Renewable energy jobs are expected to increase to 42 million by 2050

The latest report released Monday by the International Renewable Energy Agency (IRENA) shows that advancing the energy transition based on renewable energy will increase renewable energy jobs to 42 million
by 2050.

"Changes in the energy system could see cumulative global gross domestic product (GDP) growth above the norm by $98 trillion between now and 2050, which would quadruple renewable energy jobs to 42 million, with energy efficiency jobs expanding to 21 million
.
"

The report adds that renewable energy use is expected to be higher in 10 regions around the world, with Southeast Asia, Latin America, the European Union and Sub-Saharan Africa on track to reach 70 to 80 percent of
their total energy mix by 2050.

Francesco La Camera, Director General of IRENA, said: "By accelerating the development of renewable energy and making the energy transition an integral part of a broader recovery, governments can achieve multiple economic and social objectives in pursuit of a resilient future
that never falls behind.
”

While a total of $130 trillion in energy investment would be needed to achieve deeper decarbonization, the socio-economic benefits of such investment would be enormous
, according to IRENA.

Building on five technology pillars, particularly green hydrogen and expanded end-use electrification, will help replace fossil fuels and cut emissions
from heavy industry and hard-to-decarbonize sectors, the report said.

"Taking into account reduced health and environmental externalities, low-carbon investments will pay off significantly, requiring a cumulative $110 trillion in energy investments by 2050 for climate security, but an additional $20 trillion
to achieve full carbon neutrality.
"

In a similar way, electrification of end-uses such as heat and transportation will spread globally, with more than 50 percent
in East Asia, North America and much of Europe, IRENA said.

"Despite the loss of fossil fuels, all regions will also significantly improve their welfare and witness net job growth
in the energy sector.
However, across the economy, employment opportunities are unevenly
distributed in regions.
Although GDP growth will show large differences between regions, most regions are expected to achieve growth
.
”

Raising regional and national targets is essential
to achieving interlinked energy and climate goals and reaping socio-economic benefits.
The Abu Dhabi-based Renewable Energy Agency said it was equally important
to strengthen coordination at the international, regional and domestic levels, with financial support.