From Green Right Now Reports
A group of Ohio business leaders released a new economic analysis that says a strong federal clean energy policy could create up to 61,000 jobs in Ohio, while increasing annual incomes by $992 and growing the state economy by $3.7 billion.
The new study was released the day before US Senate deliberations begin on clean energy and climate legislation. The research — co-released with E2, the national investor coalition Ceres and the Clean Economy Network — was conducted by the University of California in collaboration with the University of Illinois and Yale University. It examined of the impacts of three pillars of federal legislation: energy efficiency, renewable energy and limits on carbon pollution.
“This report shows that the stronger the federal energy and climate policies, the more Ohio stands to gain economically,” Eric Zimmer, CEO & founder of Tipping Point Renewable Energy, said in a statement. “Those who say we cannot afford to take action now do not understand the opportunity we stand to lose by not acting. There is an emerging multi-billion dollar global clean energy market and Ohio is poised to capture its leading edge.”
Nationally, the analysis concluded that full adoption of the American Clean Energy and Security Act’s package of pollution reduction and energy efficiency measures would create between 918,000 and 1.9 million new jobs, increase annual household income by $487-$1,175 per year, and boost GDP by $39 billion-$111 billion. These economic gains are over and above the growth the U.S. would see in the absence of such a bill.
Using a new forecasting model called the Environmental Assessment in General Equilibrium (EAGLE), the study conducted detailed economic assessments of climate and energy policies currently under consideration in Congress. The study modeled both moderate and aggressive implementation of policies that create a market-based program to reduce carbon emissions, as well as set strong standards for and investments in renewable energy and energy efficiency.
The Ohio findings include:
- Aggressive policy implementation results in greater economic and job growth in Ohio by 2020 than moderate or no implementation.
- The strongest policies could generate up to 61,000 additional jobs in Ohio, increase Ohio real Gross Domestic Product by $3.7 billion and real household income by $992 per year (as measured in 2008 dollars) by 2020.
- Even moderate implementation drives economic growth in Ohio, generating $1.6 billion in GDP, and $452 in annual household income growth.
- More carbon dependent state economies have more to gain from climate action, assuming they adopt balanced policies that combine all three pillars (energy efficiency, renewable energy and carbon pollution limits).
The Ohio Business Council for a Clean Economy, which released the report, said results from the EAGLE study are consistent with projections by agencies such as the Environmental Protection Agency, Congressional Budget Office, and the Department of Energy – all of which show substantial economic benefits from more efficient energy use.
“Improving energy efficiency cuts costs for transportation, heating, cooling and other energy demands,” David Roland-Holst, the study’s author, said in a statement. “Money saved on energy puts dollars back in household bank accounts, and gives consumers the freedom to spend on things they want. This spending represents 70 percent of Gross State Product, so it represents potent growth and job stimulus for the Ohio economy.”