In the face of the escalating climate crisis, the energy industry finds itself at a critical juncture. While many have argued the energy industry needs to change urgently, one concern that remains is the consequence restructuring will have on economic prosperity.

Today in The Conversation Canada, Deborah de Lange from Toronto Metropolitan University shares insights from her recent research on the economic implications of a green transition to renewable energy.

Contrary to some prevailing beliefs, her research finds that renewable energy innovation contributes to higher GDP. This isn’t a recent revelation, de Lange explains. For at least a decade, renewable energy has proven to be not just environmentally responsible, but also economically advantageous.

Unlike the fossil fuel industry, the renewable energy industry is able to reduce emissions and improve GDP at the same time. But by investing in the fossil fuel industry, de Lange argues, governments inadvertently impede the growth of the renewable energy sector.

She writes: “If we want to reinforce that dual progress, rather than accepting trade-offs, then we have to stop supporting the fossil fuel industry which aims to slow it down.”

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