A new article from the United Nations Framework Convention on Climate Change (UNFCCC) says that renewable energy can boost the global economy significantly:

“Achieving a 36 per cent share of renewable energy in the global energy mix by 2030 would increase global gross domestic product (GDP) by up to 1.1 per cent, roughly USD 1.3 trillion, according to new analysis by the International Renewable Energy Agency (IRENA).

Renewable Energy Benefits: Measuring the Economics, released today at IRENA’s sixth Assembly, provides the first global estimate of the macroeconomic impacts of renewable energy deployment. Specifically, it outlines the benefits that would be achieved under the scenario of doubling the global share of renewable energy by 2030 from 2010 levels.

“‘The recent Paris Agreement sent a strong signal for countries to move from negotiation to action and rapidly decarbonise the energy sector,’ said Adnan Z. Amin, IRENA Director-General. ‘This analysis provides compelling evidence that achieving the needed energy transition would not only mitigate climate change, but also stimulate the economy, improve human welfare and boost employment worldwide.'”

From hearing conclusions like this, it seems the biggest achievement of the Paris agreement was not that negotiators were able to get all countries on board with a plan; rather, the biggest achievement was the signals it sent to markets that investment in renewable energy is a smart business move.

Now, we’ll see what policies countries put in place to support or bolster the development of renewable energy.

Continue reading the article here.