Clean Energy Market Monitor March 2024 INTERNATIONAL ENERGY AGENCY The IEA examines the full spectrum of energy issues including oil, gas and coal supply and demand, renewable energy technologies, electricity markets, energy efficiency, access to energy, demand side management and much more. Through its work, the IEA advocates policies that will enhance the reliability, affordability and sustainability of energy in its 31 member countries, 13 association countries and beyond. This publication and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Source: IEA. International Energy Agency Website: www.iea.org IEA member countries: Australia Austria Belgium Canada Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Japan Korea Lithuania Luxembourg Mexico Netherlands New Zealand Norway Poland Portugal Slovak Republic Spain Sweden Switzerland Republic of Türkiye United Kingdom United States The European Commission also participates in the work of the IEA IEA association countries: Argentina Brazil China Egypt India Indonesia Kenya Morocco Senegal Singapore South Africa Thailand Ukraine Table of contents Clean Energy Market Monitor – March 2024 Table of contents Introduction ..................................................................................... 4 Executive summary ......................................................................... 5 Overview .......................................................................................... 7 Clean energy deployment ............................................................. 12 Solar PV ................................................................................. 13 Wind ...................................................................................... 15 Nuclear ................................................................................... 17 Electric cars ............................................................................ 19 Heat pumps ............................................................................ 21 Hydrogen electrolysers ........................................................... 23 PAGE | 3 IEA. CC BY 4.0. Acknowledgements ....................................................................... 25 Introduction Clean Energy Market Monitor – March 2024 Introduction to the first edition of the Clean Energy Market Monitor Clean energy is growing rapidly, as annual deployment of a number of key technologies has accelerated in recent years driven by policy support and continued cost declines. From 2019 to 2023, clean energy investment increased nearly 50%, reaching USD 1.8 trillion in 2023 and growing at around 10% per year across this period. The clean energy economy is a major industrial sector and an important In the case of fossil fuels, market evolutions play out in real time in the form of prices, demand and supply balances, and inventories, contributor to the global economy. However, its benefits remain too concentrated with most of clean energy deployment occurring in China and advanced economies. supply, trade and security of supply metrics. with market participants able to access timely data and analysis. For example, the IEA tracks fossil fuel markets in a series of monthly, quarterly and annual reports, which review recent market evolutions and provide near-term and medium-term outlooks for demand, The IEA regularly publishes comprehensive reports analysing recent progress in the development and deployment of clean energy technologies. These delve into the market dynamics, investment, innovation progress, manufacturing capacity, and deployment and cost evolutions of these technologies. The IEA also provides an annual assessment of technology progress using multiple indicators across a comprehensive suite of clean energy technologies and assesses this against the needs of the Net Zero Emissions by 2050 Scenario (NZE Scenario), as part of its Tracking Clean Energy Progress report. PAGE | 4 IEA. CC BY 4.0. This new report, The Clean Energy Market Monitor, aims to fill a gap by providing a timely, concise and up-to-date overview of clean energy deployment for 2023 for a selected group of technologies. It is not intended to be a comprehensive tracking exercise or to provide detailed investment or technology tr