The economic recovery of the energy sector after the COVID-19 pandemic will be both agile and sustainable, accelerating projects and investments and increasing competitiveness
As a first step, the European Union has already announced several strategic plans, including investments worth 750 billion euros over two years. Of this amount, a significant portion will be allocated to sustainable development and clean energy. This will give continuity to the European Green Deal strategy, announced at the end of last year. With these measures, the European Union reaffirms its commitment to the fight against climate change.
The main effect of these investments will be to accelerate the recovery. This is something that has already been noticed by businesses of all kinds that have had to accelerate their digital transition, adapting quickly to new regulations and pivoting their businesses towards new formulas. Many of these measures have many elements of the so-called “green recovery”: telecommuting, the use of alternative means of transport and respect for the environment.
Doing more things, but doing them right
This strategy is as simple as doing things right. By promoting these measures, countries will be able to:
- Recover employment
- Attract foreign investment
- Increase their competitiveness
The last few months, marked by the halt in economic activity, have had a strong impact on the energy sector. All the indicators assure that the recovery will be very fast, but it will also result in a radical (and necessary) change in the sector that puts clean energies at the center of attention.
The key to this change is that this recovery is mainly based not on the “old energies” but on the “new energies”, which are cheaper to operate and more competitive. Everyone agrees that the global shift to digital, carbon neutrality and proper use of resources will be better for everyone. And these are precisely the fields in which renewable energies can clearly demonstrate the value they add to society.
Becoming a climate-neutral planet is something that has often been described as “urgent and necessary”, as the biggest challenge facing humanity in the coming years. So the right path is for these investments to be focused primarily on generating solutions that make the world a more sustainable and friendly place. It would be sad if in a few years’ time, when we have overcome the pandemic caused by a virus, we face a similar situation due to the climate emergency and have to start all over again.
The plans initially set for 2050 according to the European Green Deal will undoubtedly be accelerated by the strange circumstances we have been through. A great threat that is, in a way, also a great opportunity for all countries to recover by going on the right path of green recovery.