Activists from the environmental organisation Greenpeace project a slogan on a coal power plant. Reuters
Activists from the environmental organisation Greenpeace project a slogan on a coal power plant. Reuters
Activists from the environmental organisation Greenpeace project a slogan on a coal power plant. Reuters
Activists from the environmental organisation Greenpeace project a slogan on a coal power plant. Reuters

Meeting Paris Agreement climate targets could create 8 million jobs


Jamie Prentis
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Net jobs could increase by eight million by 2050 if the world keeps temperature rises below 2°C as set out in the Paris Agreement, a new study has found.

Utilising a global data set of “job footprints” in 50 countries, researchers calculated how hitting climate targets would affect workers in the energy sector. They said the jobs boost would primarily come via the solar and wind industry.

Johannes Emmerling, one of the authors of the report, which was published in the journal One Earth, said around 18 million people currently work in the energy industry. But that figure could rise to 26 million if the world hits its climate targets, he said.

“Manufacturing and installation of renewable energy sources could potentially become about one third of the total of these jobs, for which countries can also compete in terms of location,” said Mr Emmerling, an environmental economist at the Milan-based RFF-CMCC European Institute on Economics and the Environment.

He said that “the energy transition is increasingly being studied with very detailed models, spatial resolutions, timescales and technological details”.

“Yet the human dimension, energy access, poverty, and also distributional and employment implications are often considered at a high level of detail. We contributed to this gap by collecting and applying a large data set across many countries and technologies that can also be used in other applications.”

The researchers' modelling showed that 84 per cent of those jobs would be in renewables by 2050, 11 per cent in fossil fuels and 5 per cent in nuclear energy.

While fossil fuel extraction, which currently makes up 80 per cent of fossil fuel jobs, would decline steeply, jobs in this area would be replaced by solar and wind manufacturing positions.

“Extraction sector jobs are more susceptible to decarbonisation, so there needs to be just transition policies in place,” said co-author Sandeep Pai of the University of British Columbia.

“For example, the mobility of manufacturing jobs will be useful in areas where decarbonisation is rife. In many cases, fossil fuel workers also hold political influence because of their history and high rates of unionisation among others, so as we move to low carbon sources, it is important to have a plan in place for the general acceptability of climate policies.”

The Paris Agreement, adopted in 2015, says the goal is to limit global temperature rises below 2 °C from pre-industrial levels, although ideally the increase would be limited to 1.5 °C.

Three trading apps to try

Sharad Nair recommends three investment apps for UAE residents:

  • For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
  • If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
  • Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
Updated: July 23, 2021, 3:57 PM