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Achieving a 36 per cent share of renewable energy in the global energy mix by 2030 would increase global gross domestic product (GDP) by up to 1.1 per cent, roughly USD 1.3 trillion, according to new analysis by the International Renewable Energy Agency (IRENA).

Renewable Energy Benefits: Measuring the Economics provides the first global estimate of the macroeconomic impacts of renewable energy deployment. According to the report, improvements in human welfare would go well beyond gains in GDP thanks to a range of social and environmental benefits. The impact of renewable energy deployment on welfare is estimated to be three to four times larger than its impact on GDP, with global welfare increasing as much as 3.7 per cent. Employment in the renewable energy sector would also increase from 9.2 million global jobs today, to more than 24 million by 2030. Renewable Energy Benefits: Measuring the Economics, builds on previous IRENA analysis on the socio-economic benefits of renewable energy and on REmap 2030, a renewable energy roadmap to doubling the global share of renewable energy by 2030.

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