The Post COVID Recovery Report | IRENA | UPSC
Post-COVID recovery: An agenda for resilience, development and equality
WHY IN NEWS:
The report is rooted in the comprehensive long-term energy transformation strategy provided by IRENA’s first Global Renewables Outlook.
SYLLABUS COVERED: GS 3:Report
For PRELIMS it is important to understand both the report in depth and IRENA too !
For MAINS this article has more than sufficient key takeaway points for answers on renewable energy .
POST-COVID RECOVERY REPORT
- Increased uptake of renewables, energy efficiency represent far-sighted investment amid the crisis set off by the COVID-19 pandemic.
- As part of short-term stimulus and recovery plans, the energy transition provides a crucial link to medium- and long-term global climate and sustainability goals.
This report from the International Renewable Energy Agency (IRENA).
- ENERGY REQUIREMENTS : Post-COVID recovery measures could drive a lasting shift in the global energy mix.
- STRATEGIES : Linking the short-term recovery to medium and long-term strategies is paramount to achieving the Sustainable Development Goals (SDGs) and the Paris Agreement on Climate Change.
- TRANSITIONS : National and regional energy transitions can help to build resilient economies and societies.
- INVESTMENT : Energy transition investment can boost GDP and create jobs in the 2021-23 recovery phase.
- GREEN FINANCING : Green investment will be vital to mobilise upfront finance for the transition.
- JOB CREATION : Each million dollars invested in renewables or energy flexibility would create at least 25 jobs, while each million invested in efficiency would create about 10 jobs.
KEY POLICY RECOMMENDATIONS FOR THE 2021-23 RECOVERY PHASE INCLUDE:
- AMBITION :Raising national targets and enhancing climate pledges.
- PUBLIC INTERVENTION :Securing strategic finance, investing in transition-related infrastructure, steering investment away from fossil fuels, and making bailouts conditional on climate action.
- POWER SECTOR INVESTMENT : Safeguarding existing renewable projects and ensuring stable policy frameworks for transition-related infrastructure.
- HEATING AND COOLING INVESTMENT : Scaling up transition-related technologies through quotas and mandates ,
- TRANSPORT INVESTMENT : Creating renewable-based, efficient infrastructure, incentivising electric vehicle and biofuel use, and promoting behavioural changes to reduce the impact of travel.
- EMPLOYMENT : Protecting existing jobs, supporting workforce expansion in transition-related fields, co-ordinating with industries and developing education and training to minimise skills gaps.
- INDUSTRY : Diversifying supply chains, developing local industries, providing finance and promoting supplier development programmes and industry clusters.
- ACCESS : Maintaining energy access initiatives, ensuring reliable power supply and supporting distributed renewable energy solutions to strengthen health, sanitation and other critical infrastructure.
International Renewable Energy Agency (IRENA)
- It serves as the principal platform for international cooperation, a centre of excellence, and a repository of policy, technology, resource and financial knowledge on renewable energy.
Abu Dhabi, United Arab Emirates
IRENA PROVIDES A WIDE RANGE OF PRODUCTS AND SERVICES
- Annual reviews of renewable energy employment;
- Renewable energy capacity statistics;
- Renewable energy cost studies;
- Renewables Readiness Assessments;
- The Global Atlas, which maps resource potential by source and by location;
- Renewable energy benefits studies;
- Renewable energy technology briefs;
- Facilitation of regional renewable energy planning;
Beyond renewables and decarbonisation, investments in the energy system in the wake of the COVID-19 pandemic can pave the way for equitable, inclusive and resilient economies.