Electricity is vital for modern life, powering homes, industries, healthcare, and communication systems and enabling technological progress. Its availability and reliability are essential for economic development and improving living standards. Sustainable energy, obtained from naturally replenished resources with minimal environmental impact, like wind, solar, hydro, and geothermal power, is becoming increasingly crucial as ecological concerns surge globally, as illustrated by new highs in greenhouse gas emissions, severe weather events, and growing water scarcity. 2023 was recorded as the hottest year on record. Electricity has proven crucial for reducing greenhouse gas emissions, combating climate change, and ensuring long-term energy security.
Sustainable electricity aids in accelerating economic development. Renewable energy projects, often set up in rural and underserved areas, provide these regions with reliable power, enabling local businesses to thrive and reducing the cost of energy imports. Countries investing in renewable energy infrastructure are witnessing substantial economic gains. Global capital investment in clean energy reached USD 200 billion in 2023, which puts the sector on par with the semiconductor industry, highlighting the sector's growing economic importance.
According to the International Energy Agency, the renewable energy sector employed 36 million workers worldwide in 2023, and the number continues to grow. Jobs in this sector span from manufacturing and installation to research and development. This job creation reduces unemployment rates and fosters skill development and long-term career opportunities.
Sustainable electricity also facilitates economic empowerment, especially in remote and impoverished areas where 80% of the population cannot access electricity. Access to reliable and affordable energy can transform lives by powering homes, schools, and hospitals and improving education and healthcare services. Children can study longer hours, and electric light is a healthier alternative than kerosene lamps. It enables small businesses and agriculture to operate more efficiently, increasing productivity and incomes. In addition, microgrids and off-grid renewable energy systems can provide electricity to far-flung and unconnected communities, promoting economic inclusivity and resilience.
