The International Energy Agency (IEA) has released its “Advancing Clean Technology Manufacturing” report, which finds that global investment in the manufacturing of PV, wind, batteries, electrolysers and heat pumps rose to $200 billion last year, a 70% increase from 2022.

Spending on PV manufacturing more than doubled last year, while investment in battery manufacturing rose by 60%, the report further finds. Around 40% of investments in clean energy manufacturing in 2023 were in facilities that are due to come online this year. For batteries, this share rises to 70%.

“Record output from solar PV and battery plants is propelling clean energy transitions, and the strong investment pipeline in new facilities and factory expansions is set to add further momentum in the years ahead,” says Fatih Birol, IEA executive director.

“While greater investment is still needed for some technologies,  and clean energy manufacturing could be spread more widely around the globe, the direction of travel is clear. Policy makers have a huge opportunity to design industrial strategies with clean energy transitions at their core.”

Clean energy manufacturing is still dominated by a few regions. China, for example, is currently home to more than 80% of global PV module manufacturing capacity.

The report, produced in response to a request from G7 leaders last year, is meant to provide guidance for policy makers as they prepare industrial strategies focused on renewables manufacturing.

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Clean Energy Manufacturing Investments Supporting Growth, IEA Report Says