With the prospect of a COVID-19 vaccine raising hopes for a downtrodden economy, business closures and sickness, many energy industry experts believe renewable energy can be a central driver of economic recovery in a post-pandemic world.
At a recent Reuters Events: Future of Renewables conference, energy industry leaders and investors discussed the potential for renewable energy investments to spur economic recovery following the coronavirus pandemic and nearly a year of lockdowns.
“In this unprecedented time, when we need to have an economic recovery where we can turn this crisis into an opportunity and address our economy in a way that’s sustainable,” said Elisabeth Brinton, executive vice president of new energies for Royal Dutch Shell.
Some countries are using COVID-19 stimulus packages to make significant investments in clean energy, while others are not, according to the Institute for Energy Economics and Financial Analysis. Of the $11.8 trillion in stimulus spending announced worldwide, about 30% is focused on sectors that can have an impact on the environment, including clean energy projects, biodiversity or pollution mitigation, according to a report from Vivid Economics.
[Terry Alan Lane]