10% of global GDP growth came from the new Clean Energy economy in 2023

(Energy Post, 26 Apr 2024) The clean energy economy is making its mark on global GDP, explain Laura Cozzi, Timur Gül, Thomas Spencer and Peter Levi at the IEA

It accounted for 10% of global GDP growth in 2023, primarily through three activities: manufacturing of clean energy technologies, deployment of clean power capacity, and clean equipment sales. Here, the authors present the in-depth results for four of the largest economies: the U.S, the EU, China and India, which together account for two-thirds of global GDP. Clean energy growth accounted for around 6% of GDP growth in the U.S., around 20% of China’s, nearly one third of the EU’s, and almost 5% of India’s. Of total GDP, clean energy accounted for between 1% and 4% in these four major regions in 2023. Globally, 36m workers were employed across clean energy supply chains. The clean energy sector is not only growing quickly, but its importance for economies around the world will keep rising, say the authors.

Clean energy is moving towards centre stage in the global energy system – and as its importance rises, a new clean energy economy is emerging.

Clean electricity accounted for around 80% of new capacity additions to the world’s electricity system in 2023, and electric vehicles for around one out of five cars sold globally. At the same time, global investment in clean energy manufacturing is booming, driven by industrial policies and market demand. Employment in clean energy jobs exceeded that of fossil fuels in 2021 and continues to grow.

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Energy Post, 26 Apr 2024: 10% of global GDP growth came from the new Clean Energy economy in 2023