The COVID-19 pandemic has had wide ramifications on many sectors, including energy sector. This draws the interest of numerous scholars who have sought to investigate the impact of the pandemic on the energy sector as well as the prospects for a green recovery trajectory. However, few of these authors have considered the role of fiscal stimulus that governments have provided in the context of green recoveries.
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The Philippines has an appropriate permitting and auctioning infrastructure in place and was on track a decade ago to rely primarily on renewable energy. In the business-as-usual scenario we forecast that almost 1.15 GW of wind capacity will be installed between 2022 and 2026. If a green recovery is implemented, we forecast a fast acceleration of wind capacity from 2024 onwards, which would result in almost 1.65 GW being installed between 2022 and 2026 – a potential upside of 500 MW.
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Asia and the Pacific as a whole was already behind schedule in terms of meeting the goals by 2030, and the pandemic has set the region back further. One way in which governments can compensate for this is to mobilize private capital for sustainable investments. In Southeast Asia, countries have already made significant progress in this area. In September 2021, the cumulative value of ASEAN-labeled green, social, and sustainability bonds issued in Southeast Asia reached $16.4 billion.
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California’s clean energy economy employed about 480,000 Californians at the end of 2020, down from 537,000 the year before. However, since the sector’s losses peaked at the end of May 2020, jobs grew back by more than 13 percent compared to less than 6 percent in statewide economy overall.
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According to the recent report by Arab Petroleum Investments Corporation, total 2021-25 MENA energy investments register a modest increase of just USD13 billion over last year’s 5-yr outlook – from USD792 billion to USD805 billion – a clear indication of the magnitude of the 2020 crisis’ impact across MENA despite the region’s relative resilience. Power sector investments in MENA are expected to continue to flourish, characterized by an accelerating shift towards renewables.
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While China’s commitment to carbon neutrality by 2060 is a good start, electricity demand is already forecast to double by 2050 (from 2017 levels). It therefore must urgently step up its efforts to improve energy efficiency, adopt green and low-carbon energy, expand energy storage, deploy carbon capture and sequestration technologies, and develop a framework for low-carbon urbanization. Many of the needed technologies are already available, and East Asia has the scale to bring down their cost to a level that would enable widespread adoption.
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The Asian Development Bank (ADB) and the Green Climate Fund (GCF) have partnered to assist a green recovery for ADB member countries facing an adverse economic impact because of the Covid-19 pandemic.
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