According to the new IEA report global investment in manufacturing in the five key clean technology supply chains – solar PV, wind, EVs (including batteries), electrolysers and heat pumps – jumped 50% to USD 235 billion in 2023, up from USD 160 billion in 2022.
Also see: European solar manufacturing should be a priority
Investments were led by solar PV and batteries, which together accounted for 80% of the total in 2023. China accounted for nearly three-quarters of total investment in 2023, with the United States and the European Union together accounting for around one-fifth. India, Japan, Korea and Southeast Asia accounted for most of the rest, with virtually no investment taking place in either Africa or Central and South America.
Reshoring solar manufacturing in Europe
“This report underlines the massive economic potential of solar PV manufacturing, and serves as clear evidence that Europe must pursue a strong solar industrial strategy.
80% of investment in global clean technology in 2023 was in solar PV and batteries – Europe cannot afford to give up on reshoring solar manufacturing“, Dries Acke, Deputy CEO at SolarPower Europe, said.
See also: FuturaSun manufacturing project selected for EU funding
„The report underlines the energy security benefits of solar – dependency on imports of Russian gas flows is of very different and much higher-risk nature than importing solar PV stocks, certainly as supply chains diversify.
Implement the EU Net Zero Industry Act at country level
In developing the global solar PV supply chain, we couldn’t agree more: diversification is the magic word, and ‘broad-based protectionism’ is not the way forward. The EU Net-Zero Industry Act must be swiftly implemented at country level, and be complemented by support from the European Investment Bank, as well as a dedicated EU financing instrument for solar manufacturing.” (hcn)
