On April 17, 2024, during the spring meeting of the International Monetary Fund and the World Bank, Patrick Walsh (Patrick Walsh), CEO of off-grid solar equipment manufacturer Sun King, said in an exclusive interview with Sina Finance that technology and innovation are playing an important role in achieving sustainable goals. Technological progress and cost reduction in solar technology have benefited China's massive investment and are now benefiting the least developed regions in the world.
Patrick Walsh mentioned that China's massive investment in solar energy has led to a sharp drop in the cost of solar panels — from over $3 per watt in 2007 to about $0.10 recently. “This cost reduction has made solar energy not only easier to obtain, but also more widely used, from only supplying light bulbs to supporting larger infrastructure such as schools and health clinics.”
At the same time, he said that despite these advances in technology, the cost of building the necessary infrastructure is still very high in regions such as Africa. “These high costs are not only due to the technology itself, but also to installation, maintenance, and financing.” Patrick Walsh called for more government and international cooperation to improve access to electricity in Africa.
As an example, he said that Nigeria is providing a sample to other countries in Africa. Through government and international partners, prices can be significantly reduced, solar systems can be made more affordable, and installation rates can be accelerated. “This approach not only shows the potential for rapid expansion, but also emphasizes the need for global cooperation and innovative financing strategies to benefit a wider range of people.”
Patrick Walsh said that through these joint efforts, technology can play a major role in achieving the SDGs, ensure energy access for least developed communities, and promote an environment where renewable energy can prosper and sustain future generations. (Sina Finance North America Station Kang Lu from Washington)