The death of coal has run hand-in-hand with the rise of renewable energy, though the real credit for killing king coal might just go to U.S. shale. Even if the renewable revolution is growing too big to ignore.
There are plenty of environmental and ideological reasons that many academics and pundits are pushing for placing renewable energy at the heart of COVID-19 economic recovery plans. But it turns out that there are plenty of economically compelling reasons for a renewables-forward strategy as well. Last month the World Economic Forum published a report pleading with the energy industry to use the novel coronavirus’ unprecedented disruption of the economic and societal status quo to begin building a “new energy order.” Although COVID-19 has severely battered (in some cases irreparably) huge portions of the global energy industry, this is a unique opportunity to redirect resources, investment, and research and development into renewable energy ventures that we may never see again in our lifetimes–and then it will be too late.
“Though this is the worst possible way to begin a decade, the coronavirus pandemic and the collapse of oil prices also offer an opportunity to consider unorthodox intervention in the energy markets and global collaboration to support the recovery phase once the acute crisis subsides,” stated the World Economic Forum. “This giant reset grants us the option to launch aggressive, forward-thinking and long-term strategies leading to a diversified, secure and reliable energy system that will ultimately support the future growth of the world economy in a sustainable and equitable way.”
Writers at the Verge also argued that renewable energy should be the way forward and is the clear answer to employing the tens of thousands of oil patch workers that have been fired or furloughed thanks to the oil price crash of recent months. As business as usual has ceased to become an option, “transforming America into a country that runs on clean energy is one-way experts hope to alleviate the devastating economic downturn caused by the COVID-19 pandemic,” the Verge reported.
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