Soaring Investments in Clean Energy Technology in 2024
Wes Ashworth ?????
Renewable Energy/Cleantech Recruiter, Green Giants Podcast Host
In 2024, the clean energy technology sector is witnessing a significant surge in investments, projected to reach nearly $800 billion. This upward trend, highlighted by S&P Global Commodity Insights, marks a pivotal shift in the global energy landscape. The lion's share of this investment is funneled into solar energy, solidifying its position as a leader in the clean energy domain. Onshore wind, while securing the second-largest segment in absolute investment terms, is growing at a slower pace.
What's more intriguing is the rapid expansion in battery energy storage and electrolysis, sectors that are becoming increasingly vital for the clean energy transition. The cost dynamics of these technologies are also evolving. Despite the soaring costs in offshore wind and hydrogen, the average cost of clean energy technologies is expected to decline, driven by oversupply and dipping raw material prices. This cost reduction is particularly notable in solar and battery sectors, significantly lower than the peaks observed in 2022.
This financial trajectory is not just a number game; it's a testament to the world's commitment to a sustainable future. With investments like these, we're not just betting on technology; we're investing in a cleaner, more sustainable world for generations to come.
Source: "TOP 10 Trends in Clean Energy Technology in 2024 - S&P Global Commodity Insights"