Clean investment hits all-time high in US with $71 Billion in Q1 2024, report shows
Clean energy and transportation investment in the US hit an all-time high, reaching $71 billion, in Q1 of 2024. This marks ongoing quarter-on-quarter growth since Q1 2021, with a 40% increase in Q1 2024 from the same period in 2023.
Clean investment made up 5.1% of total US private investment in structures, equipment, and durable consumer goods, marking a 3.7% from Q1 2023, according to a report from the Clean Investment Monitor (CIM), a joint project of the Rhodium Group and MIT’s Centre for Energy and Environmental Policy Research.
Read more: USA announces initiative to modernize power grid with state collaboration
A press release from Rhodium Group adds:
- Investment in manufacturing clean energy and transportation technology continued to be the main driver of clean investment and growth, increasing 28% quarter-on-quarter, again led by the electric vehicle supply chain.
- Investment in deploying technology to decarbonize energy and industrial production slipped 3% quarter-on-quarter but is still up 51% compared to the same period last year.
- Investment in the deployment of emerging climate technologies (ECT) such as clean hydrogen, carbon management, and sustainable aviation fuels continued to surge, with a 37% increase relative to Q4 2023.
Although retail investment declined 3% relative to the previous quarter, it increased 12% compared to Q1 2023. The quarterly decline was primarily due to a slowdown in the sales of zero-emission vehicles in Q1.
CIM tracks public and private investments in the manufacturing and deployment of climate technologies in the US.
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