The influence of COVID-19 on renewable energy
The pandemic has had a big impact on not only many aspects of daily life, but also the way in which many industries operate. Like many other sectors there have been changes in renewable energy over the pandemic.
Pre-pandemic, renewable energy was on the rise with many new installations opening each year across the globe. Driven by a global increase in support for environmentally friendly policies and products, many countries and consumers were investing in renewable energy.
Unfortunately, the pandemic served to curb this upward trend of renewable energy. Many contractors and factories had to halt work on renewables projects due to social distancing measures. Coupled with a reluctance from investors to spend money in the recession caused by the pandemic and many other factors, progress on these projects slowed to a crawl.
It’s not all bad news though! As countries have started to ease restrictions, things can go towards a bit more of their normal state and the renewables industry is showing no signs of slowing down. Many countries are introducing new government funded projects to help kickstart their economies with renewable energy being a key focus of many of these projects. Increased investment in the renewable energy sectors will see a much greater capacity of green electricity across the planet, helping to reduce the number of damaging coal and gas power plants.
So in the short term, like many industries, renewable energy has suffered as a result of the COVID-19 pandemic. However, there may be some hidden longer term benefits to the industry. We will just have to wait and see!