Renewables 2023 global status report: economic and social value creation

The fourth module of the Renewables 2023 Global Status Report (GSR) Collection explores the wide range of benefits that renewable energy can offer beyond the supply of energy. From the job creation opportunities that breathe life into local economies, to building up local supply chains that foster a participatory society, the evidence in the report illustrates how energy, economic growth and social progress are not competing forces. When renewables are anchored in a systems approach, they can contribute to prosperous, healthy, and sustainable economies and societies. Despite the transformative potential of a renewables-based economy, investments in renewable energy continue to pale in comparison to those in fossil fuels. The persistence of large fossil fuel subsidies casts a shadow over the progress in renewables to-date. It is a perplexing paradox – a tale of immense potential shackled by inertia and a reluctance to let go of the familiar. The Economic & Social Value Creation module of the GSR 2023 is another collaborative effort capturing the perspectives and insights from the full range of sectors and stakeholders in the renewable energy sector.