IRENA: Renewables push could be key to post-Covid recovery

According to new analysis from IRENA, a Covid-19 recovery focused on renewables could be the key to a $100-trillion boost in global GDP and millions of new jobs by 2050.

The analysis estimates that a “renewables-based” decarbonization shift would require up to US$130 trillion in investment through 2050. But IRENA estimates that the world would see anywhere between a 1:3 to 1:8 return on that investment.

If calculations are correct, a mix of green energy, energy efficiency, electrification and other strategies would boost global economies by 2.4% and add US$98 trillion to worldwide GDP by mid-century.