Global Wind Day 2020
Earlier this week on the 15th June, worldwide we celebrated ‘Global Wind Day’, an event that occurs annually. It is a day for discovering wind energy, its power and the possibilities it holds to reshape energy systems, decarbonise economies and boost jobs and growth.
The Covid-19 crisis has put pressure on the world to expand on sustainable energy solutions as energy generation from fossil fuels reaches breaking point. Globally as lockdown measures were introduced, the demand for energy dropped at levels not seen in approximately 70 years.
We have experienced energy crises before, and the world has recovered, but the impact of the Covid-19 crisis is different because has been demand-led. The fall in demand for traditional energy sources has meant that renewable energy generation (mainly wind and solar) has substantially increased across the world. The World Economic Forum reported that in less than 10 weeks, the USA increased its renewable energy consumption by nearly 40%.
Governments across the world must leverage the resilience of the industry and take advantage of green energy opportunities through increasing investments contributing to post Covid-19 economic recovery and creating more jobs.
Goldman Sachs reported that the shift from traditional fuels to renewable power would create a $16 trillion investment opportunity. Next year, renewable energy spending will pass that of oil and gas for the first time ever and account for approximately 25% of the world’s energy spend.
Historically we have seen economic downturns slow efforts to boost renewable energy investment, however Goldman’s has reported that they see the Coronavirus downturn changing that trend and increasing the opportunity within the sector.
In Europe, Covid-19 has impacted both the supply chain and free-movement of people much greater than what we originally anticipated, meaning businesses large and small have had to face new challenges on the daily operations of projects.
Despite these challenges, the appetite for wind investment has not slowed and demands for hiring across our clients has started to return to pre-Covid-19 levels. We continue to march on thanks the committed wind industry professionals we represent and work with to help tackle the now less talked about Climate change crisis."
Spencer Ogden's Renewables division sets the standard for fast, efficient and effective delivery across wind, solar, hydro, biomass and finance. For further discussion around the current state of the market or to find out about any opportunities we have in the wind or renewable energy space, get in touch.