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By Megan Rowling, Thomson Reuters Foundation
5 Min Read
BARCELONA, July 7 (Thomson Reuters Foundation) - From offshore wind farms in Britain to floating solar power plants in Vietnam, about 13,000 renewable energy projects in nearly 50 countries are waiting for finance - and could create up to 10 million green jobs, consultancy EY-Parthenon said on Wednesday.
In a report, EY said the projects offered $2 trillion in investment opportunities that would generate jobs locally and in supply chains, and would help slash climate-heating emissions and secure a green recovery from the pandemic.
Serge Colle, EY’s global energy advisor, said the research showed there was “huge potential to accelerate private-sector renewables investment” with the right government policies and regulation around the world.
Image: Shutterstock
More than 13,000 renewable projects are set to create up to 10 million jobs worldwide and provide $2 trillion (£1.43tn) in investment opportunities.
That is the key finding from new research by Ernst & Young (EY), commissioned by the European Climate Foundation (ECF).
The study covers 47 countries, which EY claims demonstrates that even more jobs and renewable power is yet to be harnessed for a green recovery from the pandemic.
It emphasises the opportunities in the UK alone, revealing the current renewable project pipeline includes 540 projects that would lead to a potential 439,000 jobs. Additionally, if storage, transmission and distribution projects are added to that number, EY claims the potential job creation would mitigate 90% of job losses caused by the pandemic.
14 in Yorkshire and the Humber
The report lands ahead of crunch decisions on net zero investments expected from chancellor Rishi Sunak in the Autumn Spending Review and Treasury Net Zero strategy.
Globally, the research finds that 13,000 renewable projects are about to be built, with the potential for the visible project pipeline to create up to 10M jobs, locally and in the supply chain.
The research covers 47 countries, and as such only lays out part of the total global opportunity, which is considerably larger. Moreover, the visible project pipeline will close emissions reduction target for 2030 for the 47 countries covered in this report.
UK s clean energy pipeline on course to unlock 625,000 green jobs
The UK s focus on decarbonisation and clean energy looks set to unlock 625,000 jobs, equivalent to 90% of jobs lost to the coronavirus pandemic, according to new research.
Around 135,000 jobs would be created in the North, Midlands and East England, with a further 57,000 jobs set to be created in Scotland
The European Climate Foundation commissioned research from Ernst & Young (EY) into the global pipeline for renewable projects. The new research, published today (7 July), found that 13,000 clean energy projects look set to be built globally, amounting to more than $2trn in investment opportunities. The projects loos set to create one Terawatt of additional renewable generation capacity.