RENEWABLES 2024
GLOBAL STATUS REPORT

Renewables in Transport

2024

Investment and Finance

Spending on electric vehicles and charging infrastructure i dominated investment in the transport sector in 2023 and increased 36% during the year to reach USD 634 billion. 82 This growth reflected a combination of policy support for electrification in core auto markets, improvements in battery technologies, additional charging infrastructure and new models from automakers. 83

The share of government spending on EVs fell from 20% in 2017 to 10% in 2022.

The bulk of EV investment in 2023 was in three markets: China, Europe and the United States. 84 (See Figure 19.) Despite China's dominance in this area, intense competition and continuing price wars in the country's EV market began to shake investor confidence by year's end. 85 In Europe, Germany abruptly halted its EV subsidy programme in December, which could affect future domestic EV sales and spending. 86 The United States saw a flurry of investment in EVs and vehicle battery manufacturing, as domestic manufacturers looked to ramp up production and to take advantage of new incentives offered under the Infrastructure Investment and Jobs Act and the Inflation Reduction Act. 87 However, US EV sales slowed in late 2023 due in part to consumer concerns about prices, battery range and a lack of charging stations, prompting companies to trim production plans and pause some investments. 88 Spending on EVs grew in emerging markets such as India, Indonesia and Thailand. 89

Several notable announcements in 2023 pertained to investments in new EV battery manufacturing. In Europe, Automotive Cells Company (ACC) – with its shareholders Stellantis, Mercedes-Benz and Saft (a subsidiary of TotalEnergies) – raised USD 4.7 billion (EUR 4.4 billion) in debt funding to build two new gigafactories in Italy and one in Germany, and to expand its first gigafactory in Billy-Berclau, France (which opened in June 2023). 90

Volkswagen began converting one of its motor plants in Salzgitter, Germany to an EV battery factory with an investment of USD 2.2 billion (EUR 2 billion). 91 Volkswagen also started work on two additional battery factories, in Valencia (Spain) and St. Thomas (Canada). 92 The Valencia plant is part of a USD 10.9 billion (EUR 10 billion) investment by Volkswagen and other partners in Spain accompanied by a large government subsidy. 93 The St. Thomas plant is supported by USD 9.6 billion (CAD 13 billion) in subsidised loans and a USD 515 million (CAD 700 million) grant. 94

Elsewhere in Canada, in 2022 Stellantis N.V. and LG Energy Solution announced a USD 4.1 billion (CAD 5 billion) investment to establish an EV battery manufacturing plant in Ontario. 95 Construction was halted in 2023 amid disputes over federal funding but was later resumed once federal and provincial support was solidified. 96 In India, a USD 3.2 billion government incentive programme helped attract USD 8.3 billion in investments for EV and component manufacturing. 97 Suzuki (Japan) announced that it would invest USD 1.37 billion (INR 104.4 billion) in its India factory to produce EV batteries. 98

FIGURE 19.Global Investment in Electric Vehicles, Top 5 Countries and Rest of World, 2019-2023

FIGURE 19.

Source: BloombergNEF. See endnote 84 for this section.

Global investment in biofuels dropped to its lowest level since 2016.

Global investment in biofuels ii fell sharply in 2023, down 82.7% to USD 1.02 billion, the lowest level since 2016. 99 In wealthier countries, biofuel investment has been constrained by rising EV adoption, vehicle efficiency improvements, high biofuel costs and technical limitations. 100 In Latin America (outside of Brazil), uncertainty about regulatory changes and a lack of supporting policies has hampered biofuel investment. 101

Despite the drop in biofuel investment, a growing number of refineries that produce renewable diesel, also known as hydrotreated vegetable oil (HVO), have received financing in recent years. 102 ExxonMobil announced a USD 560 million investment in 2023 to build what would be Canada's largest renewable diesel facility. 103 In Brazil, investments in HVO and SAF have expanded slowly but steadily, based on a broad range of feedstocks. 104 In Portugal, a new HVO and SAF production business is to be operated by the country's biggest energy company, Galp, with investment from Japan's Mitsui & Co. Ltd. 105

In the aviation industry, investment in SAF, although in its early stages, has attracted growing attention, driven by commitments to net zero emissions and by supportive policy initiatives. In 2023, the EU set provisional targets specific to SAF, the United Kingdom advanced its discussions of national SAF mandates, and the United States continued to develop federal tax credits for SAF, all of which are expected to drive investment. 106 European airlines already have ramped up investments and signed agreements to secure sufficient SAF to meet EU targets. 107 In 2023, Air France announced a USD 4.7 million investment in a SAF plant in the US state of Louisiana, and Finnair signed a five-year, USD 192 million deal with renewable fuel producer Gevo for SAF supplies starting in 2027. 108 Wizz Air announced a USD 6.1 million investment in the biofuel company Firefly to supply SAF for its operations, beginning in 2028. 109

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Although comparatively nascent, financing for electric aircraft has increased, spurred in part by the drive to shift the aviation industry away from fossil fuels. 110 In 2022, the market totalled an estimated USD 8.8 billion, and investments globally came from major manufacturers such as Airbus SE (France) and Eve Air Mobility (Brazil) as well as smaller start-ups such as Heart Aerospace (Sweden), XPeng Motors (China) and Regent Craft (United States). 111

In the rail sector, solar-powered trains iii continued to gain interest, reaching an estimated global market value of USD 1.9 billion in 2022. 112 In 2023, the California High Speed Rail Authority was in talks with energy suppliers to develop a USD 200 million utility-scale solar power system, which it would own and operate to power an ongoing rail project to connect cities across the US west coast. 113

Although efforts are under way to advance renewable energy use in the shipping sector (such as wind-powered vessels), investment has been hampered mainly by the lock-in of investment into existing fossil fuel-based fleets. 114 Among notable investments during 2023, Port Augusta (Australia) secured USD 26 million (AUD 40 million) in public funds to develop a solar thermal-powered methanol production facility that will provide fuel for shipping and aviation. 115

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Footnotes

i Data are from BloombergNEF and include commercial EV and fuel cell vehicle sales, electric two- and three-wheeler and bus sales, fuel cell bus sales, home charging, hydrogen refuelling stations, passenger EV and fuel cell vehicle sales, and public charging.

ii Data are from BloombergNEF and include all biofuel production facilities (ethanol, biodiesel, renewable diesel and SAF) with an annual production capacity of 1 million litres or more.

iii Solar-powered trains have solar PV panels installed on or near rail lines that provide the electricity to power trains.

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