Why is green energy infrastructure thriving despite a sluggish global economy?
The COVID-19 pandemic has had a variety of impacts on the clean energy transition, with the International Energy Agency (IEA) warning of a slowdown in progress towards sustainable energy goals due to COVID-19.
What is driving this development?
Several factors have contributed to this growth. First, simple economics argues in favour of building more renewable energy. Today, the falling cost of most clean energy technologies makes a strong business case for renewables, as many of them cost less than even the cheapest fossil fuels. The cost of lithium-ion battery storage, which is an important technology.
Second, from the perspective of the private sector, government commitment and green recovery plans are crucial for investment in green infrastructure projects. The renewed focus on green and resilient growth in the wake of the pandemic, coupled with more ambitious net-zero targets announced by countries in recent years, has helped boost confidence in the sector and keep renewable energy booming despite the economic slowdown.
The Russia-Ukraine conflict further illustrates the need for a more diverse energy supply chain. Cheap renewable energy can help reduce the cost of people's lives, while creating a clean and resilient power system.
The jury is still out on how long the current recession will last and its lasting impact on the green energy industry. But at a time of economic uncertainty, government incentives and improved regulation are all the more important. The U.S. Senate's passage of the Inflation Reduction Act, which provides $369 billion to reduce greenhouse gas emissions, is a step in the right direction, but more needs to be done by businesses and individuals around the world to deepen our ability to protect the environment.
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