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Will COVID-19 stop the transition to clean energy?

  • May 14 2020
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Will COVID-19 stop the transition to clean energy?

By Cameron Micallef
May 14 2020

The COVID-19 pandemic could cancel out recent progress in moving the world’s energy supply to cleaner resources, new research has found.

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Will COVID-19 stop the transition to clean energy?

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  • May 14 2020
  • Share

The COVID-19 pandemic could cancel out recent progress in moving the world’s energy supply to cleaner resources, new research has found.

Solar panel clean energy

According to the World Economic Forum (WEF), 94 out of 115 countries studied have made progress towards clean energy since 2015, but environmental sustainability continues to lag.

The WEF noted that without urgent stakeholder action, COVID-19 will compromise the transition to clean energy.

The report found that Australia’s score, which currently ranks 36th, was either stagnant or declining as balancing economic growth through the resource sector as well as transitioning to clean energy was a major headwind. 

While implementing policy is required to ensure nations do not go backwards, COVID-19’s disruption also presents an opportunity for nations.

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If implemented with long-term strategies in mind, they could also accelerate the transition to clean energy, by helping countries scale their efforts towards sustainable and inclusive energy systems.

“The coronavirus pandemic offers an opportunity to consider unorthodox intervention in the energy markets and global collaboration to support a recovery that accelerates the energy transition once the acute crisis subsides,” said Roberto Bocca, WEF’s head of energy and materials. 

“This giant reset grants us the option to launch aggressive, forward-thinking and long-term strategies leading to a diversified, secure and reliable energy system that will ultimately support the future growth of the world economy in a sustainable and equitable way,” he said.

Finally, the report found the gaps between what is required, what is committed and what is likely to be achieved remain large – the compounded disruptions from COVID-19 have destabilised the global energy system with potential short-term setbacks.

Ultimately, greater efforts are needed to ensure that recent momentum is not just preserved but accelerated in order to achieve the ambitious goals required.

Will COVID-19 stop the transition to clean energy?
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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