Covid has had a vast reach regarding its impacts. Aside from its health factors it has also had an impact on the economy. Not only has it caused a devastating loss of life, but it has caused a decline in the nation’s employment-to-population ratio. It exceeded expectations, indicating that the loss of employment was more widespread due to the pandemic.
Some of the economic impacts of the pandemic other than unemployment were the collapse of the travel, tourism and hospitality industries, Decreased government income, the stress of supply chains and reduced consumer activity. Let’s delve into the economy and renewable energy updates.
Economic Recovery and Clean Energy: What Do They Have in Common?
The pandemic has subdued global energy demand. It is set to reach new heights and even surpass the demand of 2019 by 0.5%. As per the Global energy analysis of 2021, carbon emissions worldwide are set to increase by 1.5 billion tons due to the economic recovery. The latest renewable energy updates suggest that the post Covid economic crisis is not sustainable for our climate. It is time to consider options for clean energy on a person to person basis to reduce that amount.
Renewable Energy VS Carbon Emissions. What to Do?
It is said that the economic recovery in the United States will push the energy demand to increase, and as a result, carbon emissions will skyrocket. Recent renewable energy updates suggest that clean energy usage can help solve this dilemma. By using renewable energy options, the nation will not increase emissions as much as expected. What you can do in this situation is invest in a solar system that will make sure that you decrease your carbon footprint as much as possible. Several states have incentives and rebates that push people into going solar. All of this helps in the long run.
Post-Pandemic Consequences and Green Solutions
If we consider Texas to be a sovereign nation, it would be one of the largest economies in the world. When we consider the impacts of the Covid-19 recession, a good option would be to invest in renewable energy as an economic investment in Texas. Clean energy was one of the biggest employers before the pandemic. The job industry had grown 10% in five years. 40% of the workforce was clean energy jobs in 2019. After the pandemic, Texas lost nearly 1 in 10 clean energy sector jobs. They are returning but nowhere near the amount that they once were. Renewable energy updates state that to achieve fossil-free recovery, Texas needs to invest in renewable energy. It will reduce carbon emissions, but it will also recover the workforce and provide residents with jobs they once had in the sector.