The economic impact of the coronavirus pandemic has governments struggling with how to restart a global economy that has come to a grinding halt, International Renewable Energy Agency (IRENA) opinions that by accelerating renewables and making the energy transition an integral part of the wider recovery, governments can achieve multiple economic and social objectives in the pursuit of a resilient future that leaves nobody behind.
Investing in renewable energy and a green economy would create tens of millions of jobs worldwide and provide a return on investment of between 300 and 800% over time.
Some of the benefits include eliminating 70% of global carbon emissions by 2050. That in itself would pay enormous dividends in terms of preserving the ability of the Earth to support human life.
Investing $130 trillion over the next 30 years to promote the adoption of renewable energy systems would provide economic benefits 3 to 8 times the amount of those investments.
IRENA foresees a total of 42 million jobs in renewable energy plus another 21 million employed in energy efficiency fields, and 15 million in system flexibility pursuits by 2050. IRENA says it will focus on advancing collaborative action between nations to unlock investment in renewables.
As the world looks to recover from the current health and economic crises, we face a choice: we can pursue a modern, clean, healthy energy system, or we can go back to the old, polluting ways of doing business.
“We feel that aligning economic stimulus and policy packages with climate goals is crucial for a long-term viable and healthy economy.”
Reference- The Guardian, IRENA website & PR, Clean Technica