China Renewable Energy Engineering Institute hosted a webinar on Global Economy and Clean Energy Development and the participants stressed the importance of BRI cooperation in renewable energy.
Economists and experts of clean energy development in a recent webinar said that Belt and Road Initiative (BRI) became a good source of international cooperation in renewable energy. There has been an increase in clean energy projects this year.
It was also observed that due to COVID-19 and international trade restriction, international economy, and energy sector has been affected in a different way. But, the expansion in renewal energy remained satisfactory and there would be further international cooperation in the sector.
Zhou Changchun, the representative of the Global Energy Interconnection Development and Cooperation Organization (GEIDCO) said that overall investment in the energy sector has declined due to COVID-19. Particularly there has been a 32 percent reduction of investment in the oil and gas sector. A 15 percent reduction of investment was observed in the coal sector.
However, according to him, there has been no change in the positive attitude regarding the development of renewable energy. As compared to the period 2016-2019, there has been a reasonable increase in investment in the sector of clean energy. The ratio of renewable energy has been constantly increasing internationally.
BRI will change the world’s renewable energy landscape
Glenn Pearce-Oroz, Director of International Relations, United Nations Sustainable Energy for All (SE4All) said on the webinar that there are many advantages of inculcating the aptitude of energy imposed COVID-19 era. He said that after coronavirus, the preparation of renewable energy will be of vital importance to restore the economy at the international level.
In the past, the aptitude of enhancing the renewal energy especially in South Asian countries could not increase but there are very high chances if this aptitude increases, it will trigger the economies of South Asian countries. China has made great use of renewable energy to accelerate the economy and the countries which are a partner in BRI can be benefitted from the experience of China in this regard.