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Renewable Energy boost economy and jobs

A study carried out by the European Commission on the effect that the renewable energy policy is likely to have on employment and economic growth has found that if the renewable energy targets are met by 2020 this is likely to result in the creation of 2.8 million jobs in this sector. Hitting these targets will also make around 1.1 per cent of the Gross Domestic Product.

Andris Piebalgs, Energy Commissioner commented, “This shows the benefits of renewables in terms of security of supply and fighting climate change can go hand in hand with economic benefits.”

In employment terms, wind, biomass and hydro technologies are considered to be the most worthy. Obviously this sector’s significance is reliant on individual member states but if targets are met, the impact on the economy could be considerable especially as back in 2005 the renewable energy sector was employing only 1.4 million people with an added gross value of €58bn.

One action point highlighted in the study is that in order to garner the maximum economic advantages from renewable energy, stronger policies will need to be put in place. Financial support is required for the more pioneering technologies such as offshore wind, solar thermal electricity, photovoltaic and second-generation biofuels in the short term. This is a wise investment as these innovative technologies hold the key to the 2020 targets being achieved and thus realising the predicted boost to the economy and employment as a consequence.

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