One of the critical factors needed to accelerate economic recovery internationally is analysis that showcases plausible investment opportunities in energy and resources. A key partner EY has undertaken a global study that analysed the investment pipeline of energy and resources opportunities in 47 economies. This research studied 13,000 “shovel- ready” renewable energy projects based across the world that present an opportunity to support countries’ green recovery plans while reducing emissions.
This research is aimed at providing private sector players, public-private partnerships, policymakers and government officials, a way to accelerate development and growth in clean energy. It is especially important in the aftermath of the COVID-19 pandemic that slowed growth internationally. As per EY’s study: ‘The pipeline of shovel-ready projects could provide an injection of more than US$1.9t into the global economy over a three-year period, accounting for some 85% of the GDP lost in 2020. Further, by deploying the pipeline, we estimate a permanent recurring GDP contribution of £60b resulting from operation of the assets.’
This ‘visible pipeline’ of renewable energy projects include major market segments such as utility-scale renewable power generation, decentralized renewable energy (RE) power generation, and EV charging infrastructure, among others. Recent examples of successful renewables policy show that with the right policy frameworks in place, between 90% and 99% of the required investment for accelerated renewables deployment can be provided by the private sector. As for public sector – including government officials, regulators, public finance investors - the analysis suggests a few critical policy and practice actions to fuel the transition.
The study also uncovered great potential for job opportunities in the countries for building the green economy. The pipeline could create up to 10 million jobs, which includes jobs local to the projects, as well as supply chain jobs. As per experts like consulting investors, developers, think-tanks and industry experts quoted in the report, within countries, renewable energy can be a powerful mechanism for creating job opportunities outside of urban economic centers thus sharing a development that is more equitable and sustainable. As per the study, high potential job opportunities were found in China, India and US. Read the study here.