Foreword

The Renewables 2024 Global Status Report’s fifth and final module explores the economic and social benefits of renewable energy. The evidence is clear: the transition to a renewables-based energy system has transformative potential for our economies and societies. Renewables offer opportunities for local industrialisation and economic development, creating jobs and improving livelihoods. It is key towards shaping a more inclusive and democratic energy system and economy.

This module offers global data and real-world stories on the power of renewables to foster local supply chains, manufacturing capacity and job creation, and promoting education and reskilling programmes for a transitioning workforce. The module also explores local and community ownership as well as democratic governance of renewable energy projects. It addresses capital flows for renewables development, financing mechanisms and fiscal policies, such as taxation incentives and subsidies. Additionally, the report investigates how renewable energy solutions contribute to climate change adaptation and resilience and to what extent these are reflected in current policies and financing mechanisms.

The report itself highlights and notes that there currently exists a lack of standard indicators and data gaps, which are key needs in setting the stage for a more informed, inclusive energy policy discussion. We need to have a better understanding of the social and economic benefits of renewables. This includes documenting existing policies and initiatives as well as identifying policy and closing such existing data gaps.

REN21 starts the process of compiling the evidence to strategically build on the economic and social benefits of renewables to properly inform decision-makers into collectively strengthening the case for renewables and help drive the global shift towards an equitable renewable energy future. This module reflects the inputs of over 130 experts, practitioners and communities worldwide through REN21’s leveraging of its extensive global network and collaborative approach.

A heartfelt thank you to the REN21 team, authors, advisers, contributors and broader REN21 community at large for your collective input. We invite policymakers, industry leaders, and stakeholders to dive into this module and use it as a catalyst for action. I trust that this module will equip its readers with the insights and tools needed to empower policymakers, industry leaders and stakeholders to accelerate the transition to a renewables-driven world.

Sincerely,

Rana Adib
Executive Director, REN21