The energy transition advantages for society offer a huge opportunity to boost sustainable economic well-being, employment growth, and the social development of the communities involved.
The evolution of renewable technologies will create completely new “green” jobs that will more than offset those lost to traditional fossil fuel sectors, according to the International Energy Agency’s World Energy Outlook 2021, which estimates that a total of 13 million new jobs could be created by 2030.
The energy transition, after an initial investment, can reduce energy bills and industrial costs, thereby freeing up capital for investment in other areas such as sustainable business and development models.
Investment in sustainable projects and the application of circular economy models as part of the energy transition can be a tool for social equity, and a way to rebalance fairness between parts of the world that are at different stages of their development. The energy transition is a one-off opportunity to tackle energy poverty in which people are unable to ensure the adequate heating (or cooling) of their homes or an adequate supply of energy for domestic uses.