As the coronavirus cripples the world economy, the International Renewable Energy Agency (IRENA) has stated that investment in green energy could boost the global GDP by $90 trillion over the next 30 years.
A report published by the organisation has examined the structure of an energy system along with investment strategies and policy frameworks required to manage the transition, as well as ways to reduce global carbon dioxide emissions by 70 per cent by 2050, according to the Guardian.
The Global Renewables Outlook report argues that in the coming years, a new perspective on deeper decarbonisation shows a path towards net-zero and zero emissions, particularly around green hydrogen and electrification in heavy industry.
It also states that a sustained investment into renewable energy would increase jobs in the sector four-fold to 42 million, expand employment in energy efficiency to 21 million and add 15 million in system flexibility.
IRENA’s Director-General Francesco La Camera said: ‘Governments are facing a difficult task of bringing the health emergency under control while introducing major stimulus and recovery measures.
‘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.’
‘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.’
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