Note

Clean Investment Monitor: Q3 2023 Update

Investment in clean technologies is continuing at record levels in the United States, as demonstrated by new data from the third quarter of 2023. Actual clean energy and transportation investment in the US reached a record $64 billion in Q3 2023—an 8% increase from the previous quarter and a 42% increase relative to the same period last year. Clean investment accounted for 4.9% of total US private investment in structures, equipment, and durable consumer goods nationwide in Q3, up from 3.4% at the same time last year.

Across our three investment segments—clean manufacturing, energy & industry production, and retail—clean manufacturing continued to post the most rapid growth, up 171% year-on-year to $14 billion in Q3. The electric vehicle supply chain continued to account for the majority of this investment, but solar manufacturing investment is growing quickly, with a six-fold increase relative to Q3 of last year. Investment in clean energy production and industrial decarbonization grew by 31% year-on-year, to $19 billion in Q3. Within that, investment in emerging climate technologies like clean hydrogen, sustainable aviation fuels, and carbon management posted the fastest growth—up ten-fold relative to the same period last year. Retail purchases and installations of clean technologies grew by 22% year-on-year, to $31 billion in Q3, driven by 37% year-on-year growth in electric vehicle purchases by households and businesses.

Over the past year, the top five states in clean investment as a share of gross state output were Nevada, South Carolina, Arizona, Tennessee, and Montana.

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About the Clean Investment Monitor

The Clean Investment Monitor (CIM) is a joint project of Rhodium Group and MIT’s Center for Energy and Environmental Policy Research. The CIM tracks public and private investments in manufacturing and deployment of climate technologies in the United States. Through this data and analysis, the CIM provides insights into investment trends, the effects of federal and state policies, and on-the-ground progress in the U.S. towards net-zero greenhouse gas emissions.

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