Global annual average investment in selected clean energy technology manufacturing and by scenario, 2024 and 2026-2035

Sources

IEA analysis based on S&P Global (2025), WindEurope (2023), BNEF (2025b), GWEC (2023), Wood Mackenzie (2025), InfoLink (2025), SPV Market Research (2025), BMI (2024), EV Volumes (2025), IEA (2025b), Atlas EV Hub (2025), CEPII (2025), Sinoimex (2025), as well as announcements by manufacturers and personal communications.

Notes

STEPS = Stated Policies Scenario; NZE = Net Zero Emissions by 2050 Scenario; Investment for 2026-2030 and 2031-2035 refers to annual averages. Batteries and EVs includes anode and cathode active materials, battery cells and electric cars. Solar PV includes polysilicon, wafers, cells and modules. Other includes electrolysers, heat pumps, and wind turbines, blades and nacelles.