According to the International Energy Agency (IEA), global investments in clean technology manufacturing soared to US$200bn in the past year, marking a 70% increase from 2022.
The IEA's latest report highlights that solar PV and battery manufacturing dominated these investments, comprising over 90% of the total for both years. Specifically, investment in solar PV manufacturing surged to approximately US$80bn in 2023, more than doubling from the previous year, while battery manufacturing investments rose by about 60% to reach US$110bn.
The report highlighted that China was responsible for 75% of the global investments in clean technology manufacturing. It also noted a rapid expansion in the pipeline of clean energy projects, suggesting that clean manufacturing capacity is set to meet the "net-zero by 2030" targets ahead of schedule, largely due to advances in photovoltaic solar cell technology.
Additionally, the report emphasised the critical role of government policies and international cooperation in fostering this growth. Investments in research and development are accelerating technological advancements, enhancing efficiency, and reducing costs.
The IEA stressed the importance of continuing this momentum to address climate change effectively and achieve long-term sustainability goals. This surge in investment and capacity building indicates a positive trend toward a greener global economy.
IEA's latest report shows growth of clean-tech manufacturing
Investments in research and development are accelerating technological advancements. (Image source: Adobe Stock)
