In this global crisis, renewables are/will be making the case for COVID-19 funding in the coming months as talk of economic recovery continues. As the topic turns from what we invest in, to who we invest in, we will explore the case for green thinking as a leg up for COVID-19.
Clean Energy Conversation Today
This pandemic highlights the need for a shift. A pervading idea among environmentalists is that by continuing down the same path, meeting each new crisis the same way we have previously, future shocks will eventually exceed the capacity of governments, financial institutions, and corporate crisis managers to respond. Climate change coupled with COVID-19 is forcing the doors open on implementing more green ideas in our future.
Marked by coral in the timeline comparison, climate change is making a dent. And that’s not all, the multi-colored lines at the top of April are talking about renewable energy.
Each of these colors offer us insight into what the varied and complex conversation looks like surrounding renewables and COVID-19, as does this excerpt pulled directly from the graph above.
This formal letter to Congress was written by two U.S. economists, professors and veterans of the last financial crisis. And it asks for two trillion dollars for programs that will create living wage jobs, improve public health and housing and turn society away from a fossil fuel-based energy setting to one that is ecologically focused.
They ask for “a down payment on regenerative economy”, and this green stimulus proposal is generating a lot of conversation. The argument hinges on switching to green energy as a means to help get the world back on its feet faster.
European heads of government have already committed to “integrating…green transmission” in their economic recovery plan. And WindEurope asked for governments to enable essential manufacturing with an emphasis on those that use wind energy as power.
Adopting the possibility that renewable energies can be ramped up more quickly to help revive industries and new jobs, the idea of ‘going green,’ is gaining steam. Capturing contextualized market research to examine the timeline over the past 4 months, renewable energy is consistently dominating the conversation.
Below we can see some of the top stories within that timeline. For example, New York recently sped up its renewable energy act to help the state’s economic recovery from the COVID-19 health crisis. It includes a mandate to obtain 70% of the state’s electricity from renewable sources.
Making Its Case for Tomorrow
So, what does going green offer, and why is there such a push to start now, instead of waiting for the pandemic to pass? Looking to our network map may bring enlightenment.
The clusters above have something to tell us about the role renewables will play in the upcoming months. Zeroing in on “The Energy and Renewables Sector” may help us better understand what the promises of renewables played out looks like.
An “alternative energy” isn’t just about ‘going green,’ it’s a financially stable one as well, which means a more stable economy. With a more stable economy,RE should fuel more jobs. And Australia has shown it can be done.
In the latest annual update from the Australian Bureau of Statistics (ABS), employment in the renewable energy industry saw a 27% increase from 2018 across all Australian states. In Victoria alone, jobs grew by 72 per cent and in South Australia a growth of 41 per cent was seen.
“The ABS data is an excellent illustration of the tip of the iceberg of what’s possible in the renewable energy sector in terms of employment,” Clean Energy Council chief executive, Kane Thornton said.
In the wake of COVID-19, we’re seeing a cleaner world. From Venice, to Scotland, even down the Mississippi, the proof is in the pudding, or water and air – with less pollution. And while there is a big push for going green, especially with a link forming between COVID-19 and pollution, there are still many questions connected to it.
As we can see in this cluster, fossil fuels are a significant part of the RE conversation:
This is because these companies actually fund a large part of renewable energy. And with gas and oil prices at a low right now, there is less to contribute financially.
The relationship between fossil fuels and renewables is very symbiotic. And expensive. To put cost it in perspective, in 2018, the world’s top 24 oil companies invested $3.4 billion in low carbon energy technology. To get RE up and running will take a lot of money, and cash flow is something that the world is short on right now. But they’re not short on time and anything is possible with enough planning!
Whether government and business have the bandwidth to properly plan this revolution and deliver on it remains to be seen.
Whatever the outcome, you can be ready by ensuring your market research is on point and following along to know not just what, but who, to invest in. Reach out to learn more about the Quid product and see its advanced market intelligence capabilities in action!