The International Energy Agency claimed that the world is at the "dawn of a new industrial age" for producing clean energy technologies, which will triple in value by 2030 and provide millions of jobs.
IEA predicted in a report that by the end of the decade, the worldwide market for important mass-produced technologies, such as solar panels, wind turbines, electric car batteries, heat pumps, and hydrogen electrolyzers, will be worth around $650 billion annually.
The amount is more than three times higher than current levels, but it is contingent on nations fulfilling their energy and climate commitments properly.
Industrial And Employment Sectors Growth
By 2030, the number of employees in this sector would more than triple, from six million to almost 14 million, and the agency predicted that as the transformations continued, "additional substantial industrial and employment growth is envisaged in the following decades."
The article declared that "the manufacture of clean energy technology is ushering in a new industrial age in the realm of energy."
The manufacture and trade of "most renewable energy technology" have been dominated by China, it was said. The Paris-based organization cautioned, however, that supply chains were at risk due to the concentration of resource extraction and manufacturing.
China Leading The Transition
China is "dominant in all of them," with three countries accounting for 70% of the manufacturing capacity for solar, wind, battery, electrolyzer, and heat pump technologies. In the first place, increased cobalt, lithium, and nickel prices in 2022 caused an increase of about 10% in the price of electric vehicle batteries globally.
More than 70% of the world's cobalt is produced by the Democratic Republic of the Congo, while three nations—Australia, Chile, and China—produce more than 90% of the world's lithium, a crucial component of electric car batteries.
Developers and investors in sustainable energy projects are reportedly keeping a watchful eye out for any policies that could provide them a competitive advantage. The final destinations of the remaining projects can be significantly influenced by market trends and governmental policy.
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
