U.S. Sees Record $239 Billion Investment in Clean Technologies in 2023, Reveals Rhodium Group & MIT Clean Investment Monitor

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  • $239 billion invested in clean energy, vehicle, building electrification, and carbon management tech in 2023, marking a 38% increase from 2022.
  • Clean energy and transportation investment reached a new high in Q4 of 2023, at $67 billion.
  • Manufacturing sector witnesses a significant surge with $156 billion in new investments, particularly in electric vehicle supply chain and solar manufacturing.
  • Energy and Industry sector experiences a 55% increase with nearly $250 billion in investments, emphasizing solar PV, grid-connected storage, and emerging climate technologies.
  • Retail sector sees a 17% increase with $118 billion invested in zero emission vehicles, heat pumps, distributed renewables, fuel cells, and energy storage systems.

In a groundbreaking revelation, the Rhodium Group and MIT CEEPR have unveiled the 2023 Clean Investment Monitor (CIM), a comprehensive database showcasing the transformative landscape of clean technology investments across the United States. The report reflects a monumental leap forward in the adoption and deployment of sustainable solutions, underlining a record $239 billion influx of investments in clean energy, clean vehicle, building electrification, and carbon management technologies throughout 2023 alone.

Manufacturing Sector Surge:

Manufacturing, at the forefront of this surge, has witnessed a remarkable $156 billion in fresh investments over the span of 2022 and 2023. This staggering figure represents a 165% increase compared to the preceding two years, with a notable emphasis on the electric vehicle supply chain. From critical mineral production to battery and charger manufacturing, to final vehicle assembly, companies are bolstering their commitments towards a greener automotive future. Moreover, the report highlights a significant uptick in solar manufacturing facilities, further cementing the nation’s position as a frontrunner in renewable energy production.

Energy and Industry:

In tandem, the Energy and Industry sector has seen a commendable 55% increase in investments, totaling nearly $250 billion during the same period. Solar photovoltaic (PV) and grid-connected storage technologies continue to dominate this segment, with emerging climate technologies such as clean hydrogen, sustainable aviation fuels, and carbon dioxide capture or removal gaining substantial traction. The final quarter of 2023 alone witnessed a ten-fold increase in investments, reflecting a growing urgency to address climate challenges through innovative solutions.

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Retail Sector Resurgence:

On the consumer front, the Retail sector has experienced a notable surge, with American businesses and households investing $118 billion in 2023. This substantial increase, marking a 17% uptick from the previous year, signifies a growing awareness and commitment towards sustainable living practices. Notably, the purchase and installation of zero emission vehicles (ZEVs) have seen a significant boost, reaching $77 billion in investments. Additionally, investments in distributed renewables, fuel cells, and energy storage systems have witnessed robust growth, showcasing a holistic approach towards decarbonizing the economy.

In conclusion, the 2023 Clean Investment Monitor underscores a pivotal moment in the transition towards a sustainable future. With record-breaking investments across manufacturing, energy, and retail sectors, the United States is poised to lead the charge towards a greener, more resilient economy. As stakeholders continue to prioritize sustainability and innovation, these investments will not only drive economic growth but also pave the way for a cleaner and healthier planet for generations to come.