscored the urgent need for a transition to clean energy.

Singh also invited all member countries, ISA Partner Organisations and other organisations present to partner with ISA in making it a catalyst for the transformative change.

"Our vision in mind when the ISA came into being was to create a sustainable world through the adoption of solar energy solutions," he stated.

He stressed that the objective is to triple global renewable energy capacity by 2030, aligning with the countries’ established targets and policies and expanding aspirations to include zero and low emission technologies, adopting more blended finance and risk-sharing facilities in the renewable energy sector.

So, he said, "let us approach this Assembly Session with a sense of duty, purpose, and optimism. I am confident that together, we can rise to the challenges of climate change before us."

The Co-President of the Assembly, 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."

Ajay Mathur, Director General, ISA said, "Encouragingly, investment in clean energy has seen a commendable 12 per cent annual growth rate since 2020, driven largely by solar and wind power projects."

However, he said that this surge in investment is primarily concentrated in a handful of countries, leaving many developing economies, particularly in Africa.

Ministers from 20 countries and delegates from across 116 Member and Signatory countries and 18 prospective countries joined the inaugural ceremony of the sixth ISA Assembly.