When President Barack Obama announced his Climate Action Plan, he gave broad executive powers to the EPA to establish carbon emission standards for both new and existing power plants. He also increased funding for clean energy, while setting a goal to double our level of renewable energy generation by the year 2020. There will also be new vehicle fuel economy standards developed to take effect after 2018 and numerous other measures to reduce the use of fossil fuels.
Of course, critics claim these actions will hurt the economy by raising the price of energy, which will in turn put a drag on the recovery and lead to more job losses. Leaving the question of green jobs aside for the moment, let’s take a look at the economics of switching to renewable energy.
This week, New York City Mayor Michael Bloomberg announced an innovative initiative to draw more tech companies to the five boroughs and connect locals to jobs. The “We Are Made” in NY campaign is one of several strategies in place to expand the high-tech industry in the state, following recent expansion of high-tech centers at local universities. Read more
Investment in renewable energy projects globally will rise from $195 billion in 2010 to $460 billion in 2030, according to a recent report from Bloomberg New Energy Finance. This will require almost $7 trillion in new capital over the next 20 years. (See the executive summary of “Bloomberg New Energy Finance Global Renewable Energy Market Outlook,” Nov. 17, 2011.) Read more