If there’s one thing on the minds of economists and policy makers today, it’s strategizing the quickest path to reopening their businesses, and bouncing out of recession in the post COVID-19 era. With the future being hazy, renewable investments are giving hope to countries that are willing to start fresh, and more importantly, start clean.
Australia is a prime example of a nation that has vowed to decarbonize its economy, and induce resilience in its infrastructures. At the forefront of this motive is Beyond Zero Emission.
A green energy think tank, Beyond Zero Emissions’ extensive research suggests that opening the economy to massive renewable investments will help build a ‘globally competitive Australia that is fit for the 21st century.’
To do so, the organization bought together industry experts, economists, and business leaders. They’re chalking out a plan that not only creates jobs, it is also a driver of productivity. The discussion involves big money. We’re talking billions in renewable investments in areas like electric transportation, green steel, and carbon-free manufacturing.
The Human Side of Renewable Investments
What we hear the most when talking about renewable energy investments is numbers. However, in an era where the focus has shifted to rebuilding economies, the ‘human’ side of investments is imperative.
Beyond Zero Emissions’ strategy is called The Million Jobs Plan. Along with pulling the country out of recession, it largely aims to give back to its people. Consequently, inducing stability and hope for Australians.
According to the Australian Bureau of Statistics, the country has lost 835,000 jobs since March 2020. The Million Jobs Plan will create 355,000 jobs a year for the next five years.
Therefore, with basic training and re-skilling, thousands of industrial employees will become part of the renewable sector. Within the clean power industry, two particular sectors mentioned include clean buildings and energy efficient social housing.
Where does Australia stand on renewables right now? This definite push towards clean power isn’t to say that the nation had put decarbonization lower on its list of priorities.
Australia has always had a mandate for renewable investments. In 2019, it met its 2020 goals of powering 23.5% of its economy with renewables. Beyond Zero Emissions’ proposal simply accelerates this shift.
No doubt, the Million Jobs Plan is bold. However, once executed, it will set up the country for decades to come.