While investors and global leaders crunch numbers this week to stabilize the global economy, experts are offering hard-hitting numbers linking renewables to a prosperous future. Just a few days ahead of the World Economic Forum in Davos, Switzerland, the International Renewable Energy Agency (IRENA) revealed that if the world doubled its current market share of renewable energy to 36 per cent by 2030, global GDP could experience a boost of up to 1.1 per cent. This figure would represent the equivalent of $1.3 trillion in growth – more than the combined economies of Chile, South Africa and Switzerland – and would put the “Paris climate goals within reach.” The findings come as new figures show renewables investments hit a new high last year with China and the US topping the table. Yet other regions are falling behind and could risk missing out: former clean energy leader Europe saw renewable investment fall to an eight-year low; and Australia is still turning a blind eye to the millions of potential jobs created and hundreds of billions of fossil fuel import dollars saved through renewables. Despite efforts to stagnate the ongoing transition towards a renewables-only future, upcoming Davos meetings could act as a turning point for world leaders, setting apart those who are ahead of the curve and those who aren’t.
— Climate Home (@ClimateHome) January 16, 2016
- Hashtags in use: #renewables #greeneconomy #greenenergy
- Article to share: Renewables Saw More Money Invested and More Capacity Added in 2015 Than Ever Before (EcoWatch)
- Climate is at the top of the global agenda and is there to stay. Up until last year, climate change had been noticeably absent from the Davos agenda. Since then, a considerable number of sessions made climate change the focal point of their presentations in 2015, and during 2016 meetings — just one month after delivering the Paris Agreement — climate will once again be a topline issue for world leaders.
- Fossils are falling, but not fast enough. During last month’s Paris climate meetings, world leaders agreed to widen the way for a clean, safe future. While the momentum encapsulated in the Paris Agreement is in the process of “implementation and action,” replacing fossil fuels with renewables swiftly will allow the world to benefit from an energy transformation that protects millions of lives, creates new jobs, saves billions of dollars, and tackles energy poverty.
- Forward-looking economies around the world are growing and going green. 2015 saw renewable energy reach a record $329.3 billion in investment worldwide. Countries from China to Chile, South Africa to Brazil are reaping the benefits of clean energy, but former leader Europe’s often uncertain or changing national policies are a shot in the foot for jobs and growth. As leaders meet in Switzerland, those with real renewables ambition translated into strong energy policy will gain the most for their country’s citizens and its economy.
- Rapid switch to renewable energy can put Paris climate goals within reach (Guardian)
- Doubling renewables would boost world economy by $1.3tr, IRENA report claims (Business Green)
- IRENA estimates US$1.3tn GDP boost from doubling of renewables by 2030 (PV Tech)
- As Oil Crashed, Renewables Attract Record $329 Billion (Bloomberg)
- From Abu Dhabi to Davos, climate change tops agenda (Climate Home)
- Uneasy Times: What to Look Out For at Davos This Year (New York Times)
- Britain’s renewable energy industry is about to ‘fall off a cliff’, says new research (Independent)
- Renewable energy investment in Australia way behind target, analysis finds (Sydney Morning Herald)
Tools & Resources
- Article: Climate change disaster is biggest threat to global economy in 2016, say experts (Guardian)
- Report: Renewable Energy Benefits: Measuring the Economics (IRENA)
- Report: REmap 2030 – A Renewable Energy Roadmap (IRENA)
- Report: Clean Energy Investment By the Numbers – End of Year 2015 (Bloomberg New Energy Finance)
- Press release: Clean energy defies fossil fuel price crash to attract record $329BN global investment in 2015 (Bloomberg New Energy Finance)
- Renewables make common sense (TckTckTck)
- 2030 GDP size compared to reference case (Irena)
- IRENA’s Adnan Amin (@Ristori, Twitter)
- Wind turbines (@UNFCCC, Twitter)
- IRENA meeting (@MAC_europa, Twitter)
- “The Paris agreement set a long-term vision for the deep reduction of global emissions and the need to decarbonise the energy sector. The Irena assembly must now take the next steps and establish a blueprint for action to meet our climate goals and set the world on a path to a sustainable energy future.” – Adnan Amin, Irena’s director general
- “The [UK] government is kicking the onshore wind industry off the ladder too soon. Without some form of change in policy support, we could see investment drop off a cliff after 2019.” – David Hostert, an analyst at Bloomberg New Energy Finance
- “Wind and solar energy are at the point of becoming really competitive with fossil fuels, but failure to support them for another few years will result in huge losses of potential jobs.” – Dr Doug Parr, chief scientist and policy director at Greenpeace UK
- “These [2015 renewables investment] figures are a stunning riposte to all those who expected clean energy investment to stall on falling oil and gas prices. They highlight the improving cost-competitiveness of solar and wind power.” – Michael Liebreich, founder of the London-based research arm of Bloomberg LP.
Related Tree Alerts
- Australian Govt slows renewables, but clean transition surges ahead regardless
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- Historic climate agreement reflects real world change, protects vulnerable people
- Renewables rocket as fossils fizzle: COP21
- Davos shows climate change back on global agenda
- MT @UNFCCC: Rapid switch to #renewable energy needed to put #ParisAgreement goals within reach http://sci.fo/137 #IRENA6A
- MT @ClimateGroup: Doubling renewables can bring global economy up to $1.3 trillion: NEW @IRENA report http://ow.ly/X7jnM #IRENA6
- Just one reason more renewables are common sense. Learn more from @IRENA‘s benefits report bit.ly/1OwGHoR
- Renewables deliver welfare gains from climate to health & more…See @IRENA‘s research for how bit.ly/1OwGHoR
- Renewables help reduce reliance on imported energy. @IRENA’s report explains how bit.ly/1OwGHoR