$225 billion

over the past year

$64 billion

in Q3 2023

There was $225 billion in new investment in the manufacture and deployment of clean energy, clean vehicle, building electrification and carbon management technology in the U.S. over the past year, a 38% annual increase. A record $64 billion of this investment occurred in the third quarter of 2023, an 8% increase from the previous quarter and a 42% increase relative to the same period last year.

Rhodium Group and MIT CEEPR’s Clean Investment Monitor is a comprehensive database, updated each quarter, of investment across the United States in:

Manufacturing: The construction or expansion of factories that manufacture clean energy, clean vehicle, building electrification, or carbon management technology.

Energy and Industry: New or expanded facilities to produce clean energy, capture carbon dioxide emissions, or decarbonize industrial activity.

Retail: The purchase and/or installation of clean electricity generation and storage, clean vehicles or building electrification technology by individual households and businesses.

To create a historical baseline against which to assess recent clean investment developments in the U.S., the CIM includes all investments in our covered technologies since 2018. This results in a database with roughly 20,000 individual facilities, 3 million zero emission vehicle registrations, 20 million heat pump sales, and 4.5 million distributed electricity generation or storage installations as of Q3-2023.

Manufacturing

Over the past two years, companies have announced $133 billion in new investments in clean energy and vehicle technology manufacturing, a 172% increase over the previous two years. Most of the announcements by investment value are in the electric vehicle supply chain, from critical mineral production to battery and charger manufacturing to final vehicle assembly. There has also been significant growth in the number of new solar manufacturing facilities announced.

When it comes to actual clean manufacturing investments, we estimate that the electric vehicle supply chain accounted for $12 billion of the $14 billion invested in the third quarter of 2023, a 152% increase year-on-year. The third quarter of this year also saw significant growth in solar manufacturing investment, up 42% compared to the previous quarter.

Energy and Industry

Over the past two years, companies have announced $268 billion in new investments in clean energy production, carbon dioxide capture or removal, and other forms of industrial decarbonization, a 82% increase over the previous two-year period. The complementary technologies of solar PV and grid-connected storage continue to dominate this segment, and there has also been significant growth in announced investments in emerging climate technologies like clean hydrogen, sustainable aviation fuels, and carbon dioxide capture or removal. In the third quarter of 2023 there was $2.7 billion in investment in deploying these technologies, a more than ten-fold increase relative to the same quarter of the previous year.

Only 15% of the investment announced over the past two years has occurred—given the relatively long project lead times for big energy-producing projects. Combined with $23 billion from previous year announcements, total Energy and Industry investment was $63 billion last year. This is a 20% annual increase, and nearly double annual investment relative to five years ago.

Retail

American businesses and households invested $117 billion last year in the purchase and installation of zero emission vehicles (ZEVs), heat pumps and distributed renewable energy generation, fuel cells and energy storage systems. That’s a 25% annual increase and a 146% increase relative to the annual rate five years ago.

Within Retail, the fastest growth has been in the purchase of ZEVs. American businesses and households invested $21 billion in ZEVs in the third quarter of 2023, up 37% year-on-year and 6% relative to the previous quarter. Purchase and installations of residential and commercial rooftop solar systems, other distributed renewables, fuel cells and battery storage increased robustly in this period as well, soaring 26% relative to the third quarter of 2022, while heat pump installations continued to decline driven by continued weakness in residential construction activity.

Explore the Database

Explore detailed data on public and private investments in the full landscape of emission-reducing technologies, organized by technology, investment type, U.S. state location, funding status, and time period.