Deeper decarbonization requires a total energy investment of up to $130 trillion, according to a report of the International Renewable Energy Agency (IRENA) on Monday.
According to IRENA's Global Renewables Outlook, a climate-safe path would require cumulative energy investments of $110 trillion by 2050 but achieving full carbon neutrality would add another $20 trillion.
According to the agency, advancing the renewables-based energy transformation is an opportunity to meet international climate goals while boosting economic growth, creating millions of jobs and improving human welfare by 2050.
The socio-economic gains of up to $130 trillion investment would be massive, the report reveals.
"Transforming the energy system could boost cumulative global GDP gains above business-as-usual by $98 trillion between now and 2050. It would nearly quadruple renewable energy jobs to $42 million, expand employment in energy efficiency to 21 million and add 15 million in system flexibility," the report read.
Commenting on the report, IRENA’s Director-General Francesco La Camera said that governments are facing a difficult task in bringing the health emergency under control while introducing major stimulus and recovery measures.
"The crisis has exposed deeply embedded vulnerabilities of the current system. IRENA’s Outlook shows the ways to build more sustainable, equitable and resilient economies by aligning short-term recovery efforts with the medium-and long-term objectives of the Paris Agreement and the UN Sustainable Development Agenda," he said.
He added that by accelerating renewables and making the energy transition an integral part of the wider recovery, governments can achieve multiple economic and social objectives in the pursuit of a resilient future that leaves nobody behind.
By Gulsen Cagatay