IEA: Global market for clean energy technology is growing rapidly

The global market for clean energy technologies is set to grow from 700 billion dollars last year to more than 2 trillion dollars by 2035.

This is according to analysis published by the International Energy Agency (IEA) on Wednesday.

Trade in clean energy technologies such as photovoltaics, wind turbines, electric cars, batteries and heat pumps looked also set to more than triple in a decade to reach 575 billion dollars, the IEA said.

“The market for clean technologies is set to multiply in value in the coming decade, increasingly catching up with the markets for fossil fuels.

“As countries seek to define their role in the new energy economy, three vital policy areas energy, industry and trade are becoming more and more interlinked.

“While this leaves governments with tough and complicated decisions ahead, this groundbreaking new IEA report provides a strong, data-driven foundation for their decisions,’’ said IEA executive director Fatih Birol.

Countries will seek to increase their energy security, maintain their economic advantage and reduce emissions, the report said.

The IEA found that the bulk of investments were concentrated in the areas that have already taken clear steps in the sector and want to expand their foothold in it.

These are: China, the European Union, the United States and increasingly India.

The agency added that, in spite of measures taken by the EU and the U.S., China was set to remain the world’s centre of clean energy technology production for the foreseeable future.