The International Energy Agency (IEA) is calling for a massive investment in green energy to boost global economies and protect the environment.
Its World Energy Outlook special report creates a vision of a post-carbon economy, with $3 trillion invested in renewable alternatives by 2024.
The plan, drawn up with the International Monetary Fund, calls on governments to use the unique environment created by the pandemic to create long-term sustainable change.
IEA executive director Fatih Birol (pictured) said: “The reason why we have been so quick with the report is that governments are now making decisions with huge implications within a short period of time.”
Government investment will be crucial to creating jobs in the aftermath of the crisis, with economists estimating global GDP could fall by up to 6% in 2020.
The $3 trillion investment would be made over three years in power lines, building refurbishment and renewable energies, using finance from public and private sources.
One-third of the money will go into energy efficiency in transport, buildings and industry, Euractiv reports.
The initiative would protect or create 9 million jobs and cut greenhouse gases by 4.5 billion tonnes.
The IEA report reveals that global CO2 emissions could fall by 8% this year as a result of global lockdowns, but with oil and gas prices plummeting, there could be a rapid rebound in pollution.
The IEA’s proposals would invest $110 billion in upgraded power lines, $180 billion in wind and solar plants and $20 billion in hydropower.
A further $15 billion should be invested in the maintenance and expansion of new nuclear power plants, it said.
Green buildings would receive €250 billion and there would be $30 billion for green transport.
Carbon capture and storage technologies would receive $45 billion.
The IEA provides policy recommendations and real-world solutions to help countries develop secure and sustainable energy strategies.