(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 18. The InternationalEnergy Agency (IEA) reports that clean energy boosted the globaleconomy by about $320 billion in 2023, making up 10 percent of theworld's GDP growth, Trend reports.
According to the agency, this equals adding an economy the sizeof the Czech Republic to the global output or matching the valueadded by the entire global aerospace industry in the same year.
As such, clean electricity made up roughly 80 percent of the newcapacity added to the world's electricity system in 2023, while oneout of every five cars sold worldwide was an electric vehicle.
The surge in global investment in clean energy manufacturing isremarkable, driven by both industrial policies and market demand,the agency says. Notably, employment in clean energy jobs surpassedthat of fossil fuels in 2021 and keeps on growing.
Meanwhile, in the US, GDP grew by a sturdy 2.5 percent in 2023 growth was significantly influenced by investments in cleanenergy manufacturing spurred by legislative actions like theInflation Reduction Act and the Bipartisan Infrastructure Law vehicle sales also saw substantial growth. Clean energy'scontribution to GDP growth in the US was around 6 percent in 2023,a scale comparable to the booming digital economy driven byartificial intelligence.
China saw clean energy contributing to about one-fifth of its5.2 percent GDP growth in 2023, with significant growth observedacross all assessed categories, particularly in clean powercapacity and electric vehicle sales. Clean energy manufacturingexpansion accounted for approximately 5 percent of China's GDPgrowth.
In the EU, clean energy played a substantial role, contributingto nearly one-third of GDP growth in 2023. However, this share issomewhat inflated due to overall weak GDP growth of around 0.5percent.
India emerged as the fastest-growing large economy in 2023, withGDP increasing by about 7.7 percent. Clean energy contributedslightly less than 5 percent of this growth, primarily frominvestments in new solar power capacity.
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