Advancing energy transformation based on renewable energy could be the key to recovering the global economy and overcoming the recession caused by the Covid-19 pandemic, according to research carried out by IRENA (International Renewable Energy Agency).
O Global Renewables Outlook shows that the renewables boom would help boost economic growth, create millions of jobs and improve society's well-being by 2050.
While a path to deeper decarbonization would require a total energy investment of up to US$130 trillion – up from the US$95 trillion currently planned – the socio-economic gains would be enormous. For every dollar spent, IRENA believes the world would recover three to eight.
Transforming the energy system could, for example, increase cumulative global GDP gains above the usual $98 trillion by 2025, as well as nearly quadruple renewable energy jobs to 42 million and increase energy efficiency employment to 21 millions.
According to Outlook, the benefits would extend beyond the economy. The Agency explains that, by boosting renewable energy, it is possible to reduce global CO2 emissions by at least 70% by 2050.
“The crisis has exposed vulnerabilities deeply embedded in the current system. By accelerating renewable energy and making the energy transition an integral part of a broader recovery, governments can achieve multiple economic and social objectives in the pursuit of a resilient future that leaves no one behind,” said Francisco La Camera, Director- General IRENA.
Among other research findings, IRENA points out that recovery measures following the coronavirus outbreak could include flexible power grids, efficiency solutions, electric vehicle charging, interconnected hydropower, green hydrogen and other technology investments, consistent with the long-term climate sustainability.
Solar energy is essential
Of all renewable energies, solar growth would be central to delivering IRENA's vision. The technology's installed capacity would need to rise from an estimated 582 GW worldwide in 2019 to 8,82 TW in 2050.
Therefore, in search of decarbonization of the planet, the main nations have invested in solar energy and the ranking with the five main countries is made up of: China (175 gigawatts), Japan (55,5 GW), United States (49,6 GW), Germany (45,9 GW) and India (26,8 GW).
