The Worldwide Vitality Company (IEA) has launched its “Advancing Clear Expertise Manufacturing” report, which finds that international funding within the manufacturing of PV, wind, batteries, electrolysers and warmth pumps rose to $200 billion final 12 months, a 70% enhance from 2022.
Spending on PV manufacturing greater than doubled final 12 months, whereas funding in battery manufacturing rose by 60%, the report additional finds. Round 40% of investments in clear power manufacturing in 2023 have been in amenities which might be resulting from come on-line this 12 months. For batteries, this share rises to 70%.
“Document output from photo voltaic PV and battery crops is propelling clear power transitions, and the robust funding pipeline in new amenities and manufacturing unit expansions is ready so as to add additional momentum within the years forward,” says Fatih Birol, IEA govt director.
“Whereas higher funding remains to be wanted for some applied sciences, and clear power manufacturing might be unfold extra extensively across the globe, the course of journey is obvious. Coverage makers have an enormous alternative to design industrial methods with clear power transitions at their core.”
Clear power manufacturing remains to be dominated by just a few areas. China, for instance, is at the moment residence to greater than 80% of worldwide PV module manufacturing capability.
The report, produced in response to a request from G7 leaders final 12 months, is supposed to supply steering for coverage makers as they put together industrial methods centered on renewables manufacturing.
