The 27th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP 27) is taking place this week and next in Sharm El Sheik in Egypt.

The big headlines appeared in the first couple of days when the world’s leaders emerge from their private jets to pay lip service to green issues. But the real work of negotiation, agreement and commitment that could mean survival or disaster for all communities affected by climate change is ongoing. Some of the key talking points at COP 27 involve potential benefits for the energy industry, especially that sector of the industry concerned with the development, installation and running of renewable energy infrastructure.

IEA Report

The International Energy Agency reports that half of all energy industry jobs globally are now in the renewable energy sector and this is expected to grow as more effort is put into wind and solar power generation and the switch to electric powered vehicles continues apace. The IEA report - published to coincide with COP 27 - is the first ever assessment of energy jobs worldwide by region and technology, offering vital analysis in the context of the global energy crisis and clean energy transitions.

Record investment in clean energy

Clean energy investment is measured as the total money that is invested in renewable energy (including nuclear), energy efficiency improvements, carbon capture technologies, and electric vehicle development. In 2022 it is expected to top $1.4 trillion! Growing at a rate of 12% per year, clean energy investment (so defined) is responsible for three quarters of sector growth, according to the IEA.

Help with transition to clean energy

However, while clean energy investment is forging ahead in China, the United States and Europe, it is a different story in emerging markets which are still strongly dependent on fossil fuels. Developing countries are demanding help with the transition to clean energy from their richer neighbours. And there are some signs that some countries are willing to make that commitment.

Climate Finance

Climate finance initiatives discussed at previous conferences are supposed to reduce global emissions, help countries adapt to changing climate and pay reparations for loss and damage caused by climate change. $100 billion per year promised in 2020 to help meet emissions has been delayed. The sums promised for climate related loss come from small economies (Scotland and New Zealand leading the way here) and so far amount to less than one month’s global profits for the fossil fuel industry.

Boost in demand for clean energy

How much money and the timing of its release from the big economies is a matter of much negotiation at COP 27. But when it comes (and the original 2020 date has been pushed back to 2023 due to pandemic), companies that work in renewable energy should be preparing for a major boost in demand for their products and services - and that’s great news for the industry and ultimately the planet.

With immense changes coming for the energy industry in the near future, there will certainly be a need for skilled and experienced technicians, engineers, managers and new entrants to the sector. If you are looking for a position in the industry, get in touch with our team of consultants or browse our jobs listings. Give our office a call on +44 (0) 1502 564892 or email your CV to stuartsmith@peoplewithenergy.co.uk