Clean energy technologies are foregrounded in the IEA’s updated Net Zero Emissions by 2050 Scenario (NZE Scenario), which highlights impressive growth in solar PV installations and electric vehicles as one of the success stories of recent years helping to keep the net zero goal within reach. None of these advances would have been possible without growth in clean energy technology manufacturing, and manufacturing now needs to accelerate further in order to meet targets for 2030 deployment consistent with the net zero goal. This Energy Technology Perspectives Special Briefing provides a snapshot of the latest developments in manufacturing capacity across five key technologies: solar PV, wind energy, heat pumps, electrolysers and batteries. Announcements during just the middle two-quarters of 2023 – the analysis period since our last Special Briefing in May – account for nearly 40% of the total announced capacity for solar PV, 10% for batteries and 20% for electrolysers. However, the growth in announced capacity has been slowing. Globally, the average monthly rate of additions to the project pipeline during Q2-Q3 2023 has halved relative to the period examined in the May Special Briefing for solar PV, reducing by nearly two-thirds for batteries, and by nearly one-third for electrolysers.For the first time, announced projects for electrolyser manufacturing could meet deployment needs for the NZE Scenario in 2030. Almost 170 GW of installed manufacturing capacity could be expected by 2030, if all announced projects are realised. However, less than 10% of announced projects for electrolysers are committed – i.e. they have reached a final investment decision (FID) or are under construction. Meeting deployment needs for net zero will require all of these projects to move rapidly towards completion, backed by sustained and strong growth in demand for electrolysers, as well as a step-up in operations for already installed capacity.
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