Global climate neutrality by 2050 would require cumulative investment in clean energy of $130 trillion (€119 trillion), according to the International Renewable Energy Agency (IRENA).
The level of investment could also increase cumulative global GDP by $98 trillion by 2050 and almost quadruple the number of jobs in renewable energy to 42 million, IRENA’s ‘Global Renewables Outlook’ report said.
Iberdrola chief executive Ignacio Galan said: “A green recovery is essential as we emerge from the COVID-19 crisis. The world will benefit economically, environmentally and socially by focusing on clean energy.
“Iberdrola will continue to invest billions in renewable energy, as well as in the networks and storage facilities required to integrate them, creating jobs and boosting reindustrialisation. Aligning economic stimulus and policy packages with climate goals is crucial for a long-term viable and healthy economy.”
IRENA’s report said a further 21 million jobs would be generated by measures to address energy efficiency and 15 million by growth in the system flexibility sector.
The Outlook examines the building blocks needed for the energy industry together with investment strategies and necessary political frameworks to achieve the energy transition.
IRENA director general Francesco La Camera (pictured) said: “Governments face the difficult task of controlling the health emergency and at the same time initiating extensive incentive and economic recovery measures.
“The crisis has shown deep-rooted weaknesses in the current system.
“IRENA’s Global Renewables Outlook shows ways to build more sustainable, equitable and resilient economies by aligning short-term recovery efforts with the medium and long-term goals of the Paris Agreement and the UN’s Sustainable Development Agenda.
“The expansion of renewable energies and the integration of the energy transition as an integral part of the global economic recovery enables governments to achieve diverse economic and social goals in their pursuit of a robust future in which no one is left behind.”