COVID-19 recovery packages can benefit climate targets and clean energy jobs, but scale of impacts and optimal investment portfolios differ among major economies
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Published version
Author(s)
van de Ven, Dirk-Jan
Nikas, Alexandros
Koasidis, Konstantinos
Forouli, Aikaterini
Cassetti, Gabriele
Type
Journal Article
Abstract
To meet the Paris temperature targets and recover from the effects of the pandemic, many countries have launched economic recovery plans, including specific elements to promote clean energy technologies and green jobs. However, how to successfully manage investment portfolios of green recovery packages to optimize both climate mitigation and employment benefits remains unclear. Here, we use three energy-economic models, combined with a portfolio analysis approach, to find optimal low-carbon technology subsidy combinations in six major emitting regions: Canada, China, the European Union (EU), India, Japan, and the United States (US). We find that, although numerical estimates differ given different model structures, results consistently show that a >50% investment in solar photovoltaics is more likely to enable CO2 emissions reduction and green jobs, particularly in the EU and China. Our study illustrates the importance of strategically managing investment portfolios in recovery packages to enable optimal outcomes and foster a post-pandemic green economy.
Date Issued
2022-09-16
Date Acceptance
2022-08-19
Citation
One Earth, 2022, 5 (9), pp.1042-1054
ISSN
2590-3322
Publisher
Cell Press
Start Page
1042
End Page
1054
Journal / Book Title
One Earth
Volume
5
Issue
9
Copyright Statement
© 2022 The Author(s). Published by Elsevier Inc.
This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
Sponsor
Commission of the European Communities
Identifier
https://www.ncbi.nlm.nih.gov/pubmed/36132807
PII: S2590-3322(22)00428-6
Grant Number
820846
Subjects
COVID-19 recovery
clean energy technology
climate policy
energy modelling
energy sector employment
energy transformation
financial support
green jobs
mitigation
portfolio analysis
Publication Status
Published
Coverage Spatial
United States
Date Publish Online
2022-09-16