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Clean Energy Tech Could Reach US$650 Billion by 2030

Mass-manufactured clean energy technology will more than treble in the next seven years, with the sector forecast to be worth US$650 billion by 2030, said this year’s Energy Technology Perspectives report by the International Energy Agency (IEA). The report notes the market will only reach this valuation if countries worldwide fully implement their energy and climate pledges. Clean energy manufacturing jobs are also forecast to more than double from six million today to nearly 14 million by 2030. More than half of these jobs would be related to electric vehicles, solar PV, wind and heat pumps. The report also warns on “potentially risky” levels of concentration in tech manufacturing and materials in clean energy supply chains. It highlights the reliance on developing countries for materials, with 70% of all cobalt coming from the Democratic Republic of Congo, and three countries accounting for 90% of global lithium production. This reliance “makes the entire supply chain vulnerable” to problems including country’s policy choices, natural disasters and technical failures. 

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