The International Renewable Energy Agency has found that accelerating investments in renewable energy can generate huge economic benefits while helping to cope with the global climate emergency.
Agency chief executive Francesco La Camera said the global crisis triggered by the coronavirus epidemic exposed “the deep vulnerabilities of the current system” and urged governments to invest in renewable energy to boost growth economic and help achieve climate goals.
The agency’s historic report found that accelerating investments in renewable energy would help fight the climate crisis and would actually pay off.
Investing in renewable energy would generate global GDP gains of $ 98 billion greater than a business-as-usual scenario by 2050, earning between $ 3 and $ 8 for every dollar invested.
The report said it would also quadruple the number of jobs in the sector to 42 million over the next 30 years and significantly improve global health and well-being scores.
“Governments face a difficult task in dealing with the health emergency while introducing significant stimulus and stimulus packages,” said La Camera. “By accelerating renewable energy and making energy transition an integral part of the broader recovery, governments can achieve multiple economic and social goals in pursuit of a resilient future that leaves no one behind.”
The report also found that renewable energy could curb the rise in global temperatures by helping reduce carbon dioxide emissions from the energy industry by 70% by 2050 by replacing fossil fuels.
Renewable energies could play a more important role in reducing carbon emissions from heavy industry and transport to reach practically zero emissions by 2050, notably by investing in green hydrogen.
Clean combustion fuel, which can replace fossil fuel gas in the making of steel and cement, could be made using large amounts of clean electricity to split water into hydrogen and oxygen.
Andrew Steer, CEO of the World Resources Institute, said, “As the world seeks to recover from the current health and economic crises, we face a choice: we can pursue a modern, clean and healthy energy system, or we can go back. to the old polluting methods of doing business. We must choose the first. “
The call for a green economic recovery from the coronavirus crisis comes after a warning from Dr Fatih Birol, head of the International Energy Agency, that government policies must be put in place to avoid a hiatus of investment in the energy transition.
“We must not let today’s crisis jeopardize the transition to clean energy,” he said. “We have an important window of opportunity.”
Ignacio Galán, president and CEO of Spanish renewable energy giant Iberdrola, owner of Scottish Power, said the company would continue to invest billions in renewable energy, power grids and batteries to help integrate energy clean in electricity.
“A green recovery is essential to end the Covid-19 crisis. The world will benefit economically, ecologically and socially by focusing on clean energy, “he said. “Aligning economic stimulus and policies with climate goals is crucial for a viable and healthy economy in the long term.”