Demand for talent in wind and solar power projects is expected to rise by “as much as fourfold” in EU countries by 2030, according to McKinsey & Co.
The wind and solar industry will require 990,000 full-time workers by the end of the decade, compared with 290,000 in 2020, the consultancy said in a report last week.
That includes blue-collar and white-collar employees who will be responsible for the development and operation of such projects.
The EU has intensified its renewable energy efforts to cut carbon emissions and reduce its reliance on Russian natural gas exports.
The bloc narrowly avoided a full-blown energy crisis last year thanks to an unusually warm winter and rising gas supplies from Norway and the US.
“The energy transition could offer broad economic benefits for the EU such as increased energy reliability, economic growth, and job creation,” McKinsey said in an earlier report.
The consultancy has said that Europe’s cumulative incremental investments towards net zero could reach about €1.7 trillion ($1.81 trillion) by 2030.
In April, the EU adopted several laws that are a part of the Fit for 55 package, aligning policies with a 55 per cent greenhouse gas reduction by 2030 to achieve climate neutrality by 2050.
Fit for 55, which was proposed in 2021, includes a carbon border tax, a just transition fund, and a carbon price for gasoline and household heating.
McKinsey has said that a shortage of labour could impede moves towards a more orderly energy transition in Europe.
“The expected surge in wind and solar installations, for example, could make them difficult to staff with qualified development and construction employees, as well as operations and maintenance workers,” the consultancy said.
“Almost one million full-time skilled workers would be needed in 2030 just to develop and construct centralised renewable-energy assets. That is more than triple the number needed today,” it said.
While the transition could eliminate six million jobs through 2050, it could also generate 11 million, McKinsey said.
Last week, European Commission President Ursula von der Leyen said the bloc was aiming for a “fair and just transition” to a carbon-neutral future, balancing the fight against climate change with the concerns of business and farmers.
In her annual state of the union speech to the European Parliament, she said Brussels would be “supporting European industry”, while adding that the bloc would “fast-track” permits for wind power installations.
The goal for the bloc's energy transition would be to raise the proportion of renewable energy in the final energy mix to 45 per cent by 2030, compared with 22 per cent today, McKinsey said.
By 2030, these changes could reduce the EU's total energy bill by 10 per cent, it added.
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
RESULTS
1.45pm: Maiden Dh75,000 1,400m
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2.15pm: Handicap Dh90,000 1,400m
Winner: Kidd Malibu, Sandro Paiva, Musabah Al Muhairi
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Winner: King’s Shadow, Richard Mullen, Satish Seemar
The specs
Engine: 4.0-litre, twin-turbocharged V8
Transmission: nine-speed automatic
Power: 630bhp
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Price: Dh810,000
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
