The market for clean energy technology has been predicted to triple over the next decade from US$700 billion in 2023 to US$2 trillion in 2035 by the International Energy Agency (IEA). Its ‘Energy Technology Perspectives 2024’ report focused on six mass-manufactured clean energy technologies – solar PV, wind turbines, electric cars, batteries, electrolysers and heat pumps. In a decade’s time, trading in clean energy technologies is also expected to more than triple to reach US$575 billion, more than 50% larger than the global trade in natural gas today. The report also laid out the current and future state of clean energy manufacturing and trading, highlighting how countries at different stages of development can achieve secure and cost-effective clean energy transitions. It said three strategic areas of public policy – energy, industry and trade – are increasingly interwoven, with governments faced by tensions and trade-offs based on the industrial and trade policies they opt to pursue. “Clean energy transitions present a major economic opportunity, as we have shown, and countries are rightly seeking to capitalise on that,” said Fatih Birol, Executive Director at the IEA. “However, governments should strive to develop measures that also foster continued competition, innovation and cost reductions, as well as progress towards their energy and climate goals.”
Energy Technology Perspectives 2024 is out now!
The first-of-its-kind analysis shows the global market for key clean technologies — like solar, wind, EVs, heat pumps & more — is on course to triple to more than $2 trillion over the coming decade.
More ⬇️ https://t.co/BVBrJnvYI6
— International Energy Agency (@IEA) October 30, 2024
