Market to Watch: Ramping up climate ambition and green recovery plans for a 1.5°C future
As the world battles the coronavirus pandemic, it is critical to maintain sight of long-term climate objectives. International commitment to climate action can be the key to enabling economies to recover and rebuild more resilient systems once the storm has passed. Acceleration of renewables could power a green economic recovery, unlocking at least $50 trillion to boost global GDP and power millions of renewable energy jobs by 2050, according to the recent Global Renewables Outlook by IRENA.In this report published last month, IRENA outlines how the global crisis ignited by the COVID-19 outbreak exposes the gap between the rhetoric of the ‘climate emergency’ and the reality of ‘inadequate global climate action policy’. It urges governments to foster renewables transformation that would effectively pay for itself, by returning $3-8 for every $1 invested. The benefits, IRENA mentions, would extend beyond economics. The agency estimates the global welfare gains would increase by 13.5 per cent with renewables push, delivering 70 per cent CO2 emission cuts, cleaner air, better health and other benefits by 2050.
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Tags 15C ambition clean energy climate Climate Change electricity Energy enviro future green Green Energy market plans Ramping recovery renewable energy Science Solar solar energy solar power WATCH wind wind power
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