TLDR:
- In 2023, global spending on clean energy R&D increased, with the US government contributing to a total of USD 50 billion in public energy R&D spending.
- Corporate energy R&D spending reached USD 160 billion, with the automotive sector leading this growth.
In 2023, global spending on clean energy R&D continued its upward trend, driven by government commitments to reduce emissions and growing recognition of clean energy technologies as investment opportunities. US government spending on energy R&D increased by 13%, contributing to a global total of USD 50 billion. Corporate energy R&D spending reached USD 160 billion, with the automotive sector leading this growth. While venture capital funding became more expensive due to rising inflation and interest rates, emerging market and developing economies (EMDEs) saw an increase in fundraising, with Indian start-ups experiencing an 85% increase. Despite challenges, government policies are driving innovation, with China leading in energy R&D investment. Equity funding for clean energy start-ups faced challenges in 2023, highlighting the need for targeted support measures.
Overall, the article highlights the key trends in clean energy R&D funding and private capital investment in 2023, pointing towards a growing market for clean energy technologies and the need for continued support and innovation to drive the transition towards sustainable energy systems.
