The International Energy Agency (IEA) says global investment in clean energy technologies has increased by almost 15% in 2022 to $1.6 trillion, confirming “rapid progress” in certain sectors.

According to its newly released Tracking Clean Energy Progress (TCEP) report, electric car sales reached a record high of over 10 million units in 2022, which is nearly a 10-fold increase in just five years. Equally successful was the deployment of new renewables capacity, which last year increased to 340 gigawatt-hours – the largest ever annual addition.

The IEA explains the progress seen in these sectors reflects technology maturity and falling costs. The Paris-based agency noted a particularly crucial advance: for the first time ever, the EV battery gigafactory pipeline has reached levels “sufficient” to fulfil expected demand requirements in 2030 at 6.9 terawatt-hour/year. China is expected to host 4.7 TWh/y that capacity.

The estimate is based on announced projects and on the IEA’s scenario for achieving net zero emissions by 2050, Kallanish understands. Under this scenario, electric car sales will reach 59.25 million units in 2030, covering a global market share of 67%.

However, further momentum is needed including in sectors such as heavy industry and long-distance transport, not excluding EVs, batteries and renewables.

For example, the TCEP warns that more efforts are needed towards electrolysis technology, which is crucial for the production of clean fuel to power both industry and heavy-duty transport. The IEA estimates a 45% decline in new electrolysis capacity last year to around 130 megawatts. Yet, electrolyser manufacturing capacity rose by over 25% in 2022 reaching nearly 11 gigawatts/year.

Global electrolyser installed capacity could reach 170-365 GW by 2030 if all the projects in the current pipeline are realised. However, that is far below the 550 GW required by 2030 to reach net zero by 2050, the report highlights.

Finally, the IEA also warns that investment in clean energy technologies continues to be patchy, concentrated in China, Europe and the US. To get the world closer to a net zero emission path by 2050, momentum needs to expand quickly across more countries and to other parts of the energy system, it says.

“The clean energy economy is rapidly taking shape, but even faster progress is needed in most areas to meet international energy and climate goals,” adds Fatih Birol, IEA executive director. “The extraordinary growth of key technologies like solar and electric cars shows what is possible.”