The report added that while a pathway to deeper decarbonisation requires total energy investment up to $130 trillion, the socio-economic gains of such an investment would be massive
New Delhi: Advancing the renewables-based energy transformation could nearly quadruple renewable energy jobs to 42 million by 2050, according to a recent report by International Renewable Energy Agency (IRENA) published on Monday.
“Transforming the energy system could boost cumulative global gross domestic product (GDP) gains above business-as-usual by $98 trillion between now and 2050. It would nearly quadruple renewable energy jobs to 42 million, expand employment in energy efficiency to 21 million and add 15 million in system flexibility,” said the report titled ‘Global Renewables Outlook: Energy transformation 2050’.
The report added that all 10 regions worldwide were expected to see higher shares of renewable energy use, with Southeast Asia, Latin America, the European Union and Sub-Saharan Africa poised to reach 70 per cent to 80 per cent shares in their total energy mixes by 2050.
“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 that leaves nobody behind,” said Francesco La Camera, director-general, IRENA.
According to IRENA, while a pathway to deeper decarbonisation requires total energy investment up to $130 trillion, the socio-economic gains of such an investment would be massive.
The report said that building on five technology pillars, particularly green hydrogen and extended end-use electrification could help replace fossil-fuels and slash emissions in heavy industry and hard-to-decarbonise sectors.
“Low-carbon investment would significantly pay off with savings eight times more than costs when accounting for reduced health and environmental externalities. A climate-safe path would require cumulative energy investments of $110 trillion by 2050 but achieving full carbon neutrality would add another $20 trillion,” it added.
IRENA said that in a similar manner, electrification of end uses such as heat and transport would rise everywhere, exceeding 50 per cent in East Asia, North America and much of Europe.
“All regions would also significantly increase their welfare and witness net job gains in the energy sector despite losses in fossil fuels. However, economy-wide, regional job gains are distributed unevenly. While regional GDP growth would show considerable variation, most regions could expect gains,” it said.
Raising regional and country-level ambitions would be crucial to meet interlinked energy and climate objectives and harvest socio-economic welfare. Stronger coordination on international, regional and domestic levels would be equally important with financial support, according to the Abu Dhabi-based renewable energy agency.