Out Now!
The Renewables for Economic & Social Value Creation module of the Renewables 2024 Global Status Report launched on 7 November 2024.
This report explores the transformative benefits of renewable energy in terms of economic development, social progress and climate resilience. It also highlights the capacity of renewable energy technologies to be deployed globally at various scales, offering significant economic opportunities such as job creation and local industrialisation, while promoting a more inclusive and democratic energy system.
Renewables for Economic & Social Value Creation Module – Online Dialogue
Join us on Thursday 7 November at 2:00 PM CET/12:00 PM UTC for an online conversation on the Renewables for Economic & Social Value Creation module of the Renewables 2024 Global Status Report.
Tune in to hear from REN21’s Knowledge and Data team about the transformative potential of renewable energy in fostering economic development, social benefits and climate resilience.
Renewables 2024 Global Status Report – Renewables for Economic & Social Value Creation online dialogue
Listen to the conversation here!
— REN21 – Renewables Now (@REN21) November 7, 2024
Highlights from the Economic & Social Value Creation module
This module emphasises the myriad benefits of renewable energy for economic growth such as having renewables investment accounting for a 7% growth in global GDP, social progress, and climate resilience. The report highlights the capacity of renewable energy technologies to be deployed globally at various scales, offering significant economic opportunities such as over 16.2 million jobs created and local industrialization, while promoting a more inclusive and democratic energy system.
Renewables for Energy Access and Affordability:
In 2022, 685 million people worldwide still lacked electricity, and 2.1 billion were without access to clean cooking solutions. Renewable energy, particularly solar photovoltaic (PV) technology, is instrumental in addressing this gap. Solar home systems and mini-grid projects are connecting millions to power, providing reliable energy access in underserved regions. Although the cost of renewable energy continues to decrease, significant disparities persist between low- and high-income countries in terms of accessibility and affordability.
Capital Flows:
The private sector leads investment in renewable energy, with households increasingly contributing to the transition to clean energy. Governments promote renewables through fiscal policies such as subsidies and tax incentives, yet public funding for clean energy remains far below the levels of fossil fuel subsidies. New financing models, including community-led projects and peer-to-peer energy trading, are further advancing distributed renewable energy systems.
Economic Development and Local Value Creation:
In 2023, renewable energy contributed 7% to global GDP growth, with job creation in the sector rising to 16.2 million roles—half of which are based in China. Efforts to localise supply chains are also increasing, with the United States and European Union implementing policies to boost domestic renewable manufacturing. Meanwhile, skilling and educational programmes are preparing a workforce ready to support the expanding renewables sector.
Local Ownership and Energy Democracy:
Renewable energy enables decentralised and locally-owned energy projects, fostering energy democracy worldwide. Community-led energy initiatives are growing globally, with Indigenous Peoples playing significant roles in some areas. These initiatives empower communities to control their own energy sources, increasing resilience and local benefit.
Renewable Energy for Climate Adaptation and Resilience:
Renewables support climate adaptation by providing power for essential services during extreme weather and sustaining agriculture, food security, and water access through systems like irrigation and desalination. Decentralised renewable energy systems enhance resilience by reducing vulnerability to climate impacts and enabling communities to adapt more effectively to changing environmental conditions.
Dive into the Renewables 2024 Global Status Report
Since 2023, REN21 has been releasing the Renewables Global Status Report (GSR) as a collection of modules to rigorously cover the energy system from its different elements, including demand, supply, systems and infrastructure, and economic and social value creation.
This Renewables for Economic & Social Value Creation module follows the four previous modules of the GSR 2024 series – the Global Overview, Energy Demand module, Energy Supply module and Energy Systems & Infrastructure module – which provide the status of renewables in the wider energy system and in the context of global challenges such as climate change, development goals and the geopolitical landscape.
This will be the last module of the GSR 2024 Series. Stay tuned to see what’s in store for 2025!
