Coronavirus company news summary - Renewable power investment in developing nations remains down - 446,000 US clean energy workers unemployed
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Coronavirus company news summary – Renewable power investment in developing nations remains down – 446,000 US clean energy workers unemployed

10 Dec 2020

10 December

Clean energy projects in emerging markets saw less overseas investment in 2020, after record investment of $432bn last year. Because of Covid-19 and its related economic struggle, investors have opted for low-risk markets, according to BloombergNEF analysis. Clean energy markets attracted large investments in 2019 due to the cost effectiveness of solar and wind.

Power consumption in the New England region of the US will fall by 1.5% in winter, according to the state’s network operator. The rising number of coronavirus cases is expected to push the government to reimpose lockdown restrictions, forcing people to remain indoors during the season.

The clean energy sector in US currently has more than 446,000 workers unemployed, accounting for 13% of total workforce. The ongoing pandemic has slowed the recovery in job opportunities, according to an analysis of unemployment filings by BW Research Partnership. Around 70% of the workers who lost their jobs since March still have no job, with only 8,000 jobs added in the industry last month. The employment in the sector is not expected to recover to pre-pandemic levels until 2023.