Recent News

By Month

See all

Axios: Flashing Red Lights for Green Energy Amid Coronavirus

Posted by Ben Geman & Amy Harder on Apr 16, 2020

Axios covered the impact of COVID-19 job losses for clean energy sector, referencing AEE's new fact sheet. Read excerpts below and the entire Axios piece here. 

Three pieces of analysis caught my eye that suggest trouble for the growth of low-carbon energy sectors, as we continue gauging the ongoing effects from the coronavirus pandemic. Several industry groups and analysts issued a memorandum tallying the early stages of U.S. job losses in the sector at 3% already. Meanwhile, an intergovernmental agency warns that COVID-19 could hinder oil industry efforts on climate and a group of business leaders said 84% of their members have delayed projects.

A BW Research Partnership report concludes that over 106,000 workers lost jobs last month across several broad categories: efficiency, renewable power, alternative fuels, storage and grid tech, and electric cars. Types of jobs lost include electricians, panel installers, wind industry technicians, manufacturing workers and more, with the efficiency sector taking the biggest hit. The BW analysis provides a wide-angle look at the various reports emerging of how the economic contraction and movement restrictions are affecting these sectors.The 106,400 jobs lost across these sectors in March represents an immediate 3% drop in employment, but there's more to come, according to BW...

They estimate that the sectors identified could lose a combined half a million jobs in the months ahead absent new support. The report comes as the renewables sector has been urging lawmakers — without success so far — for help as part of the wider economic response to COVID-19. They're seeking relief from deadlines to take advantage of tax incentives, and the ability to quickly monetize those credits. More broadly, there's a push in multiple regions, including the EU, to have economic rescue packages boost low-carbon energy. It comes as the sector is taking a hit worldwide...

Plus, just this morning, the trade group Advanced Energy Economy released a survey about the effects of COVID-19 on their members. It finds that "84% of companies have had to stop or delay projects," while nearly half have had "customers or clients cancel or delay projects through force majeure..."

Read the entire Axios piece here. 

Topics: AEE In The News