Global investment in low-carbon manufacturing increased 70 percent last year, but production of key technologies such as wind and heat pumps fell far short of what is needed to meet climate goals, according to a new International Energy Agency report.
Requested by G7 leaders last year, the report found the sharp growth was led by solar panel and battery production plants. Overall, manufacturing investments for five clean energy technologies surged to $200 billion last year, with about 75 percent of the money coming from China.
Roughly 40 percent of funds went to facilities set to start production in 2024.
“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,” said IEA Executive Director Fatih Birol in a press release Monday.
