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Locking humans inside home has already proved as a boon to the environment. If making money while keeping the environment safe is an option then go for it. Many nations and citizens are becoming aware of the consequences nature can pose that are not known to be good for them.
What is global green recovery?
As the name partially suggests, global green recovery somehow means the recovery of the planet, nature and environment. The amount of recovery our planned has made in this lockdown will be wasted once this lockdown is removed. To avoid this government will be taking measures.
Now that slowly and gradually, places are opening, governments are trying to increase their economy as much as possible. This is somehow difficult at this stage when nature is finally healing. The international energy agency has been working to think about this and have come up with some ideas.
A sustainable recovery
Keeping the investment and targeted policies in mind, the global economic growth between the years 2021 to 2023, can increase by an average of 1.1% per year. This sustainable recovery plan also filed a claim of providing 9 million jobs every year. They also claim to reduce the warm and polluting greenhouse gas by 4.5 billion tonnes globally. This analysis has been done in the assistance of the international monetary fund (IMF).
These measures can also accelerate the sustainable recovery criteria of the UN’s Sustainable development goals. This would also provide electricity to millions of households. Anyhow to achieve these sustainable goals, a global investment of $1 trillion per year is required. It is undoubtedly a huge amount. This investment will be required for at least three upcoming years. This amount sums up to almost 0.7% of the global GDP.
Surprisingly, this plan is the most cost effective program and if followed properly it will benefit the existing energy projects and current market conditions of several countries depending on their financial conditions.
Buying the jobs in market
According to the estimation of IEA (international energy agency), 40 billion people have been employed directly by the energy agency. Among these 40 billion almost 3 million people are on stake of losing their jobs because of the merciless pandemic. Another 3 million people have a very vulnerable job state in the fields of vehicle manufacturing, coal, bioenergy and oil and gas plants. We all know that during lockdown the prices of Petrol descended. This also leads to unemployment.
In the IEA, the sector of renewable energy is the main source of employment. Very few people are skilled enough to work in these sectors.
Controlling demands and security
The increment in investment is estimated to be 20% in this year that is in 2020. This increment poses a serious concern for energy security and expects to increase the transition of renewable energy resources. There will be expenses of purchasing electric grids, increasing hydropower facilities and in extending the life of nuclear power plants. This also gives the IEA the responsibility to fulfil everyone’s demand for electricity. Not minding this, the improvements will also help the power plant to withstand natural calamities and other severe threats.
Government also needs to provide help to the sectors that are suffering great loss. These distressed industries such as automotive sectors contribute a lot to the economy of a country. Sooner or later the normal days will be back, we just need to be prepared for the challenges it poses.
International cooperation will also be a most needed resource to re-establish trade. International help will also ensure the proper re-establishment of the global supply chain.
So at last, the government is left with a very brilliant opportunity to re boost their economy which will bring floods of employment. Once they accelerate their plans for a healthier and cleaner energy future everything will be back in place and the wheels of the economy will act as properly as ever.