Governments can align immediate economic stimulus needs with medium to long-term decarbonisation and sustainable development objectives by targeting policy measures and public spending towards the energy transformation, a new report by the International Renewable Energy Agency (IRENA) finds.
Post-COVID recovery: An agenda for resilience, development and equality outlines immediate stimulus action for the next three years (2021-2023) as well as measures for a mid-term 2030 recovery perspective over the next decade.
It provides practical insights and recommendations for governments as they drive investment and policy actions for post-COVID-19 economies.
The report shows that on an annual basis, scaling-up public and private energy spending to $4.5 trillion per year would boost the world economy by an additional 1.3%, creating 19 million additional energy transition-related jobs by 2030.
Jobs in renewables alone could triple to 30 million by 2030. Every million dollars (USD) invested in renewables would create three times more jobs than in fossil fuels. Read more…