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2023 US$1.77 trillion into energy transition technologies
Summary of https://www.energy-storage.news/big-...mbergnef-says/
Investment in energy storage soared in 2023, with battery manufacturing requiring the biggest share of spending by 2030 for net zero. Total investment in energy transition technologies hit US$1.77 trillion in 2023, a 17% increase from 2022. China was the biggest investor, with US$676 billion representing 38% of the total. Electric transport accounted for the biggest share by technology, with US$634 billion invested, a 36% rise year-on-year. Investment in energy storage needs to accelerate to US$93 billion annually by 2030. Renewable energy investment needs to more than double to US$1,317 billion annually by 2030. Power grid investment needs to more than double to US$700 billion annually by 2030. Electrified transport spending needs to nearly triple to US$1.8 trillion annually by 2030. Battery manufacturing would account for 70% of all clean energy supply chain spending. Supply chain spending is currently above what's required for net zero by 2050. Investment in battery metals needs to increase, accounting for 20% of total supply chain spending by 2030. No new solar PV factories are required before 2030 due to oversupply.
Disclaimer: The author of this post, may or may not be a shareholder of any of the companies mentioned in this column. No company mentioned has sponsored or paid for this content. Comments on this forum should never be taken as investment advice. |
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