RENEWABLE ENERGY COULD POWER AN ECONOMIC RECOVERY FROM COVID-19 BY SPURRING GLOBAL GDP GAINS
RENEWABLE ENERGY COULD POWER AN ECONOMIC RECOVERY FROM COVID-19 BY SPURRING GLOBAL GDP GAINS OF ALMOST US$100 TRILLION (£80 TRILLION) BETWEEN NOW AND 2050. KNOW HOW?
The International Renewable Energy Agency found that investing in renewable energy could create huge benefits in our economy while helping to deal with the global climate emergency.
The agency’s director general, Francesco La Camera, said the global crisis ignited by the corona virus outbreak exposed “the deep vulnerabilities of the current system” and pushed governments to invest in renewable energy to initiate economic growth and help meet climate targets.
The agency’s landmark report points out that accelerating investment in renewable energy would help to deal with the climate crisis and would in effect pay for itself. It would also increase job opportunities in this sector and measurably improve global health and welfare scores. Using renewable energy in the medical sector and industries around the globe, would not only help to reduce carbon dioxide emissions, but also help with the growing demand for electricity and thus saving a few millions on that side.
Investing in renewable energy would deliver global GDP gains of US$98 trillion above a business-as-usual scenario by 2050 by returning between US$3 and $8 on every dollar invested.
According to La Camera, by hastening towards making the energy transition, governments can achieve multiple economic and social objectives in all aspects that could build a better and safe future.
The report also found that renewable energy plays a vital role in controlling the rise in global temperatures and reducing carbon emissions, particularly by investing in green hydrogen. The clean-burning fuel, which can substitute the fossil fuel gas in steel and cement manufacturing, could be made by using huge amounts of clean electricity to split water into hydrogen and oxygen elements.
Ignacio Galán, the chairman and CEO of the Iberdrola, which owns Scottish Power, said the company would continue to invest billions in renewable energy as well as electricity networks and batteries to help assimilate clean energy in the electricity.
“A green recovery is essential as we emerge from the COVID-19 crisis. The world will benefit economically, environmentally and socially by focusing on clean energy,” he said.
“Aligning economic stimulus and policy packages with climate goals is crucial for a long-term viable and healthy economy.”
This story was originally published by The Guardian, and is republished here as part of bringing the awareness in Renewable energy.