![]() This increase was due largely to China, as the European Union ceded its leading position. Hydrogen electrolyser capacity additions grew by 360% in 2023, but from a very low base. ![]() At the start of 2024, there were 58 reactors under construction worldwide - a total capacity of over 60 GW. ![]() Construction of new nuclear reactors started on 5 projects in 2023. Nuclear capacity additions fell to 5.5 GW in 2023, although year-on-year variations in capacity additions are less meaningful for a technology with long project development and execution times. The slowdown of heat pump sales highlights the importance of supportive policies to help cash-strapped consumers and reduce the gap between electricity and gas prices. China again led the way, with one-in-three cars sold being electric, while in the European Union it was one-in-four.īy contrast, heat pump sales globally saw a marginal decline from the record levels of 2022, as squeezed consumers avoided spending on big ticket items and concerns around high gas prices eased somewhat. In 2023, China and advanced economies accounted for 90% of capacity additions for wind and solar PV, and more than 95% of global sales of electric cars.Įlectric car sales grew around 35% in 2023, reaching 14 million vehicles or one-in-five sales globally. Clean energy deployment in 2023, however, remained too concentrated in advanced economies and China, with the rest of the world continuing to lag well behind. Capacity additions for these two technologies reached almost 540 GW, with China accounting for the majority of both. Global clean energy deployment scaled new heights in 2023, with annual additions of solar PV and wind growing 85% and 60% respectively. ![]() Given the acceleration of clean energy deployment since 2019, driven in part by Covid-19 recovery packages and the 2022 energy crisis, this first edition of the Clean Energy Market Monitor also analyses the energy market impacts of clean energy deployment trends since 2019. This is the first in a series, bringing together the most recent trends for selected key clean energy technologies and assessing the implications for energy markets more broadly. It is not intended to be a comprehensive tracking exercise or to provide detailed investment or technology trends. This new report, The Clean Energy Market Monitor, aims to fill a gap by providing a timely, concise and up-to-date overview of clean energy deployment for 2023 for a selected group of technologies. For example, the IEA tracks fossil fuel markets in a series of monthly, quarterly and annual reports, which review recent market evolutions and provide near-term and medium-term outlooks for demand, supply, trade and security of supply metrics. In the case of fossil fuels, market evolutions play out in real time in the form of prices, demand and supply balances, and inventories, with market participants able to access timely data and analysis. The IEA also provides an annual assessment of technology progress using multiple indicators across a comprehensive suite of clean energy technologies and assesses this against the needs of the Net Zero Emissions by 2050 Scenario (NZE Scenario), as part of its Tracking Clean Energy Progress report. These delve into the market dynamics, investment, innovation progress, manufacturing capacity, and deployment and cost evolutions of these technologies. The IEA regularly publishes comprehensive reports analysing recent progress in the development and deployment of clean energy technologies. However, its benefits remain too concentrated with most of clean energy deployment occurring in China and advanced economies. The clean energy economy is a major industrial sector and an important contributor to the global economy. From 2019 to 2023, clean energy investment increased nearly 50%, reaching USD 1.8 trillion in 2023 and growing at around 10% per year across this period. Clean energy is growing rapidly, as annual deployment of a number of key technologies has accelerated in recent years driven by policy support and continued cost declines.
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