COVID-19 has turned our lives upside down, but not necessarily all in a bad way. Several reports released by the International Energy Agency (IEA) in the past two months discuss what they describe as “a unique opportunity” to ensure a more rapid structural decline of global greenhouse gases while boosting economic growth and creating millions of new jobs that would help to alleviate the current crisis.

These issues were also the focus of discussions at a virtual, top-level IEA Clean Energy Transitions Summit held on 9 July that incorporated three panel discussions. One of these pinpointed the need to accelerate innovative clean energy technology, particularly in the fields of carbon capture, utilization, and storage (CCUS), batteries, bioenergy, and hydrogen, all of which have the potential to enable the world as we know it to shift to a low-carbon existence. Offshore gas and oil platforms were also highlighted.

Energy Technology & Clean Energy Innovation

An IEA report, Energy Technology Perspectives 2020, released at the beginning of July 2020 discusses ways of driving economic development globally by stepping up the development and implementation of technologies required for clean, resilient, and sustainable energy systems.

Available for free download, the report discusses the vital role governments have to play in clean energy technology innovation and it tracks the progress of clean energy innovation efforts.

It also examines the potential impact of COVID-19 on clean energy innovation. Recognizing the widespread demand for sustainable development throughout the energy sector, the report emphasizes the need for much faster progress while, at the same time, acknowledging that there are some potentially negative impacts COVID-19 could have on these technologies.

But the thrust of the 185-page document is the rare, rather unusual opportunity governments have to speed up the transition towards clean energy technologies and maintain their momentum. At the same time, there certainly are threats.

Positives & Negatives for Clean Energy Technology Innovation Amidst COVID-19

While the threats of COVID-19 to our health and economies are harsh and ongoing, technological innovation has a vital role when it comes to the quest for a sustainable future.

It is a powerful driver of structural change and it does attract massive investment both from governments and from the private sector.

COVID-19 has drawn attention to the fact that clean energy technology, which is vital for the achievement of global net-zero goals, brings some exciting economic benefits that could impact positively across the globe.

Clean energy innovation efforts are labor-intensive, but the challenge is to both maintain existing jobs and to generate new ones.

Much depends on money, with budgets all over the world threatened by the ongoing pandemic. Nevertheless, there is considerable optimism that governments of first world countries and major economies will…
 
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