Investments in clean energy technology are set to exceed spending in upstream oil and gas for the first time in 2025, according to a report by S&P Global Commodity Insights titled "Top Clean Energy Technology Trends of 2025: Transformative Changes Ahead." Cleantech energy supply spending is projected to reach $670 billion in 2025, with solar PV accounting for half of the investments and two-thirds of installed megawatts. 

The report highlights that at least 620 GW of new solar and wind capacity will be added globally in 2024, equivalent to the combined power systems of India, Pakistan, and Bangladesh. Battery energy storage systems are expected to surpass pumped hydro storage in installed capacity by 2025. Artificial intelligence applications in renewable generation forecasting and grid planning are gaining momentum, improving energy management and the integration of renewable sources into grids. Long-duration energy storage systems are anticipated to double in installations by 2025, while data centres are expected to procure approximately 300 TWh of clean power annually by 2030. 

Ammonia is emerging as a significant component in low-carbon hydrogen production, and carbon capture, utilization, and storage (CCUS) projects are projected to witness substantial growth. The report also notes that government initiatives such as the US Inflation Reduction Act and India’s production-linked incentive scheme have supported clean energy technology production and enhanced supply chain resilience. 

Trade tensions between the US and China, marked by high preliminary tariffs on cell exports from four Southeast Asian countries, are reshaping the global photovoltaic manufacturing landscape. India is ramping up its PV manufacturing capacity to target exports to the US, while Saudi Arabia is emerging as a hub for Chinese PV and battery manufacturers. 

The report underscores key shifts in global energy markets, driven by clean energy technologies and policy interventions.