As countries worldwide begin treading the path of post covid economic recoveries, it is becoming clear that the face of the global economy has been markedly altered, which necessitates innovative solutions. Some European countries like the United Kingdom, Germany, and France have invested heavily into green recovery by supporting renewables and other low-carbon technologies. It has been observed globally that the benefits of a ‘Green’ stimulus package are more likely to be long lasting, leading to a more sustainable and resilient recovery.
India has been significantly affected by Covid 19, with its GDP contracting by 7.3 percent in the year 2021. It is critical that India prioritizes not just a swift recovery, but a just, sustainable, and green one. To this end, WWF-India and BRIDGE TO INDIA have jointly prepared a report on “Green Recovery Through Renewables.” This report makes the case that government should focus on job creation, injecting liquidity for financial relief, enhanced economic competence for improved trade prospects, and ensuring a green energy transition. It supports a holistic view, examining a range of solutions that complement each other and identifies critical elements, including technology development, manufacturing, storage, power generation, and distribution.
Investing in Renewables and other green technologies have shown a high multiplier effect on economic activity, job creation, healthcare, and overall societal well-being. The renewable sector is competitive economically and holds immense potential for job creation since clean energy technologies such as solar are far more labour intensive than conventional energy sources.