Renewable energies boost economic growth and employment

Renewable energies offer major benefits in terms of employment and the fight against climate change, generating almost 13 million jobs worldwide. Despite these benefits, investment remains insufficient, leading to an increase in the number of people without electricity, while fossil fuels continue to receive far greater funding, depriving citizens of development gains.

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Solar, wind… renewable energies are already generating nearly 13 million jobs worldwide, according to the REN21 think tank, which nevertheless deplores the fact that investment in these energies remains insufficient despite their social benefits.

Renewable energies: a solution for accessing energy, reducing costs and combating climate change.

“Due to inflation, energy costs or lack of vision”, the number of people without electricity is set to rise in 2022, for the first time in a long time, by 20 million to a total of some 774 million, mostly in sub-Saharan Africa, warns the report published on Wednesday, based on provisional data. In the wake of Covid and the energy crisis linked to the war in Ukraine, governments from the USA to the EU and Japan have launched plans to support renewable energies (RE).

“These measures open up remarkable prospects for economic growth and employment in the energy sector in the years to come”, notes the network of experts in this report devoted to the benefits of renewable energies (access to energy, reduced costs, health, fight against global warming…).

In 2021, more than 12.7 million jobs will be linked to renewable energies, according to REN21. In terms of qualifications, 70% of the workforce currently employed in the oil and gas sector has skills that are also in demand in green energies, the report points out.

In the EU, the objectives of the REPowerEU plan, which aims to move away from Russian fossil fuels, will require the creation of 3.5 million jobs by 2030. When the American plan (IRA) can generate nearly 5 million in energy, according to these estimates. India hopes to create more than 3.4 million new jobs in wind and solar power by 2030.

Investments in fossil fuels are depriving people of development gains, according to the REN21 report.

This country, which has imposed a tax on imports of photovoltaic cells, has a $3 billion plan to support domestic production of solar panels. And yet: while investment in renewable energies reached a record $495.4 billion in 2022, it is still a far cry from the $1,100 billion allocated to fossil fuels, notes REN21 in its report.

Developing countries, home to two-thirds of the world’s population, have benefited from just one-fifth of investment in renewables. In 2021, private banks provided 395 billion for fossil fuel projects, and 53 billion for renewable projects. As a result, 113 countries are still unable to provide access to electricity for all their inhabitants, and only 54 have set targets to improve this situation, according to the report.

“Despite the vast benefits of renewables, most countries and institutions continue to invest in fossils, including gas, depriving their citizens of potential development gains,” notes REN21 Director Rana Adib, quoted in the report.

Re-elected president Irfaan Ali announces stricter production-sharing agreements to increase national economic returns.
Coal India issues tenders to develop 5 GW of renewable capacity, split between solar and wind, as part of its long-term energy strategy.
US utilities anticipate a rapid increase in high-intensity loads, targeting 147 GW of new capacity by 2035, with a strategic shift toward deregulated markets.
France opens a national consultation on RTE’s plan to invest €100 billion by 2040 to modernise the high-voltage electricity transmission grid.
Governor Gavin Newsom orders state agencies to fast-track clean energy projects to capture Inflation Reduction Act credits before deadlines expire.
Germany’s energy transition could cost up to €5.4tn ($6.3tn) by 2049, according to the main industry organisation, raising concerns over national competitiveness.
Facing blackouts imposed by the authorities, small businesses in Iran record mounting losses amid drought, fuel shortages and pressure on the national power grid.
Russian group T Plus plans to stabilise its electricity output at 57.6 TWh in 2025, despite a decline recorded in the first half of the year, according to Chief Executive Officer Pavel Snikkars.
In France, the Commission de régulation de l’énergie issues a clarification on ten statements shared over the summer, correcting several figures regarding tariffs, production and investments in the electricity sector.
A group of 85 researchers challenges the scientific validity of the climate report released by the US Department of Energy, citing partial methods and the absence of independent peer review.
Five energy infrastructure projects have been added to the list of cross-border renewable projects, making them eligible for financial support under the CEF Energy programme.
The Tanzanian government launches a national consultation to accelerate the rollout of compressed natural gas, mobilising public and private financing to secure energy supply and lower fuel costs.
The Kuwaiti government has invited three international consortia to submit bids for the first phase of the Al Khairan project, combining power generation and desalination.
Nigeria’s state-owned oil company abandons plans to sell the Port Harcourt refinery and confirms a maintenance programme despite high operating costs.
The publication of the Multiannual Energy Programme decree, awaited for two years, is compromised by internal political tensions, jeopardising strategic investments in nuclear and renewables.
The US Energy Information Administration reschedules or cancels several publications, affecting the availability of critical data for oil, gas and renewables markets.
Brazilian authorities have launched a large-scale operation targeting a money laundering system linked to the fuel sector, involving investment funds, fintechs, and more than 1,000 service stations across the country.
A national study by the Davies Group reveals widespread American support for the simultaneous development of both renewable and fossil energy sources, with strong approval for natural gas and solar energy.
The South Korean government compels ten petrochemical groups to cut up to 3.7 million tons of naphtha cracking per year, tying financial and tax support to swift and documented restructuring measures.
The U.S. Department of Energy has extended until November the emergency measures aimed at ensuring the stability of Puerto Rico’s power grid against overload risks and recurring outages.

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