RES development is an opportunity to achieve international climate goals (targets) while accelerating economic growth, creating millions of jobs and improving people's well-being by 2050. These are the main points of the Global Renewables Outlook published by the International Renewable Energy Agency (IRENA).
According to the experts, considerable investments up to $130 trillion are required for a deeper decarbonization of energy systems, or reducing carbon dioxide emissions, but the social and economic benefits from such financial investments will be huge. Which is of particular importance at a time when the global community is facing the consequences of the COVID-19 pandemic, and effective responses are urgently needed to address both the immediate and long-term effects of the crisis.
The transformation of the energy system in the next 30 years may increase the aggregate GDP growth compared to ordinary business by 98 trillion US dollars. This will increase jobs in renewables up to 42 million, four times more than today, and energy sufficiency could employ 21 million people.
The published Global Renewables Outlook looks for scenarios to cut 70% of carbon dioxide emissions by 2050. It also indicates that low-carbon investments will result in a payback eight times greater than the costs and in addition in reduced environmental and health externalities.
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”.
The IRENA’s Global Renewables Outlook is available for reading at