, APAC
108 view s
Photo from IRENA

Energy transition may generate 40 million energy sector jobs by 2050: report

It can also lead to a GDP increase of 1.5% by 2050 through a 1.5°C pathway.

Robust policies to accelerate energy transition can bolster socio-economic benefits that generate 40 million energy sector jobs and impact across the world, according to the International Renewable Energy Agency (IRENA).

In a report published before the UN Climate Conference COP28, progressive policy actions can fast-track significant economic prosperity and a high job count by 2050.

Energy transition can lead to an average annual increase in GDP of 1.5% by 2050 through the 1.5°C pathway compliant with the Paris Agreement. It is projected to produce 40 million jobs in the sector, with 18 million jobs in renewable energy.

However, the energy transition is off-track. The impact of the energy transition will vary in every region, signifying disparities in economic opportunities and statuses.

Asia is projected to generate 55% of global renewable jobs in 2050, with Europe at 14% and the Americas at 13%. However, the Sub-Saharan Africa will only produce 9%. Yet, major economies like India and China will see impactful growth across the globe.

ALSO READ: Australia support RE startups with $1.1m funding

Thus, much attention needs to be placed on electrification and efficiency, driven by renewable energy, clean hydrogen, and sustainable biomass. Specifically, it requires tripling installed capacity by 2030. And importantly, a holistic approach is needed to utilise international cooperation and systemic changes to accelerate energy transition.

“The energy transition holds great promise for boosting the global economy, but we must address persistent inequality. Bridging gaps in climate policy ambition and fostering essential structural changes places unprecedented demands on policymakers,” Francesco La Camera, Director-General of IRENA, said.

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

India’s Rajasthan and Gujarat need policy reforms to fuel RE transition
Some steps they could take are implementing green tariffs and setting infrastructure funds.
Global clean energy tech market to hit $2t by 2035
This is fuelled by investments as countries aim to enhance energy security.The global clean energy technology market is projected to grow from $700b in 2023 to over $2t by 2035, nearing the scale of the crude oil market, according to the International Energy Agency (IEA).This growth is fuelled by significant investments in clean technology manufacturing as countries aim to enhance energy security, maintain economic competitiveness, and cut emissions. Investment is concentrated in regions with established positions in clean energy, particularly China, the European Union, the UK, and increasingly, India.Whilst the US, EU, and India have taken measures to support their clean energy sectors, China is expected to remain the world's manufacturing hub. By 2035, China's clean technology exports are forecasted to exceed $340b—comparable to projected oil export revenues from Saudi Arabia and the UAE.Southeast Asia, Latin America, and Africa contribute less than 5% of global cleantech production value, yet the IEA suggests that these areas still hold opportunities within the clean energy economy. Developing economies, for instance, could leverage competitive advantages to advance in the value chain beyond resource extraction.The IEA said Southeast Asia could become one of the most cost-effective regions for producing polysilicon and wafers for solar panels over the next decade.

Exclusives

Coal-dependent ASEAN told to scale up RE generation
A regional power grid could help governments in their renewable energy transition.
Indonesia told to tap communities in clean energy transition
Solar and wind power managed by villages could generate 96 million jobs over 25 years.
Indonesia to add 90 MW geothermal capacity
Three power plants in West and East Java and North Sumatra will start operating this year.