In a new report published on Monday, 20 April, the International Renewable Energy Agency (IRENA) estimates that investing in energy transition as part of economic recovery post-COVID-19 would yield gains of $98 trillion in global GDP by 2050 compared to a business-as-usual scenario.
“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”, emphasised IRENA Director-General Francesco La Camera.
According to IRENA, the benefits from the energy transition would far outweigh the costs of the necessary investments, with each dollar invested in the energy transition yielding a return between $3 and $8.
Moreover, the agency estimates that investing in the energy transition would quadruple the number of jobs in the renewable energy sector by 2050, namely a total of 42 million jobs.
Nevertheless, the report reiterates that “the transition’s structural and labour-market impacts will vary among locations, job types and sectors”, hence the importance of implementing “strategies to ensure a just transition”.
To consult the report (in English): https://bit.ly/3bomLr2 (Original version in French by Damien Genicot)