The renewable energy segment is one of the infrastructure sectors with the greatest resilience to pandemics. In part due to its ability to secure financing, in addition to the government's efforts to boost the growth of the green economy. This is what a study carried out by the Foresight Group, a company specializing in investments, pointed out.
The analysis showed that while global renewables investment is expected to fall by 10% in 2020 due to Covid-19, the impact on utility-scale solar PV is expected to be much smaller due to its declining levelized cost of electricity. Furthermore, the report pointed out that the renewables sector also performs best in terms of policy and regulatory resilience.
According to Bárbara Rubim, vice president of distributed generation at ABSOLAR (Brazilian Photovoltaic Solar Energy Association), Solar energy will play an increasingly strategic role in achieving economic development goals in countries. “Especially at this time, to help the economy recover after the pandemic, as it is the renewable source that generates the most jobs in the world”, highlighted Bárbara.
According to ABSOLAR, in the last twelve months, around 162 thousand new distributed generation systems from solar sources were added in Brazil, representing a growth of more than 130% in the period.
Renewables generated 11,5 million jobs worldwide
A report released by IRENA (International Renewable Energy Agency) showed that renewable sources generated around 11,5 million jobs globally last year, compared to approximately 11 million in 2018. According to the survey, solar photovoltaic energy led the numbers with around 3,8 million jobs, representing a third of the total.
About Foresight Group
London-based Foresight Group operates more than 150 solar plants and owns over 1,4 GW of solar generation assets worldwide. The company announced last week that it has formed a joint venture with Elgin Energy to develop a pipeline of solar projects in the UK with a total generation capacity of 200 MW.
“We see solar PV enjoying a second phase of growth driven by continued asset optimization and continued reduction in capital costs. The need to achieve net zero targets and the potential reintroduction of government support will further encourage large-scale solar deployment,” highlighted Peter Bolton, director at Foresight.
