According to a report, renewable energy could power an economic recovery from COVID-19. It would be by spurring global GDP gains of almost $100tn (£80tn) between now and 2050. The International Renewable Energy Agency stated this recent finding. It stated that accelerating investment in renewable energy could generate huge economic benefits. It will simultaneously help to tackle the global climate emergency.
The agency’s landmark report found that the climate crisis could be helped by an acceleration in investment in renewable energy. It would in effect pay for itself. Investing in renewable energy would deliver global GDP gains of $98tn above a business-as-usual scenario by 2050. It would return between $3 and $8 on every dollar invested.
According to the report, over the next 30 years, it would also quadruple the number of jobs in the sector to 42m. It would also measurably improve global health and welfare scores.
Francesco La Camera, the agency’s director-general stated that the coronavirus outbreak has ignited the global crisis. It has exposed the deep vulnerabilities of the current system. He urged governments to invest in renewable energy to kick start economic growth and help meet climate targets.
The report also found that the rise in global temperatures could be curbed by renewable energy. By replacing fossil fuels, it would help to reduce the energy industry’s carbon dioxide emissions by 70% by 2050. In cutting carbon emissions from heavy industry and transport, renewables could play a greater role to reach virtually zero emissions by 2050. It would be particularly by investing in green hydrogen.
The clean-burning fuel could be made by using vast amounts of clean electricity to split water into hydrogen and oxygen elements. It can replace fossil fuel gas in steel and cement making.
La Camera said that governments are currently facing a difficult time. It has to bring the health emergency under control while introducing major stimulus and recovery measures.
He further added that governments can achieve multiple economic and social objectives. It would be by accelerating renewables and making the energy transition an integral part of the wider recovery. It will be in the pursuit of a resilient future that leaves nobody behind.