...AND CHEAPER...:

IRENA's renewables outlook analyses the current rate of renewable energy deployment and the rate required to meet global climate goals. If the necessary acceleration of renewables construction happened, the economic gains for the world economy would be vast. IRENA finds that global GDP could grow by 2.4% more by mid-century than under current energy projections. The cumulative economic benefit between now and 2050 would total $98 trillion, far exceeding the initial costs of the investments.

There would be an employment boom too, with 42 million renewables jobs globally by 2050, four times more than today. Energy jobs overall would reach 100 million by 2050, about 40 million more than today, showing there are more jobs in a renewables future than a fossil fuel one. 

The crisis has underscored the importance of resilient supply chains for essential goods, such as food and energy. Fortunately the UK renewables sector has held up remarkably well. Turbine factories in Hull and on the Isle of Wight have adapted their working practices to safely remain open, as has the cable factory in Hartlepool. New wind turbines, enabled by government-backed contracts, continue to be built. And in our electricity grid, renewables have continued to play a key role powering the nation as it works from home, with solar setting a new generation record just last week.

The UK must maintain this momentum through the recovery, as well as making our domestic supply chain even more resilient. In the first instance, we need to ensure a pipeline of new renewables projects. That means proceeding with planned clean energy auctions for offshore wind and the more established technologies, onshore wind and solar. Promising new technologies like floating offshore wind should be eligible to bid for government-backed contracts too, which could bring 'green-collar' jobs to new parts of the UK such as South Wales. These economic wins do not require government support, which is attractive at a time when our fiscal resources are so depleted.

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