Employment

India could employ one million new workers through the deployment of 339 GW of wind and grid-connected solar systems (utility-scale solar and rooftop solar) between FY2021-22 and FY2029-30 if the nation were to meet its 500 GW non-fossil capacity target. The bulk of the new jobs would be created by small projects like roof-top solar and mini and microgrids.

The latest edition of a clean power jobs survey produced by IRENA and the International Labour Organization has stressed the important role which will need to be played by the public sector if the energy transition’s employment benefits are to be shared equally.

Today, both Reliance and Fortescue are realizing the huge investment, employment, import replacement and export opportunities in zero emissions industries of the future, both for India and Australia. And they look to be leading the way, fully supported by global financial institutions increasingly seeking to deploy trillions of patient capital in low volatility, non-commodity price exposed zero-emissions energy sources of the future.

The switch from fossil fuels and nuclear will bring a jobs dividend thanks to the greater labor-intensity of renewables plants, according to a paper published by Finland’s LUT. However, the jobs dividend is unlikely to be evenly spread around the world, with Europe set to be a big winner.

The latest global PV industry outlook published by trade group SolarPower Europe, has indicated tight supply of the solar panel raw material is expected to persist this year but the trade body said it would be unlikely to drive further price rises.

We will need 10.7 TW of clean energy generation capacity this decade to stay on track with the most ambitious of the climate change paths agreed in Paris, which would include plenty of solar investment and jobs, according to the International Renewable Energy Agency.

Under a production-linked incentive scheme, the government will reward manufacturers for building vertically integrated PV production lines. The scheme aims to attract 10 GW of production capacity by April 2023.

The Japanese brand will continue to sell third-party-made modules under its brand in its home market, as it already does overseas, but in-house PV wafer, cell and module production will halt by the end of fiscal year 2022.

The private-sector arm of the World Bank, which claims to leverage $3 of its own capital and $8 from third parties for every dollar invested in its blended finance funds, has attempted to quantify what devoting Covid recovery funds to green investment would mean for emerging economies.

The nation is already firmly positioned to lead the world in the clean energy revolution. Consolidating this position would unlock significant economic growth and competitiveness by attracting domestic and foreign investment, creating jobs, and improving public health.