CleanEnergyMarketMonitorMarch2024TheIEAexaminesthefullspectrumofenergyissuesincludingoil,gasandcoalsupplyanddemand,renewableenergytechnologies,electricitymarkets,energyefficiency,accesstoenergy,demandsidemanagementandmuchmore.Throughitswork,theIEAadvocatespoliciesthatwillenhancethereliability,affordabilityandsustainabilityofenergyinits31membercountries,13associationcountriesandbeyond.Thispublicationandanymapincludedhereinarewithoutprejudicetothestatusoforsovereigntyoveranyterritory,tothedelimitationofinternationalfrontiersandboundariesandtothenameofanyterritory,cityorarea.Source:IEA.InternationalEnergyAgencyWebsite:www.iea.orgIEAmembercountries:AustraliaAustriaBelgiumCanadaCzechRepublicDenmarkEstoniaFinlandFranceGermanyGreeceHungaryIrelandItalyJapanKoreaLithuaniaLuxembourgMexicoNetherlandsNewZealandNorwayPolandPortugalSlovakRepublicINTERNATIONALENERGYAGENCYSpainSwedenSwitzerlandRepublicofTürkiyeUnitedKingdomUnitedStatesTheEuropeanCommissionalsoparticipatesintheworkoftheIEAIEAassociationcountries:ArgentinaBrazilChinaEgyptIndiaIndonesiaKenyaMoroccoSenegalSingaporeSouthAfricaThailandUkraineCleanEnergyMarketMonitor–March2024PAGE|3TableofcontentsIEA.CCBY4.0.TableofcontentsIntroduction.....................................................................................4Executivesummary.........................................................................5Overview..........................................................................................7Cleanenergydeployment.............................................................12SolarPV.................................................................................13Wind......................................................................................15Nuclear...................................................................................17Electriccars............................................................................19Heatpumps............................................................................21Hydrogenelectrolysers...........................................................23Acknowledgements.......................................................................25CleanEnergyMarketMonitor–March2024PAGE|4IntroductionIEA.CCBY4.0.IntroductiontothefirsteditionoftheCleanEnergyMarketMonitorCleanenergyisgrowingrapidly,asannualdeploymentofanumberofkeytechnologieshasacceleratedinrecentyearsdrivenbypolicysupportandcontinuedcostdeclines.From2019to2023,cleanenergyinvestmentincreasednearly50%,reachingUSD1.8trillionin2023andgrowingataround10%peryearacrossthisperiod.Thecleanenergyeconomyisamajorindustrialsectorandanimportantcontributortotheglobaleconomy.However,itsbenefitsremaintooconcentratedwithmostofcleanenergydeploymentoccurringinChinaandadvancedeconomies.TheIEAregularlypublishescomprehensivereportsanalysingrecentprogressinthedevelopmentanddeploymentofcleanenergytechnologies.Thesedelveintothemarketdynamics,investment,innovationprogress,manufacturingcapacity,anddeploymentandcostevolutionsofthesetechnologies.TheIEAalsoprovidesanannualassessmentoftechnologyprogressusingmultipleindicatorsacrossacomprehensivesuiteofcleanenergytechnologiesandassessesthisagainsttheneedsoftheNetZeroEmissionsby2050Scenario(NZEScenario),aspartofitsTrackingCleanEnergyProgressreport.Inthecaseoffossilfuels,marketevolutionsplayouti...