Assessing Economic Impacts of Increased Renewable Energy Deployment

Assessing Economic Impacts of Increased Renewable Energy Deployment

Switching to renewable energies is not only good for the environment but also necessary for our survival. However, the entire global economy is based on the old ways. There is no doubt that the changes we are about to witness are going to have economic impacts, but can we know exactly what to expect? Here is a brief answer to this question based on the report submitted by the International Renewable Energy Agency.

1. The deployment of renewable energies will increase global GDP

When it comes to the economic aspects of the use of renewable energies, one of the most critical questions is how it will affect global GDP. According to IRENA’s report, doubling the use of renewables will most likely result in a 0.6% increase. In other words, using renewable energies is good for our economy as well.

2. Renewable energies will improve welfare

Every prospering society has a good welfare system. This includes a wide range of social benefits that cover everything from health to education. The question that we pose here concerns the impact of the deployment of renewable energies on such benefits. The International Renewable Energy Agency has estimated that this impact will be a positive one, making the benefits increase by 2.7%.

3. The deployment of renewable energies will create more jobs

To achieve social development, we need a healthy economy. And no economy can be healthy if there is a lack of job opportunities. This is why it is of the greatest importance to see how the deployment of renewable energies will affect the labor market. Fortunately, chances are that the impact will be a positive one since the renewable energy sector is constantly growing. It has been estimated that it created 7.7 million jobs in 2014 alone.

Categories: Business

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