According to the International Renewable Energy Agency (IRENA), an accelerated energy transition has the potential to generate 40 million jobs in the energy sector by 2050. However, to maximize the socioeconomic benefits of shifting towards clean energy, the implementation of “progressive” policies is crucial.
Coinciding with climate conference COP28, currently taking place in Dubai, the Abu Dhabi-based agency released a report highlighting that employment opportunities in the renewable sector are set to triple by 2050. However, the distribution of these jobs will be uneven across regions. The report projects that Asia will hold 55 percent of global renewable jobs by 2050, followed by Europe at 14 percent and the Americas at 13 percent. In contrast, sub-Saharan Africa is expected to account for only 9 percent of these jobs.
Read more: DP World, IRENA to accelerate the use of renewable energy
“Policymakers have predominantly concentrated on the technological facets of the energy transition, often overlooking its socioeconomic implications,” said Francesco La Camera, Irena’s director-general.
“The energy transition holds great promise for boosting the global economy, but we must address persistent inequality.”
As per IRENA, the per capita gross domestic product (GDP) in Africa is projected to double by the middle of the century. However, the agency warns that resource-rich countries on the continent are expected to experience even faster growth, which could further deepen regional inequalities.
Additionally, the paper highlights that emerging economies like India and China are positioned for significant growth, potentially leading to a reshaping of the global economic landscape.
Renewables pledge
During a virtual session, Bruce Douglas, chief executive of the Global Renewables Alliance, announced that over 100 countries have pledged their support for COP28. These countries have committed to tripling renewable energy capacity and doubling energy efficiency by the year 2030.
Douglas emphasized that the widespread endorsement of the COP28 pledge is a strong indication of the global support for renewable energy. He stated that renewables have reached a mature stage and are now cost competitive in all markets worldwide.
According to Douglas, the doubling of renewable energy capacity by the end of the decade is inevitable. However, he emphasized the urgent need for country-level action to achieve the ambitious target of tripling renewable energy capacity. He explained that the world needs to build and connect approximately 3 gigawatts of renewable energy every day between now and 2030.
Looking ahead, Douglas mentioned that the global stocktake process in COP28, which will be discussed next week, reveals that the current efforts are falling significantly short. The nationally determined contributions and country targets are not on track to meet the required progress.
According to the agency’s World Energy Outlook report from last month, if current policies remain unchanged, renewable energy is projected to account for nearly half of the global electricity mix by 2030. However, the report emphasizes that more robust measures will be necessary to align with the goals outlined in the Paris Agreement.
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