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IRENA’s first Global Renewables Outlook shows decarbonisation of the energy system supports short-term recovery while creating resilient and inclusive economies and societies.

IRENA’s first Global Renewables Outlook shows decarbonization of the energy system supports short-term recovery while creating resilient and inclusive economies and societies.

Advancing the renewables-based energy transformation is an opportunity to meet international climate goals while boosting economic growth, creating millions of jobs and improving human welfare by 2050, finds the first Global Renewables Outlook released by the International Renewable Energy Agency on Monday, April 20, 2020.

While a pathway to deeper decarbonization requires total energy investment up to USD 130 trillion, the socio-economic gains of such an investment would be massive, the Outlook reveals. Transforming the energy system could boost cumulative global GDP gains above business-as-usual by USD 98 trillion between now and 2050. It would nearly quadruple renewable energy jobs 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.”

The Global Renewables Outlook examines building blocks of an energy system along with investment strategies and policy frameworks needed to manage the transition. It explores ways to cut global CO2 emissions by at least 70 percent by 2050. Furthermore, a new perspective on deeper decarbonization shows a path towards net-zero and zero emissions. Building on five technology pillars, particularly green hydrogen and extended end-use electrification could help replace fossil-fuels and slash emissions in heavy industry and hard-to-decarbonize sectors.

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Renewable Energy Can Support Resilient and Equitable Recovery