Our new country-by-country and sector-by-sector analysis finds that in 2023, clean energy added around USD 320 billion to the world economy. This represented 10% of global GDP growth – equivalent to more than the value added by the global aerospace industry in 2023, or to adding an economy the size of the Czech Republic to global output.
GDP in the United States grew by a robust 2.5% in 2023. Clean energy was an important contributor: The Inflation Reduction Act and the Bipartisan Infrastructure Law drove a surge in investment in clean energy manufacturing, and sales of EVs also grew strongly. Consequently, clean energy growth accounted for around 6% of GDP growth in the world’s largest economy in 2023. This is comparable in scale to the contribution to GDP growth in 2023 from the United States’ booming, artificial-intelligence-driven digital economy.
Clean energy accounted for around one-fifth of China’s 5.2% GDP growth in 2023. Each of the three categories assessed grew strongly, with the largest increase coming from investment in clean power capacity, followed by clean equipment sales, particularly EVs. Expansion in clean energy manufacturing accounted for around 5% of China’s GDP growth in 2023, although the country’s surplus production capacity in technologies such as batteries (utilisation rates were around 30% in 2023) may limit the scope of this growth driver going forward. Similar assessments have come to comparable conclusions, albeit with slightly different boundaries.
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Yet another reason to transition to this kind of energy. Its a no brainer and beneficial in multiple ways.
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Our new country-by-country and sector-by-sector analysis finds that in 2023, clean energy added around USD 320 billion to the world economy. This represented 10% of global GDP growth – equivalent to more than the value added by the global aerospace industry in 2023, or to adding an economy the size of the Czech Republic to global output.
GDP in the United States grew by a robust 2.5% in 2023. Clean energy was an important contributor: The Inflation Reduction Act and the Bipartisan Infrastructure Law drove a surge in investment in clean energy manufacturing, and sales of EVs also grew strongly. Consequently, clean energy growth accounted for around 6% of GDP growth in the world’s largest economy in 2023. This is comparable in scale to the contribution to GDP growth in 2023 from the United States’ booming, artificial-intelligence-driven digital economy.
Clean energy accounted for around one-fifth of China’s 5.2% GDP growth in 2023. Each of the three categories assessed grew strongly, with the largest increase coming from investment in clean power capacity, followed by clean equipment sales, particularly EVs. Expansion in clean energy manufacturing accounted for around 5% of China’s GDP growth in 2023, although the country’s surplus production capacity in technologies such as batteries (utilisation rates were around 30% in 2023) may limit the scope of this growth driver going forward. Similar assessments have come to comparable conclusions, albeit with slightly different boundaries.
Yet another reason to transition to this kind of energy. Its a no brainer and beneficial in multiple ways.