Renewable energy sources have recently swept to the forefront of many media publications, as we see positive trends in pollution and climate change in light of the Covid-19 pandemic.
The initial outlook and short term data support a rhetoric of recovery – whether or not this remains the case in the long term, once lockdown measures are lifted, is yet to be seen.
However, a clear push is evident, suggesting renewables could stimulate economic growth:
- The cost of transition to a green economy will require investment up to £106 trillion
- The projected socio-economic gain is more than £79.5 trillion across 30 years
- Renewables are expected to generate upwards of 42 million jobs
- Renewables are expected to see an 80% market share in SE Asia, Latin America, the EU, and Sub Saharan Africa by 2050
If projected figures are anything to go by, there’s a strong foundation to suggest that renewables could be a strong building block in pushing the economy back to some form of normality. As the push towards the ‘net zero’ goal by 2050 continues to draw closer, many suggest this could provide a unique opportunity to pull the goal forward.
Public opinion is changing. In a survey conducted by Utility Trade Group within the UK, the majority do believe that climate change is a real issue, and also that the spread of COVID-19 and the lockdowns that have followed, have had a positive impact on climate change within the UK:
With an ongoing positive attitude towards climate change, as well as evolving figures for both the start of the year and what may be expected to see in the coming months, it’s entirely possible that a renewed focus is placed on renewable energy.
The impact that the growing focus could have on the economy is vast – whether or not this will become the norm is yet to be seen, and there’s still a whole host of data to come in, regarding just how much of a change has been seen from these lockdowns. That said, if public opinion and projected figures are anything to go by, then there is a huge pressure from the general public to see an increase renewable energy consumption moving forward.
Utility Trade Group are providers of renewable energy solutions. Energy efficiency is no longer a fringe exercise with expensive upfront costs and limited outcomes. It is a mainstream option that is more accessible and feasible than ever before. Get in touch today to see how we can help.
