International Renewable Energy Agency bats for stimulus as post-COVID-19 strategy
Energy transition-related technologies can add 5.5 million jobs globally by 2023, according to a report published by the International Renewable Energy Agency (IRENA) on June 24, 2020. It highlighted that energy transformation could be a key to novel coronavirus disease (COVID-19) economic recovery.
The report outlined immediate stimulus action for 2021-2023 as well as measures for a mid-term 2030 recovery perspective over the next decade. It also emphasised the governments’ role in targeting policy measures and public spending.
Out of the 5.5 million additional jobs, renewable energy will account for 2.46 million; energy efficiency for 2.91 million; and grids and energy system flexibility for 0.12 million, the report said. The transition will help achieve net job gains across the world, including in regions where fossil-fuel jobs are now concentrated, the report stated.
Renewables and other transition-related technologies attracted investments worth $824 billion in 2019. In 2021-2023, such investments should more than double to nearly $2 trillion and then continue to grow to an annual average of $4.5 trillion in the decade to 2030, according to the report analysis.
Doubling annual transition investments to $2 trillion over the next three years will provide an effective stimulus.
While each million dollar invested in renewables will help create at least 25 jobs, each million invested in efficiency will create about 10 jobs.
Among all regions, east Asia can expect the highest number of renewable energy jobs by 2030 under the transforming energy scenario, the report added.
The report also recommended: Reforming fossil fuel prices, retiring fossil fuel assets, driving green financing and bailouts and strategically investing in energy transition.
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