The UK’s pipeline for renewable energy projects could mitigate 90% of job losses caused by COVID-19 and help deliver the government’s ‘levelling up’ agenda. That is according to a recent report from consultancy EY-Parthenon, which outlines how the UK’s £108bn “visible pipeline” of investible renewable energy projects could create 625,000 jobs.
More than 700,000 jobs have been lost since the pandemic began. The report makes clear that a green economic recovery presents an opportunity to reverse this damage – especially in northern England and Scotland. It could also draw in billions of pounds in private capital to multiply the effect of economic stimulus spending, with renewable energy projects attracting around £100 of private investment for every £1 of government spending.
Globally, the report highlights how 13,000 ‘no regret’ renewable energy projects in 47 countries have the potential to accelerate an economic recovery. These could provide 22% of nationally determined contribution emissions reduction targets, create up to 10m jobs, and provide a capital injection worth trillions of dollars.
Serge Colle, EY’s global energy advisor, said: “This multi-country report, which has taken a bottom-up approach, maps the pipeline of ‘shovel ready’ investable projects that could be unlocked to enable a green recovery.”
Read the full report at bit.ly/ECF_CleanCOVID
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