- The Global Wind Energy Council (GWEC) has today published Capturing Green Recovery Opportunities from Wind Power in Developing Economies.
- The report, written in collaboration with BVG Associates, highlights the vast and largely untapped socioeconomic and environmental opportunities which could be unlocked by wind energy in a group of developing economies from 2022-2026.
The report focuses on five countries – Brazil, India, Mexico, the Philippines and South Africa – each of which face particular challenges due to COVID-19, but which have significant untapped wind energy resource that could unlock rapid economic growth under green recovery measures.
The five case studies quantify a series of impacts which would result from pursuing a green recovery strategy, where public policy shifts towards the clean energy transition to accelerate deployment of wind projects over the next five years. This approach would not only support countries on their progress to meeting energy and climate coals, but would enable them to realise a range of socioeconomic benefits from long-term job creation to cleaner air and water conservation.
The report shows the importance of clear vision and policy commitment to mobilise private investment in wind energy, and provides tailored policy and regulatory recommendations for each country. As finance ministers and central bank governors from the G20 meet in Jakarta this week to discuss sustainable finance under Indonesia’s G20 presidency, this report should serve as a rallying call for emerging economies to collectively act on accelerating renewable energy to power growth.
The report finds that in South Africa, the coal to clean journey – kickstarted with an US$8.5bn financing package agreed at COP26 – could deliver an extra 250,000 jobs and more than $10 billion gross value added to the economy over 25 years if an ambitious green recovery is pursued. This would also deliver enormous decreases in carbon emissions equivalent, as well as save more than 50 million litres of water annually from 2026.
Link to the full report HERE
Author: Bryan Groenendaal