This module emphasises the myriad benefits of renewable energy for economic growth such as having renewables investment accounting for a 7% growth in global GDP, social progress, and climate resilience. The report highlights the capacity of renewable energy technologies to be deployed globally at various scales, offering significant economic opportunities such as over 16.2 million jobs created and local industrialization, while promoting a more inclusive and democratic energy system. 

Renewables for Energy Access and Affordability:

In 2022, 685 million people worldwide still lacked electricity, and 2.1 billion were without access to clean cooking solutions. Renewable energy, particularly solar photovoltaic (PV) technology, is instrumental in addressing this gap. Solar home systems and mini-grid projects are connecting millions to power, providing reliable energy access in underserved regions. Although the cost of renewable energy continues to decrease, significant disparities persist between low- and high-income countries in terms of accessibility and affordability.

Economic Development and Local Value Creation:

In 2023, renewable energy contributed 7% to global GDP growth, with job creation in the sector rising to 16.2 million roles—half of which are based in China. Efforts to localise supply chains are also increasing, with the United States and European Union implementing policies to boost domestic renewable manufacturing. Meanwhile, skilling and educational programmes are preparing a workforce ready to support the expanding renewables sector.

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