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| Sat, 25th Apr 2020 16:10:00 |
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$110 Trillion Renewables Stimulus Package Could Create 50 Million Jobs |
As the world continues to grapple with the worst global pandemic in living memory, economists everywhere are warning that we are witnessing the unraveling of something far grimmer than the 2008 financial crisis: the Great Depression 2.0.
The signs are legion: Unprecedented levels of job and capital destruction, decimated consumer spending, underperformance by nearly all major financial markets, and a breakdown in the world fiscal order.
Even giant economic powerhouses have not been spared, with California--one of the wealthiest states in the United States thanks to its booming tech sector--having obliterated all its job growth over the last decade in just two months.
But now a renewable energy think-tank says directing those stimulus dollars to renewable energy investments could not only help tackle global climate emergency but spur massive economic gains post-Covid-19 for decades to come.
The International Renewable Energy Agency (IRENA)--an organization dedicated to promoting global adoption of renewable energy and facilitating sustainable use--says that it will cost the global economy $95 trillion to help return things to normal.
Investing $110 trillion in renewables could, on the other hand, potentially spur an even more robust economic recovery from COVID-19 by creating massive socioeconomic gains as well as generate savings of $50 trillion-$142 trillion by 2050.
Read original full article
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