The International Energy Agency (IEA) proposed a $3 trillion dollar recovery plan on Thursday. It contains a full blueprint of the plan and explains why it is the best way to handle economic recovery on a global scale.
With unemployment soaring around the world, governments are beginning to search for solutions. However, the next few months could determine the future of the energy sector for decades to come.
Failure to act appropriately will result in a repeat of the 2008 recession. Carbon levels have risen at an unprecedented level because governments did not prioritize climate change during the recovery
Thus, the IEA feels that the decisions made, must be the right ones.
What Does the Plan Outline?
Unlike most plans, suggestions, or ideas that have been presented so far, this one is very clear.
The plan gives simple recommendations on how governments should invest in 5 key sectors Electricity, Transport, Buildings (construction), industry, and fuel. The report is quite long and detailed, thus I recommend reading it in full if you are interested, but here are some of the highlights:
- Promote Electric Vehicles
- Invest in High-Speed Rails
- Expand the Usage of Biofuels
- Expand and Optimize Electric Grids
- Invest and Expand Solar and Wind Technologies
- Expand Recycling Efforts
The IEA also makes it clear that it is not telling governments what they should do, but what they can do.
Some Countries Are Already Taking This Approach
Some governments already see the future in creating jobs by moving towards more sustainable projects.
Earlier this month it was announced that Germany will be doubling its current subsidies on electric vehicles. Austria and Sweeden took advantage of the lower energy demand by shutting down coal plants two years early. They will now focus more on renewables.
If countries follow even a small part of the recovery plan, not only will jobs be created and emissions lowered, but they will make their economies more resilient as a result.