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Which clean technology developments attracted significant investments?

Clean technology, known as cleantech, attracted significant investments due to its potential to address environmental challenges and promote sustainability.

As per IEA, global investment in clean Energy is set to rise to USD 1.7 trillion in 2023. Solar set eclipsing the oil production for the first time. According to IEA’s latest World Energy Investment report, “ About USD 2.8 trillion is set to be invested globally in energy in 2023. Including renewables, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements, and heat pumps.” I hope the target was achieved, as it is going to be a year-end.

The clean technologies with major investments are:

• Renewable Energy: Investments continue to grow with a focus on technologies such as solar and wind power. Advancements in solar photovoltaic (PV) technology, including improvements in efficiency and cost reduction, attracted significant investments. Also, the offshore wind sector increased investments due to advancements in turbine technology and the potential for large-scale energy generation.
• Energy Storage: Advanced energy storage solutions were developed with considerable attention. Lithium-ion batteries have been a key focus, driving the growing demand for electric vehicles (EVs) and grid-scale energy storage. It is also a promising energy storage technology that includes flow batteries, solid-state batteries, and hydrogen-based storage systems.
• Electric Mobility: Momentum has been gained with a transition to electric vehicles, leading to substantial investments in EV manufacturing, charging infrastructure, and related technologies. EV production companies, battery manufacturers, and charging network developers attracted a significant amount of funding.
• Smart Grid Technologies: Such sorts of investments encourage utilities and energy providers to seek to improve grid efficiency, reliability, and integration of renewable energy sources. Smart meters, grid management systems, and demand response technologies are the areas receiving high investments.
• Waste management and recycling: Such investments have grown into a world grappling with waste management challenges. Innovations in recycling processes, waste-to-energy technologies, and waste reduction solutions attracted significant funding.
• Sustainable Agriculture and Food Technologies: Investments increase the demand for environmentally friendly and resource-efficient food production. Vertical farming, aquaponics, precision agriculture, and plant-based protein alternatives are areas with notable investments.

Sources:- IRENA, IEA, livemint

The post Which clean technology developments attracted significant investments? first appeared on ledlights.blog and is written by Sagorika Roy