IREA suggests that investment in renewables could generate almost $100tn in global GDP before 2050, paying for itself, and returning between $3 and $8 on every dollar invested.
A report from the International Renewable Energy Agency (an intergovernmental organisation supporting countries in their transition to a sustainable energy future) has shown that investment in renewable energy could also help spur our post-corona economic recovery, and massively heal our environment in the process. IREA suggests that investment in renewables could generate almost $100tn in global GDP before 2050, paying for itself, and returning between $3 and $8 on every dollar invested. They claim that this investment would also create 42m jobs and measurably improve global health and welfare too.
Director General Francesco La Camera is urging governments to take advantage of the opportunity and invest in renewable energy, to kickstart economic growth and help meet climate targets. The next step will involve investment in smart tariffs, smart homes, and energy storage, so that we can support renewables with a well balanced, low carbon, smart electrical grid.
Meanwhile, the IEA (the world's energy watchdog) predicts that renewables will be the only sources of energy hardy enough to fully withstand coronavirus. The lockdown has created a drop in energy demand, but renewable generators themselves also deserve massive recognition for having become so resilient.
The IEA has forecast the largest energy shock for 70 years, with global electricity demand set to dip 5% (seven times lower than during the 2008 financial crisis). Coal, oil, and gas have already been badly affected, with demand falling dramatically, but because renewables are so much cheaper to run once installed, they’re on course to grow another 5% this year, accounting for 40% of global electricity generation.
US Energy Reversal: Renewables surpass coal in US energy generation for first time in 130 years. ‘We are seeing the end of coal,’ says analyst as energy source with biggest impact on climate crisis falls for sixth year in a row.