A new report has identified a number of renewable energy projects, which could deliver 22% of the emission reductions promised by major countries by 2030. The initiatives could also provide more than a trillion watts of electrical capacity.
According to strategy consulting firm EY-Parthenon, around 13,000 renewable energy projects in nearly 50 countries are awaiting funding. If these projects were to succeed, however, they could offer multi-billion dollar investment opportunities, massive pollution reductions and create millions of jobs around the world.
Serge Colle, EY’s global energy advisor, said the research showed “enormous potential to accelerate private sector investment in renewable energy” with the right government policies and regulations around the world. While workers in China and the United States would benefit the most – around 2 million and 1.8 million jobs created in each country respectively – India, Australia, Brazil, Britain and the Canada could also generate hundreds of thousands of jobs each through the stimulation of offshore and onshore wind. , solar and hydroelectric capacity. Overall, the report claims that the 13,000 projects presented could create 10 million jobs worldwide.
Across the 50 countries analyzed, EY-Parthenon suggested that the projects would require an annual investment of $ 654 billion over three years. However, the report also suggests that this figure is not as large as it looks when broken down among these economies. The researchers argued that the median size of the investment pipeline is equivalent to 28% of the GDP loss of most economies in 2020 due to Covid-19.
At the same time, EY-Parthenon said the projects could produce 1 TW of electricity capacity and provide $ 2 trillion in investment opportunities; something that could also boost jobs locally and in supply chains, and help reduce global warming emissions. If the identified projects were implemented by 2024, they could double the global renewable energy deployment rate and deliver more than a fifth of the emission reductions promised this decade by the 47 countries covered by the research.
These countries include the G20, and if they could achieve 22% of the emission reductions they have currently promised, EY-Parthenon argues that would have a massive global impact. The world would have found 9% of the emission reductions needed by 2030 to keep global warming at the Paris Agreement’s most ambitious global target – 1.5 ° C above pre-industrial times.
The UK is fully in line with these projections, as 22% of its NDC 2030 targets could be achieved through the renewable projects identified by EY-Parthenon. The UK pipeline of projects seeking funding includes 540 mainly solar and wind energy proposals, which bring the potential creation of 439,000 new jobs. This figure could even reach around 625,000 when the storage, transmission and distribution of electricity are added.