The International Renewable Energy Agency (IRENA) has just launched the first ever report looking at the global macroeconomic impacts of renewable energy deployment – and it's full of good news!
The Renewable Energy Benefits: Measuring the Economics report found that doubling the global share of renewable energy by 2030 would lead to a 1.1% increase in global GDP.
That equates to $1.87 trillion AUD – more than the combined economies of Chile, South Africa and Switzerland!
The report also found that doubling the share of renewables (e.g. wind and solar) would create 24 millions jobs globally, as well as increasing global welfare by 3.6%.
On a domestic level, the report found Australia was one of the countries that stood to gain the most from higher investment in renewable energy – due to the reduced health impact of coal pollution, and a large increase in GDP of 1.7%.
It's clear that an Australian economy dependent on dirty, ageing and inefficient coal-fired power stations isn't just harmful to our health and our climate – it's harmful to our bottom line too!
You can read the full report from IRENA here.