Ride the cleantech investment wave
The US Inflation Reduction Act represents nearly USD 400 billion of government spending on clean energy. Europe is also incentivising investment in both solar and wind power, and associated battery storage. Today, solar power is the cheapest source of new renewable electricity, due to more efficient solar panel designs. The need for energy security remains a key driver behind European clean energy and energy conservation investment. The circular economy is an important tool in decreasing indirect energy consumption in the production/provision of goods and services.
Global renewable energy growth led by solar
In 2023, solar power will account for two-thirds of the projected increase in global renewable energy generation. This comes in response to higher electricity prices, particularly in Europe. Heavy investment in electricity network infrastructure and large-scale energy storage in order to connect new solar panel and wind power installations to the power grid is also being made, boosting suppliers of industrial power management and transmission systems and components.
Recycling, Reuse and Repair grows in importance
With the exponential growth in demand for solar panels and electric vehicles, the need to recycle used batteries and panels becomes ever more urgent. This remains a key plank of investments in the circular economy – the principle of focusing on the reuse, repair and recycling of goods and services to reduce our materials and energy footprint.