The Socio-economic Benefits of Solar and Wind Energy

The Socio-economic Benefits of Solar and Wind: an econValue report bridges the knowledge gap with a holistic analysis of the environmental, social and economic value created from large-scale solar and wind energy deployment. In doing so, it offers a new conceptual framework in support of ongoing analytical work conducted by IRENA and other partners in the Clean Energy Ministerial with a view to reinforcing the economic and business case for renewable energy.
The report highlights the significant potential for value creation along the different segments of the value chain for solar and wind technologies, including project planning, manufacturing, installation, grid connection, operation and maintenance and decommissioning. Additional opportunities for value creation arise from supporting activities, such as education and training, financing and policy making. To benefit fully from the socio-economic impacts of renewable energy, the right mix of cross-sectoral policies, covering deployment and industrial policies, is needed. Building a domestic renewable energy industry requires stimulating investments, strengthening firmlevel capabilities, promoting education and training, and encouraging research and innovation. The country case studies presented here demonstrate that there is no one-size-fits-all policy solution to maximise value creation, and that successful policy making requires close coordination and engagement of diverse stakeholders.The report underlines the need for sound quantitative analysis of expected socio-economic effects in order to enable informed policy choices. It presents different tools available for such estimations, gives guidance for selecting the most appropriate among them, and emphasises the importance of comprehensive data for such analysis. 

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