Studies conducted back in 2016 by the International Renewable Energy Agency (IRENA), concluded that a scale up of renewable energy, will result in an increase of the GDP.
Doubling up on renewable energy by 2030, would increase the GDP by between 0.6% and 1.1%.
“We cannot afford to ignore either today’s global energy crisis or the climate crisis, but the good news is that we do not need to choose between them – we can tackle both at the same time,” said International Energy Agency Executive Director, Fatih Birol, at the time.
Top three countries leading in renewable energy according to the Climate Council:
#Sweden
Sweden reached its target of 50% renewable energy back in 2012.
This will enable a 100% fossil-free renewable electricity production by 2040.
#Costa Rica
Costa Rica produced 98% of its electricity from renewable sources in 2022. This South American country, according to a World Bank blog, holds the world record for most consecutive days (300) using renewable energy only.
# United Kingdom (UK)
The UK is the global leader in offshore wind energy. It has more capacity installed than any other country, with offshore wind powering over 7.5 million homes.
#Kenya
Kenya leads the pack on the African continent. It is home to Lake Turkana Wind Power Project, currently Africa’s largest wind farm. It produces about 310 MW of capacity, enough to supply energy to one million homes!
According to a World Bank blog, investment in infrastructure (energy, transport and telecommunications) affects economic growth from both the supply and demand-side.
Goldman Sachs Global Investment Research has projected China will be the largest GDP contributor to the world’s total by 2050.
China will represent some 40% of global GDP ahead of current world leading markets, such as the United States, Germany and others, who are expected to hold a 36% share.
A World Bank report projects 130% GDP growth globally between 2016 and 2050.
According to the International Monetary Fund (IMF), BRICS member countries (Brazil, Russia, India, China, and South Africa) are expected to have a joint GDP of $27.6 trillion in 2023, representing 26.3% of the global total.
With the new members from 2024, to include include Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates (UAE), GDP is expected to increase to $30.8 trillion.