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A Clean Covid-19 Recovery: The Global Opportunity for G20 Leadership

07.07.2021

The world understands that a green recovery can deliver large-scale job creation in the near term and contribute significantly to much-needed decarbonisation efforts.

In this context, the consultancy EY-Parthenon, with the support of the ECF, has compiled a report with a list of 13,000 real and sustainable renewable energy projects identified in 47 countries. Presented in an online webinar on July 7th, 2021, the global report shows that these projects can kick-start a massive green and renewable recovery to begin immediately across the world. These “no regrets” investments to deploy the identified “shovel ready” pipeline will contribute over one-fifth of countries’ Nationally Determined Contributions (NDC) commitments and can mitigate or reverse a substantial proportion of the economic losses due to Covid-19 across the countries included in the study.

In addition to the global study which you can find further below, there are three national-level ‘deep-dives focussing on the UK, Turkey, and South Africa.

“This new report highlights the real potential to accelerate private sector renewables investment through applying leading government policies and regulatory frameworks, through global collaboration between governments and the private sector. This multi-country report, which has taken a bottom-up approach, maps the pipeline of ‘shovel ready’ investable projects that could be unlocked to enable a green recovery”
Serge Colle, EY Global Energy Advisor
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During the launch event, participants and panellists engaged in a dialogue on how the private sector, G20 governments, developing nations and international financial institutions can engage to unlock and materialise the full potential and benefits of a renewable-led recovery.

The research covers 47 countries and, as such, only lays out part of the total global opportunity, which is considerably larger. Some of the key points of the visible project pipeline include:

  • 13,000 no regret renewable energy projects that can accelerate economic recovery
  • The contribution of 22% to NDC emissions reduction target (2.5 GtCO2e avoided annually)
  • The creation of up to 10 million jobs, locally and in the supply chain, in renewable energy
  • A capital injection opportunity of $1.9tn

Enquiries

For further enquiries about the report or if you are interested in viewing the launch event held on July 7th, 2021, please contact Madeleine Brach, Programme Assistant for the International Energy Initiative at the ECF (madeleine.brach@Europeanclimate.org).