The International Renewable Energy Agency (IRENA) has called for targeted public spending and policy action, in a bid to maximise post-Covid-19 recovery.
A report by IRENA outlines the immediate economic stimulus action plan for the next three years.
According to the energy agency, an annual energy spend of $4.5 trillion (£3.6tn) could boost the world’s economy by 1.3% and create up to 19 million energy-transition related jobs by 2030.
The report suggests that reforming fossil fuel prices, driving green financing and investing in energy transition should be the immediate priority, the world over.
IRENA emphasised investing in emerging technologies such as green hydrogen that could speed up the transition to a net zero economy.
The agency also called for the ramping up of energy storage and renewable-base power generation to strengthen energy markets.
Francesco La Camera, Director-General of IRENA, said: “Renewables have proven to be the most resilient energy sources throughout the current crisis. This evidence should allow governments to take immediate investment decisions and policy responses to overcome the crisis.
“Now is the time to invest in a better future. Government policies and investment choices can create the necessary momentum to enact systemic change and deliver the energy transformation away from fossil fuels.”