Faced with the worst economic crisis since 1931, governments in Germany and the UK as well as the US and China are planning to use deficit spending to avert a dramatic economic slowdown.
The study by Deutsche Asset Management (DeAM), a member of the Deutsche Bank group, argues that directing any stimulus package towards the renewable energy would benefit not just the economy by boosting jobs and growth but also accelerate the creation of a booming new clean tech industry, so helping to slash greenhouse gases.
Massive investment in renewable energy would also have the advantage of establishing energy independence for countries such as US, China, Germany and the UK from oil and gas imports from crisis-hit regions.
"The current crisis is making the necessity of tackling climate change an opportunity to stimulate growth through investment opportunities," said Mark Fulton, DeAM's Global Head of Climate Change Investment Research.
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"Currently, the renewable energy market is worth US $70 billion and doubling in size every three years," he said. "The global market for renewable energy can grow at double digit rates until 2050, and overtake the size of today's fossil fuel industry.
A Stimulus Package for Renewable Energy Would Benefit Economy and Climate, Says German Study
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