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INDIAN AFFAIRS
INCREASE IN RENEWABLE ENERGY USE TO BOOST GLOBAL GDP BY $1.3 TRILLION
January 19, 2016
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1.A 36 per cent share of renewable energy in the global energy mix by 2030 would increase global gross domestic product by nearly $1.3 trillion, generating millions of jobs and helping countries like India dependent on importing oil and gas, a new study says.

2.Beyond finding that global GDP in 2030 would increase by up to $1.3 trillion — more than the combined economies of Chile, South Africa and Switzerland as of today — the report also analyses country-specific impact.

3.Japan would see the largest positive GDP impact (2.3 per cent) but Australia, Brazil, Germany, Mexico, South Africa and South Korea would also see growth of more than one per cent each.

4.According to the report, improvements in human welfare would go well beyond gains in GDP thanks to a range of social and environmental benefits. The impact of renewable energy deployment on welfare is estimated to be three to four times larger than its impact on GDP, with global welfare increasing as much as 3.7 per cent.