IEA – Energy Tech Perspectives, 2024

The manufacturing sector is becoming increasingly important in discussions about energy, climate, and economic policy. This Energy Technology Perspectives Special Report focuses on five key clean energy technologies - solar PV, wind, batteries, electrolysers, and heat pumps. Investment in clean technology manufacturing is significant, with it accounting for around 0.7% of global investment in 2023 and driving more spending than established industries. The report highlights that investments in clean technology manufacturing reached around USD 200 billion in 2023, growing by more than 70% compared to 2022. China accounted for three-quarters of global investments in clean technology manufacturing, with the United States and Europe seeing strong growth in investments in battery manufacturing. Near-term momentum for clean manufacturing looks strong with a significant percentage of investments in facilities expected to come online in 2024. Committed projects are projected to exceed global solar PV deployment needs in 2030 and meet a significant portion of battery cell requirements. This momentum is also extending to adjacent sectors such as joint ventures with automakers in the United States.