Renewables could increase world’s GDP by $1.3tn

Increasing the world’s share of renewable energy could boost global GDP by up to $1.3 trillion (£0.8tn). That’s according to the International Renewable Energy Agency (IRENA) which added a 36% share […]

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By Jacqueline Echevarria

Increasing the world’s share of renewable energy could boost global GDP by up to $1.3 trillion (£0.8tn).

That’s according to the International Renewable Energy Agency (IRENA) which added a 36% share of green energy would be needed by 2030 to achieve it.

Japan would see the largest positive GDP impact – a 2.3% increase, stated IRENA.

Australia, Brazil, Germany, Mexico, South Africa and South Korea would also see growth of more than 1% each.

Employment in the clean energy sector would also increase from 9.2 million jobs today to more than 24 million by 2030.

Adnan Z. Amin, IRENA Director-General said: “This analysis provides compelling evidence that achieving the needed energy transition would not only mitigate climate change but also stimulate the economy, improve human welfare and boost employment worldwide.

“Mitigating climate change through the deployment of renewable energy and achieving other socio-economic targets is no longer an either or equation. Thanks to the growing business case for renewable energy an investment in one is an investment in both. That is the definition of a win-win scenario.”

In London, a new initiative aimed at making the city the world leader in green finance has been unveiled.