More than 13,000 renewable projects are set to create up to 10 million jobs worldwide and provide $2 trillion (£1.43tn) in investment opportunities.
That is the key finding from new research by Ernst & Young (EY), commissioned by the European Climate Foundation (ECF).
The study covers 47 countries, which EY claims demonstrates that even more jobs and renewable power is yet to be harnessed for a green recovery from the pandemic.
It emphasises the opportunities in the UK alone, revealing the current renewable project pipeline includes 540 projects that would lead to a potential 439,000 jobs. Additionally, if storage, transmission and distribution projects are added to that number, EY claims the potential job creation would mitigate 90% of job losses caused by the pandemic.
It stresses the chance for investment, highlighting projects in Turkey that total 11.9GW of renewable energy – representing $27 billion (£19.5bn) of investment to support more than 110,000 Turkish jobs.
Similarly, 184 ‘shovel-ready’ renewable projects were found in South Africa that would create 102,000 local jobs in construction and 53,000 jobs in the supply chain.
Through its study, EY urges governments and investors to help finance a green recovery and also get the economies and job markets of less developed nations onto a sustainable track.
The ECF says the report bolsters the case for a clean energy jobs investment package from Downing Street later this year.
Serge Colle, EY Global Energy Advisor, remarked: “This new report highlights the huge potential to accelerate private sector renewables investment through applying the best government policies and regulatory frameworks through global collaboration between governments and the private sector.
“This multi-country report, that has taken a bottom-up approach, maps the pipeline of ‘shovel-ready’ investable projects that could be unlocked to enable a green recovery.”
Amy Mount, Senior Associate at ECF, added: “The government should use its net zero strategy to seize this potential.”
