Renewable energy employed up to 12 million people worldwide in 2020

Solar energy jobs led the way in renewables employment, accounting for 33 percent of jobs. (Getty Images)
Short Url
Updated 22 October 2021
Follow

Renewable energy employed up to 12 million people worldwide in 2020

  • Sector created 500,000 jobs last year

RIYADH: The renewable energy industry created half a million jobs in 2020 so that 12 million people were employed in the sector at the end of the year, according to the International Renewable Energy Agency (IRENA) and the International Labor Organization (ILO).

Solar energy jobs led the way in renewables employment, accounting for 33 percent of jobs, IRENA and the ILO said in a report titled World Energy Transitions Outlook. Liquid biofuels had a 20 percent share of jobs.

“The potential for renewable energy to generate decent work is a clear indication that we do not have to choose between environmental sustainability on the one hand, and employment creation on the other,” ILO Director-General Guy Ryder said in the report. “The two can go hand-in-hand.”

China held the bulk of renewable energy jobs, with 39 percent, followed by Brazil and India, at 10 percent and 6 percent, respectively. Other countries rapidly generating employment in the sector include Vietnam, Malaysia and Indonesia.

The transition to renewable energy will more than offset job losses in traditional energy, the report predicted, with 24-25 million jobs created by 2030 compared with 6-7 million roles lost by the transition.

The report also expects that 43 million people will be working in the renewable energy sector by 2050.

Renewable energy needs to deliver on its promise to support more jobs if it is to survive the political forces in many Western countries that seek to stop it in its tracks.

According to the 5th annual Global Energy Talent Index (GETI) report, 78 percent percent of oil and gas employees feel less secure in their jobs than they did a year ago.

A lot of people work in the oil and gas industry globally, led by an estimated 86 million in China. The traditional energy and energy efficiency sectors in the US supported 6.8 million jobs at the end of 2019, of which more than 1.1 million work in fuels, such as oil and gas, and almost 2.4 million work in energy efficiency.

In the UK, green groups and unions have called for an "offshore passport" to help oil and gas workers transition more easily to clean energy jobs.

They say many of the skills between jobs on rigs and renewables are similar but it is complicated and costly to get re-certified within the energy industry, making a smooth green transition impossible.

A survey of more than 600 offshore oil and gas workers revealed two thirds said in the past two years they had had to pay for all their training themselves, up from 45 percent in 2015.


Qatar wealth fund plans to invest in 5 new VC funds 

Updated 12 sec ago
Follow

Qatar wealth fund plans to invest in 5 new VC funds 

DOHA: Qatar Investment Authority plans to invest in five new venture capital funds as part of an ​expanded $3 billion venture capital program, the sovereign wealth fund said on Monday.

The new funds, called Greycroft, Ion Pacific, Liberty City Ventures, Shorooq and Speedinvest, are set to open offices in Doha in an effort to develop Qatar as a venture capital hub, it said in a statement.

The “Fund of Funds” initiative was unveiled in 2024 to attract venture capital firms to Qatar, ‌build a ‌robust environment for entrepreneurs and help diversify ‌its ⁠economy away ​from fossil ‌fuel revenues, as the country follows the path of other wealthy Gulf peers.

Qatar’s prime minister on Sunday announced an expansion of the fund to reach up to $3 billion.

“This year, we move from momentum to scale,” Sheikh Mohammed bin Abdulrahman Al-Thani said as he opened the Qatar edition of the Web Summit technology conference.

The ⁠expansion would potentially target investments besides series A and B funding rounds.

“We are ‌now expanding the scope to do ‍later rounds, so that may open ‍up conversations with a different set of managers,” said Mohsin ‍Pirzada, the head of funds at QIA, in an interview with Reuters.

“We will continue to be quite flexible and support earlier stages as well, but there are sufficient pools of capital within the country to ​go after those types of opportunities,” he said, citing credit lending facilities.

The QIA has assets under management ⁠worth $580 billion, according to Global SWF, a sovereign wealth fund tracker, and late last year it launched its own AI-focused company Qai as it bets on the booming sector to drive economic diversification.

As part of its efforts, the country has launched a pilot computing credit program that provides free computing for startups that are based in Doha, which could be applicable to managers that are part of the Fund of Funds scheme.

The pilot program is going to be “a big differentiator in terms of what our program is offering ‌vis-a-vis our peers in the region,” Pirzada said.