In 2024, $272 billion was invested across the U.S. in the manufacture and deployment of clean energy, clean vehicles, building electrification and carbon management technology, up 16% from the previous year. $70 billion of this investment occurred in the fourth quarter of 2024, a 6% increase relative to the same period in 2023. These figures report real dollars spent on new facility construction or retail purchases.
Rhodium Group and MIT CEEPR’s Clean Investment Monitor is a comprehensive database, updated each quarter, of actual 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 21,000 individual facilities, 4 million zero emission vehicle registrations, 22 million heat pump sales, and 4.5 million distributed electricity generation or storage installations as of Q4 2024. Greenfield facilities are included in our actual investment estimates only when it’s confirmed that they have broken ground, regardless of originally reported timelines.
In the past two years, companies announced $95 billion in new investments in clean energy and vehicle technology manufacturing projects, more than quadruple the $23 billion invested over the previous two years. The dominant driver of this spending is the electric vehicle supply chain, from critical mineral production to battery and charger manufacturing to final vehicle assembly.
The pipeline of new clean energy and transportation manufacturing investment—measured by new announcements in manufacturing projects—totaled $97 billion over the past two years, down by 18% compared to $119 billion during the previous two years. More than three-fourths of the new manufacturing investment announced in the fourth quarter of 2024 was concentrated on the batteries.
Investment in deploying technology to decarbonize energy and industrial production in the US totals $161 billion over the past two years, up by 46% compared to the prior two years. Energy technologies accounted for the majority of this investment, with utility-scale solar and storage as the top two at $123 billion. The most rapid growth in investment occurred in emerging climate technologies—clean hydrogen, sustainable aviation fuels, carbon management and new approaches to decarbonizing the production of cement, iron and steel, and pulp and paper—advancing efforts to reduce industry emissions.
In the past two years, companies have announced a total of nearly $356 billion in new investments in clean energy production, carbon dioxide capture or removal, and other forms of industrial decarbonization, a 44% increase over the previous two-year period.
In the past year, American businesses and households invested $131 billion 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 9% increase from the previous year and a 184% increase from 2018.
Within Retail, the vast majority of investment has been in the purchase of ZEVs. American businesses and households invested $92 billion in ZEVs in the past year, a 14% increase from the previous year. In contrast, purchase and installations of residential and commercial rooftop solar systems, other distributed renewables, fuel cells and battery storage declined by 17%. Heat pump installations increased from the previous year, with investments up 11%.
