Clean energy accounted for 10% of global GDP growth in 2023

IEA points out that investments in renewables have become an important pillar for the main global economies
3 minute(s) of reading
Energia limpa foi responsável por 10% do crescimento do PIB mundial em 2023
Investment in the production of clean sources continued to expand around the world in 2023. Photo: Freepik

To the renewable energy added about US$ 320 billion to the world economy last year – the equivalent of around 10% of global GDP growth (Gross Domestic Product) in the period, according to study of IEA (International Energy Agency, its acronym in English). 

A analysis, which was published this Thursday (18), took into consideration the performance of three categories of activities in the clean energy sector: the manufacturing new technologies, The implementation of renewable energy capacity and to the marketing of “green” equipment in the market. 

O study examined four countries and regions which together represent more than two thirds of global GDP: United States, China, European Union and India. 

Us U.S, renewables were responsible for 6% of the growth of the North American economy in 2023. Much of this is related to the Inflation Reduction Law, which drove an increase in investment in clean energy production in the country. 

At China, the sector represented a fifth of the increase of 5.2% that was recorded in the country's GDP. According to the IEA, investments in clean energy capacity and equipment, such as solar and electric vehicles, explain the numbers presented by the Asian country. 

At European Union, renewables were responsible for almost a third of GDP growth, which is the highest percentage of any region evaluated by the study. 

The region's strong climate goals and policies, such as the proposal to neutralize carbon emissions in industry, supported investments in local clean energy production, which more than doubled between 2022 and 2023, also driven by battery production.

At India, clean energy accounted for around 5% of annual GDP growth, with investments in new solar power capacity being the main driver for this. 

Electrification

According to the IEA, the clean electricity was responsible for about 80% of new capacity additions to the global electrical system in 2023, and electric vehicles for around one in every five cars sold globally. 

In summary, the Agency detected that the global investment in the production of non-polluting sources continued to expand, driven by industrial policies and market demand last year. 

The entity also highlights that over the past year the jobs generated by renewables surpassed those generated by fossil fuels once again, as had already happened in 2022 and 2021. 

https://canalsolar.com.br/brasil-e-o-sexto-pais-do-mundo-que-mais-investiu-em-transicao-energetica/


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Picture of Henrique Hein
Henry Hein
He worked at Correio Popular and Rádio Trianon. He has experience in podcast production, radio programs, interviews and reporting. Has been following the solar sector since 2020.

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