Major economic and environmental gains can be made by accelerating the renewable energy transition, according to a new report. Released this week by the International Renewable Energy Agency (IRENA), the Global Renewables Outlook study sets out what a multi-trillion dollar global investment drive can deliver by 2050. For GDP, the report says the implementation of robust clean power commitments would add 98 trillion dollars to expected ‘business-as-usual’ figures by the middle of the century; and create around 42 million jobs.
“Governments are facing a difficult task of bringing the health emergency under control while introducing major stimulus and recovery measures,” said Francesco La Camera, IRENA’s Director-General. “The crisis has exposed deeply embedded vulnerabilities of the current system. IRENA’s Outlook shows the ways to build more sustainable, equitable and resilient economies by aligning short-term recovery efforts with the medium-and long-term objectives of the Paris Agreement and the UN Sustainable Development Agenda.”
Francesco added: “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.”
The report calls for greater ambition at a regional and country level – with investment targeted where it is most needed. Full report.