New research indicates that when renewable energy powers countries, their national economies experience faster recovery.

A new study conducted by researchers from Trinity College Dublin has found that national economies powered by renewable energy sources recover significantly faster from economic shocks than those powered by non-renewable sources. The research analyzed data from 133 systemic economic crises that affected 98 countries over 40 years. It revealed that countries that relied heavily on renewable energy sources had faster economic recoveries. In contrast, countries that relied on a more diverse range of energy sources had longer recovery times. These findings have significant implications for global energy policy.

Although the study analyzed data from a widely diverse set of societies and their economies, the extent of reliance on renewable energy consistently accounted for a major proportion of the variability in economic recovery time. Ireland was one of the countries included in the analysis alongside the 2008 economic crash. Currently, Ireland aims to produce 80% of its electricity from renewable sources by 2030, highlighting the importance of transitioning to renewable energy.

The study, led by Ian Donohue, Professor in Environmental Science and Head of Trinity’s School of Natural Sciences, was published in Ecological Economics. Professor Donohue stated that the findings highlight the intrinsic link between natural resources provided by ecosystems and the stability of the economies that rely on them. He emphasized the necessity for a fundamental reassessment of national and global energy policy to enhance the stability and sustainability of economies while protecting the environment.

The research found that one likely explanation for renewables’ ability to accelerate economic recovery is that they are locally produced and not subject to the high volatility of price and availability associated with fossil fuels. Professor Robert Costanza, Professor of Ecological Economics at the Institute for Global Prosperity at University College London, and co-author of the study, highlighted that the mechanisms underpinning the results are unclear.

Regarding the situation in Ireland, Professor Donohue said, “This work provides another compelling reason to double down on our efforts to focus on renewable energy sources such as on- and off-shore wind. Doing so would add a third ‘win’ to what was already a win-win scenario, as a greater reliance on renewable energy will reduce our carbon emissions, help protect our precious biodiversity and now, seemingly, also provide a more resilient economy.”

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