8INDIAREVIEWOCTOBER- NOVEMBER - 2024GLOBAL SOLAR CELL MANUFACTURING TO OUTSTRIP DEMAND BY OVER 1,100 GW BY 2024The global solar manufacturing capacity will surpass 1,100 GW, which is double the expected need for PV panels. The report stated that solar power will become more affordable as the production of solar panels surpasses the demand."Solar cell prices have reached USD 0.037/watt, while advanced mono TOPCon and mono PERC module prices have fallen below USD 0.10/watt, indicating a trend towards greater affordability in solar technology," it said.At its 7th General Assembly in New Delhi, the ISA published three reports for the World Solar Report series. A statement mentioned that the four recently released reports - World Solar Market Report, World Investment Report, World Technology Report, and Green Hydrogen Readiness Assessment for African Countries - all focus on important aspects of the worldwide transition to sustainable energy.The report stated that global solar capacity has grown rapidly from 1.22 GW in 2000 to an impressive 1,418.97 GW in 2023, with a remarkable 40 percent annual growth rate in just two decades. In the year 2023, a total of 345.83 GW of solar power was installed, making up 75% of the new renewable energy capacity added globally. Solar power production has also experienced a significant increase, jumping from 1.03 TWh in 2000 to 1,628.27 TWh in 2023. IMRINDIA & KAZAKHSTAN TO SET UP A JV IN CRITICAL MINERALS INDUSTRYIndia and Kazakhstan, both abundant in rare earth and critical minerals, have agreed to form a partnership company called IREUK Titanium Limited to manufacture Titanium Slag in India. This JV in Central Asia will be India's inaugural one.IREL and Ust-Kamenogorsk Titanium and Magnesium Plant from Kazakhstan have agreed to create a joint venture company called IREUK Titanium Limited. The JVC aims to promote the growth of the titanium value chain in India by converting low grade Ilmenite into high grade titanium feedstock, while also creating employment opportunities in Odisha.IRE, a government organization falling under the purview of the Department of Atomic Energy (DAE), produces excess Ilmenite in Odisha. UKTMP is among the biggest titanium producers globally, with operations spanning from extracting raw materials to manufacturing high-value titanium sponge and ingots.Deependra Singh, chairman and managing director of IREL (India) Limited, signed the agreement with Assem Mamutova, president of UKTMP. Kazakhstan not only has abundant reserves of oil and uranium, but also possesses significant amounts of critical minerals.Kazakhstan is the top uranium producer globally (representing 40% of production), the second largest chromite producer (13%) and the fifth largest cadmium producer (5.9%) as per the United States Geological Survey. Abundant mines of rhenium, zinc, and manganese are also said to be present. IMRTOP STORIES
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