Electricity and Control July 2020

ENGINEERING THE FUTURE

This summit will be a very different WEF Annual Meeting, reflecting the spirit of the Great Reset and pushing beyond the boundaries of traditional thinking to be truly forward- oriented. To do so, the WEF will draw on thousands of young people in more than 400 cities around the world (the Global Shapers Community) who will be interconnected via a powerful virtual hub network to interact with the leaders in Davos. Each of those hubs will have an open house policy to integrate all interested citizens into the conversation, making the annual meeting open to everyone. In addition, global and social media networks will mobilise millions of people, providing them with access to the discussions in Davos and enabling them to share their input. In the run-up to the annual meeting, the WEF will host a virtual series of dialogues, a joint initiative of the WEF and HRH the Prince of Wales. Specific input will be invited by the WEF to support the achievement of the Sustainable Development Goals. decisions and policy responses to overcome the crisis. In this recovery plan, IRENA uses its global mandate on energy transitions to inform decision-making at this critical time, while staying on course toward a fully decarbonised system by 2050.” Doubling annual transition investments to USD 2 trillion over the next three years will provide an effective stimulus and can leverage private sector investments by a factor 3-4. The report advises that reforming fossil fuel prices, retiring fossil fuel assets, driving green financing, and strategically investing in the energy transition must be immediate priorities. The annual USD 2 trillion invested would boost GDP by 1% and create an additional 5.5 million transition-related jobs in three years. Underpinning labour and industrial policies are required to leverage local capacities and skills and create industries and jobs across the value chain. Any recovery strategy should include innovative solutions and emerging technologies such as green hydrogen with the potential to eventually deliver a net zero energy system. By investing in their commercialisation, governments and businesses can ensure sustained long-term growth. For more information visit: https://www.weforum.org/great-reset

of equal opportunities and inclusiveness. Nor can we turn our backs on the realities of racism and discrimination. We need to build into this new social contract our intergenera- tional responsibility to ensure that we live up to the expec- tations of young people. “Covid-19 has accelerated our transition into the age of the Fourth Industrial Revolution. We have to make sure that the new technologies in the digital, biological and physical world remain human-centred and serve society as a whole, providing everyone with fair access,” he said. “This global pandemic has also demonstrated again how interconnected we are. We have to restore a function- ing system of smart global cooperation structured to ad- dress the challenges of the next 50 years. The Great Reset will require us to integrate all stakeholders of global society into a community of common interest, purpose and action,” said Schwab. “We need a change of mindset, moving from short-term to long-term thinking, moving from shareholder capitalism to stakeholder responsibility. Environmental, so- cial and good governance have to be a measured part of corporate and governmental accountability,” he added. A new report by the International Renewable Energy Agency (IRENA) suggests that governments can align immediate economic stimulus needs with medium to long- term decarbonisation and sustainable development objec- tives by targeting policy measures and public spending towards the energy transformation. The report, Post-COVID recovery: An agenda for resilience, development and equality, outlines immediate stimulus action for the next three years (2021-2023) as well as measures for a mid-term 2030 recovery perspective over the next decade. It provides practical insights and recommendations for governments as they drive investment and policy actions for post-COVID-19 economies. The report shows that on an annual basis, scaling up public and private energy spending to USD 4.5 trillion per year would boost the world economy by an additional 1.3%, creating 19 million additional energy transition- related jobs by 2030. Jobs in renewables alone could triple to 30 million by 2030. Every million dollars (USD) invested in renewables would create three times more jobs than in fossil fuels. Francesco La Camera, Director-General of IRENA, said, “Renewables have proven to be the most resilient energy sources throughout the current crisis. This evidence should allow governments to take immediate investment

A renewables agenda for economic recovery

For more information visit: https://irena.org

Electricity + Control JULY 2020

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