The Changing Scenario of The Renewable Energy Market Post COVID-19
The widespread death and economic disruption caused by the COVID-19 pandemic has prompted governments and international organizations to proclaim a global state of emergency. In particular, the energy sector has been under intense strain because of the pandemic. The growth of sustainable resources and renewable energy infrastructure to solve such a challenge has shown promise as a viable and successful option.
As things stand, 670 million people will still be without power in 2030, 10 million more than was predicted last year.
Short-term policy priorities should be identified, and plans for mid- and long-term action in achieving the well-defined renewable energy targets and progress towards a more sustainable energy future should be formulated to adequately address the effect of COVID-19 on renewable energy development strategies. In this article, the prospects, difficulties, and substantial repercussions of the COVID-19 pandemic on current and future sustainable energy strategies are addressed in depth. Experiences in defining acceptable behaviour, orienting suitable measures, and policy implications on the sustainable energy trajectory are also discussed. To be sure, it’s unclear if the COVID-19 pandemic will ultimately prove fatal or teach us an important lesson for the advancement of clean energy sources in the future.
Introduction
The global spread of COVID-19 has impeded efforts to provide reliable electricity to everyone. There are still 733 million people worldwide who do not have access to electricity, and another 2.4 billion who use unhealthy and environmentally damaging fuels for their stoves. As things stand, 670 million people will still be without power in 2030, 10 million more than was predicted last year.
According to the latest edition of the Sustainable Development Goal (SDG) 7 Progress Report, published in 2022, the pandemic’s effects, such as lockdowns, disruptions to global supply chains, and the diversion of financial resources to maintain affordable food and fuel prices, have slowed the
