RIYADH: Booming investments in clean energy technology are strengthening the global economy by creating new industrial and employment opportunities, a report has outlined.
According to the International Energy Agency, global investment in the manufacturing of five key clean energy technologies – solar photovoltaic, wind, batteries, electrolyzers, and heat pumps – surged by 70 percent year-on-year in 2023 to $200 billion.
The IEA added that investments in clean technology manufacturing are becoming increasingly significant and are beginning to register in broader macroeconomic data.
According to the report, such investments in 2023 accounted for around 0.7 percent of worldwide investment across all sectors of the economy.
“In growth terms, the contribution is even starker — in 2023, clean technology manufacturing alone accounted for around 4 percent of global GDP…
