Renewable energy in the post-pandemic world
May 13, 2020
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Upon the outbreak of COVID-19, the urgent needs of health care workers and the rapid shift to telework has underscored the critical role of electricity in powering modern life. However, as an international oil feud depresses fuel prices to levels not seen in decades and electricity demand dips as the economy slows, the effect on the business case for renewable energy has yet to be seen. Though economic recession may limit available capital for new projects and result in substantial layoffs across the renewable energy sector, the unpredictability of commodity prices and diminishing returns in hydrocarbon investment may make renewables an increasingly advantageous investment. Including clean energy in national economic stimulus packages would generate large employment and infrastructure opportunities for beleaguered economies and workforces. The talk will focus on the future of renewable energy in the wake of COVID-19 and the oil price plunge. It deals with the roles IRENA is playing in advancing renewable energy policy and deployment, lessons from past stimulus efforts that is relevant to the situation and how we can apply funds and financing going forward, how we can we ensure collectively that the investments that we make over the next couple years are targeted towards sectors and strategies that are resilient, strong and pave a way to a 21st century economy as opposed to embedding the increasing inefficiencies of last century’s economy.