U.S - New energy annual deployment numbers of erstwhile "green technology" are now in the trillions

According to industry experts, green energy technology has become the new energy system. Over the past twenty years, major green energy technologies such as wind, solar, electric vehicles, batteries, and ancillary technologies have grown by more than 10 times since 2000 and continue to grow at rates of 15-20% per year. By 2030, they could be up to three to four times bigger again. Currently, wind and solar account for 12% of the global power industry, while electric vehicles make up 15% of global new car sales.

Carbon Tracker has announced that the new energy annual deployment numbers of erstwhile "green technology" are now in the trillions, as modern large-scale energy production continues its rapid move from extraction to manufacturing. Bloomberg New Energy Finance (BNEF) notes that investment in new energy technology, mostly wind, solar, EVs, and batteries, reached over a trillion dollars in a single year for the first time, according to the company. While some may argue about the continued investment in conventional cars, it is worth noting that investment in electric vehicles alone accounts for 50% of the growth. Additionally, the surge in wind and solar technology alone is already outpacing global capital expenditure in oil and gas for the first time ever, according to the company, and at a blistering pace.

According to the company, green energy technology is the new energy system, and, it is time to retire the colorful adjectives: green energy is energy. Although investment in electric vehicles (EVs) is 50% of the growth, and contrarians would argue what about the continued investment in conventional cars, the surge in wind and solar technology alone is already outpacing global capital expenditure in oil and gas for the first time ever and at what blistering pace.

"That is more incremental generation than natural gas has ever added in a year; it is twice as much as nuclear added at its peak in the mid-1980s. It is even more than any year of incremental growth in coal-fired power in the past three decades, with the exception of 2021 when generation increased as part of the post-2020 rebound in economic activity and power consumption." Stated Azeem Azhar

Source: Carbon Tracker