ABU DHABI: The International Energy Agency (IEA) has said that clean technology manufacturing investments worldwide reached US$200 billion in 2023, an increase of more than 70 percent compared to 2022.

In its latest report, IEA explained that investments in solar PV and battery manufacturing plants led the way, together accounting for more than 90 percent of the total in both years. Investment in solar PV manufacturing more than doubled to around US$80 billion in 2023, while investment in battery manufacturing grew by around 60 percent to US$110 billion.

The report mentioned that China accounted for three-quarters of the total investments in this field. It noted that the pipeline of clean energy projects is expanding faster, with the expectation that clean manufacturing capacity will meet the necessities of the “net-zero by 2030” scenario ahead of schedule, supported by photovoltaic solar cells.

Source: Emirates News Agency