IRENA presents ‘Post-COVID Recovery: An Agenda for Resilience, Development and Equality’

Source: press release, 24 June 2020

Energy transition investment under the Transforming Energy Scenario, 2021-2023 (illustration: IRENA)
Energy transition investment under the Transforming Energy Scenario, 2021-2023 (illustration: IRENA)

The International Renewable Energy Agency (IRENA) has released a new policy report that provides governments with a set of recommendations to align immediate economic recovery efforts with long-term objectives of the Paris Agreement and the UN Sustainable Development Agenda. Post-COVID Recovery: An Agenda for Resilience, Development and Equality shows how targeted policy action and investment decisions can accelerate the economic recovery, enact structural change and drive the energy transition away from fossil fuels.

  • Scaling-up investment to USD 4.5 trillion per year would boost global GDP by additional 1.3% – creating 19 million additional energy transition-related jobs by 2030.
  • Doubling annual transition investments to USD 2 trillion 2021-2023 would boost global GDP by 1% – creating additional 5.5 million transition-related jobs in three years.
  • Every million USD invested in renewables creates three times more jobs than in fossil fuels.

The new report draws upon the Agency’s extensive expertise on technology, policy and macroeconomic of the energy transition to support decision-making at this critical time. It is rooted in IRENA’s first Global Renewables Outlook which shows that transforming the global energy system in line with the Paris Agreement is possible.