- Based on today’s policy settings, the global market for the top six mass-manufactured clean energy technologies (solar PV, wind turbines, electric cars, batteries, electrolysers and heat pumps) is set to rise from $700 billion in 2023 to more than $2 trillion by 2035 – close to the value of the world’s crude oil market in recent years.
- Global trade in these clean technologies is also expected to rise sharply. In a decade’s time, it more than triples to reach $575 billion, more than 50% larger than the global trade in natural gas today.
- The report has detailed analysis on economies that are already manufacturing these technologies at scale – mostly notably China, the United States, Europe, and increasingly India. It finds that China is set to remain the world’s clean energy manufacturing powerhouse for the foreseeable future. Under today’s policy settings, its exports of top clean technologies are on track to exceed $340 billion in 2035, which is roughly equivalent to the projected oil export revenue this year of Saudi Arabia and the United Arab Emirates combined.
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