88Covid-19 is the Main Catalyst in Renewable Energy Growth
COVID-19 has the potential to pave the way for a greener, more prosperous future. To achieve this, governments, institutional investors, expert oil fund managers, banks, and energy providers must all work together in a coordinated and strategic campaign.
Many institutional investors believe that the outbreak has increased the urgency of the battle against climate change. Similarly, almost the same percentage of people say the situation would hasten the adoption of decarbonization policies.
The coronavirus pandemic has had an unexpectedly positive environmental effect. Early in 2020, we saw a reduction in greenhouse emissions as plants closed, fewer planes were on the move, and more people stayed and worked from home, reducing the number of vehicles on the road. The demand for electricity decreased, as did the price of oil.
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Furthermore, policymakers are being pushed to make the best of these short-term environmental benefits by prioritizing climate change interventions in their COVID-19 recovery strategies.
Governments around the world now have a tremendous chance to put in place policies that not only support countries rebound from the pandemic, but also build an atmosphere that promotes more and bigger investments in green energy.
According to a study by Octopus Renewables, 80 percent of institutional investors surveyed expect to expand investment in renewables over the next few years, owing to public interest and government initiatives. This demonstrates that investors are already involved in renewable energy assets such as wind and solar plants, ensuring that their investment has a positive effect.
Simultaneously, more companies are trying to diversify their portfolios away from fossil fuels. The previous year’s study centered on oil and gas divestment, highlighting this policy as the most important move investors should take toward a more sustainable energy future.
Governments must prioritize reducing carbon emissions as part of their COVID-19 recovery strategies, allowing institutional investors to commit trillions of dollars. Clean energy reserves have the capacity to support the reduction of global temperatures with this infusion of investment, taking us closer to victory in the battle against climate change.
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