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    Home > Chemicals Industry > International Chemical > The energy transition will spur an increase of $52 trillion in global GDP by 2050

    The energy transition will spur an increase of $52 trillion in global GDP by 2050

    • Last Update: 2022-12-27
    • Source: Internet
    • Author: User
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    While the energy transition will be cost-intensive, the savings from reducing air pollution, improving health and reducing environmental damage far outweigh these costs
    .

    The energy transition will spur an increase of $52 trillion in global GDP by 2050

    According to IRENA, the additional costs of a comprehensive long-term energy transition will amount to $1.
    7 trillion per year by 2050, while annual cost savings in the three areas mentioned above will amount to $6 trillion
    per year.

    In addition, the energy transition stimulated economic activity, resulting in a cumulative increase of $52 trillion
    in global GDP from 2018 to 2050.

    IRENA found that, under plans and current policies, cumulative investment in the energy system needs to increase by around 30% between 2015 and 2050 to around $120 trillion in order to achieve the energy transition, with most of it going to renewable energy and energy efficiency
    .

    Another key benefit from the energy transition is job growth
    in the energy sector.
    IRENA found that while 7.
    4 million fossil fuel jobs will disappear by 2050, renewables, energy efficiency, grid retrofit and energy flexibility will create 19 million new jobs and net job creation of 11.
    6 million.

    "The energy transition will not only support climate goals, but also positive social and economic outcomes around the world, lifting millions out of energy poverty, increasing energy independence, and promoting sustainable job growth
    .
    " Adnan Amin, director general of IRENA, said
    .

    While the energy transition will be cost-intensive, the savings from reducing air pollution, improving health and reducing environmental damage far outweigh these costs
    .

    Energy transition

    The energy transition will spur an increase of $52 trillion in global GDP by 2050

    The energy transition will spur an increase of $52 trillion in global GDP by 2050

    According to IRENA, the additional costs of a comprehensive long-term energy transition will amount to $1.
    7 trillion per year by 2050, while annual cost savings in the three areas mentioned above will amount to $6 trillion
    per year.

    In addition, the energy transition stimulated economic activity, resulting in a cumulative increase of $52 trillion
    in global GDP from 2018 to 2050.

    IRENA found that, under plans and current policies, cumulative investment in the energy system needs to increase by around 30% between 2015 and 2050 to around $120 trillion in order to achieve the energy transition, with most of it going to renewable energy and energy efficiency
    .

    Another key benefit from the energy transition is job growth
    in the energy sector.
    IRENA found that while 7.
    4 million fossil fuel jobs will disappear by 2050, renewables, energy efficiency, grid retrofit and energy flexibility will create 19 million new jobs and net job creation of 11.
    6 million.

    "The energy transition will not only support climate goals, but also positive social and economic outcomes around the world, lifting millions out of energy poverty, increasing energy independence, and promoting sustainable job growth
    .
    " Adnan Amin, director general of IRENA, said
    .

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