Coronavirus response should promote clean energy — IEA
The International Energy Agency is urging governments to weave policies that support climate-friendly energy into their economic responses to the novel coronavirus.
What they're saying: "These stimulus packages offer an excellent opportunity to ensure that the essential task of building a secure and sustainable energy future doesn’t get lost amid the flurry of immediate priorities," IEA executive director Fatih Birol said.
Why it matters: Birol's LinkedIn post Saturday morning warns that COVID-19 and the associated market tumult will "distract the attention of policy makers, business leaders and investors away from clean energy transitions."
The big picture: He says boosting deployment of technologies including wind, solar, and battery storage provides "twin benefits" of stimulating economies and moving to cleaner energy.
Threat level: His new post comes amid signs that COVID-19 is creating headwinds for these sectors as supply chains are disrupted, economies slow and policymakers are consumed with the response.
- The research firm BloombergNEF this week said additions of new solar power generating capacity are slated for fall this year for the first time in decades, among other effects.