In a joint initiative, the International Hydropower Association (IHA) is uniting with over 100 leading renewable energy players – as members of the International Renewable Energy Agency (IRENA) Coalition for Action – to urge governments to urgently scale-up climate action.
IHA’s chief executive Eddie Rich, said: “Green economic stimulus packages represent the best ever opportunity to make the step adjustment to the energy transition. Hydropower sits at the heart of the transition both through direct clean energy provision and providing flexibility and storage for variable renewables.”
“The 850GW of new hydropower capacity required by 2050 to help achieve the Paris Agreement will unlock upward of $1.7 trillion of investment and some 600,000 skilled jobs over the coming decade.
By placing a renewables-based energy transition at the heart of economic recovery from COVID-19, governments can support economic resilience and secure a climate-safe future, according to the Coalition.
In an effort to ensure investments are redirected towards renewable energy sources, the IRENA Coalition for Action is urging governments to reset their recovery priorities by:
1. Re-evaluating stimulus measures to ensure a green recovery in line with global climate objectives.
2. Raising policy ambitions and clarifying long-term plans for renewable generation and consumption.
3. Ensuring that energy markets can deliver continuity and stimulate investment and growth in renewables.
4. Prioritising renewable energy as a key component of industrial policies.
5. Aligning labour and education policies with a just energy transition.
6. Intensifying international co-operation and action on COVID-19 while recognising renewable energy as a key part of the solution.
Through these six actions, says the coalition, governments can align their economic recovery from COVID-19 with their climate plans, deliver on their commitments under the Paris Agreement, and come back stronger. The coalition urges to use the momentum of a green recovery to continue building broad public support for the transformative decarbonisation of societies and pave the way for equitable, inclusive and resilient economies.
The IRENA Coalition for Action brings together leading renewable energy players from around the world with the common goal of advancing the uptake of renewable energy. The coalition facilitates global dialogues between public and private sectors to develop actions to increase the share of renewables in the global energy mix and accelerate the global energy transition.