How LEDs Can Make A Post COVID-19 “Green” Recovery Possible

December 14, 2020

Dernière mise à jour

Government policies around COVID-19 have created a catastrophic situation on a global scale - particularly for the working classes and most vulnerable in our society.

Millions of people are currently facing economic hardship, particularly business owners who were forced to close. While current statistics claim that 1.5 million have died from conditions connected to the virus, 121 million are facing hunger - including millions in developed countries like the United States.

Governments are responding with trillions of dollars in fiscal stimulus, however this may represent a temporary solution. Many experts claim that those jobs are likely to never return and this is leaving policymakers scrambling for solutions to restart the economy.

Is a “Green Recovery” Possible?

The World Economic Forum thinks so. The global think-tank, composed of government officials and industry lobbyists, believes that stimulus targeted towards “green” initiatives can create new jobs to replace the ones lost during COVID-19.

These ideas are reflected in the often-repeated slogan “Build Back Better”'. It signifies a ground-up restructuring of the economy where initiatives oriented towards the environment will play a prominent role in job creation and city planning.

While many details of their plan haven’t been disclosed so far, it appears that the group is promoting investment in wind energy which they believe has created 1.2 million jobs since 2018. While this falls short of the catastrophe seen so far, the group is optimistic, claiming that investments by governments can create up to 5 million jobs by 2030 provided that wind accounts for a minimum of 20% of all electricity production.

Optimism for the scheme appears to be high and other global lobbyist groups appear to be in agreement.

COVID-19: A New Opportunity?

Some analysts believe that a “Green Marshall Plan” is the answer to the economic hardships created by policies connected to COVID-19.

Named after former Secretary of State George Marshall, the Marshall Plan was a $15 billion ($160 billion today) aid package provided by the United States to Europe in the wake of World War II. Some economic historians believe that the investment helped to “rebuild” the continent along with fostering closer economic ties between Europe and America.

A similar “Green” Marshall Plan, according to some economists, would provide a similar effect through investments in environmentally-aligned initiatives. According to some schools of thought, these policies can rebuild the world in a way that respects the environment, addresses perceived issues with climate change and creates jobs.

The Role of LEDs in a “Green” Recovery

LEDs can play a major part in the proposed restructuring of the economy. They are energy and cost-efficient, saving consumers between 75-90% in energy costs. Along with low conversion and maintenance costs, quick investment returns have played a major factor in accelerating the growth of the LED market in recent years.

Government policies promoting energy-saving initiatives have also catalyzed the growth of LEDs. These include the eventual phasing out of T12 fluorescent lamps - currently the most commonly used bulb in Canada.

On the supply side, LEDs have also become more economically viable due to the decreased manufacturing costs associated with the declining prices of chips and associated hardware. When combined, all these factors have given vendors unprecedented opportunities to grow the market across the commercial, industrial and residential sectors.

Make LEDs Part Of Your Green Revolution

The Canadian government has instituted a nationwide plan on climate change with a goal of net-zero emissions to be reached by 2050. Radiance Energy can show you how to help make it possible through financing programs that will let your investment pay itself off over time while you contribute to that goal.

There has never been a better time to make the switch for increased savings, higher property values and a greener future - post COVID-19 and beyond. Radiance Energy can show you how!

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