Investment of about $200 billion annually on energy efficiency and clean energy sources for next 20 years will help US to drop carbon emissions by 40 percent generating 2.7 million new jobs, reports Green Growth.
The University of Massachusetts Political Economy Research Institute (PERI) and the Center for American Progress have revealed this report that gives account of the investment and technology measures to be taken by US to divert climate change consequences.
The report is released as part of the climate leaders and policymakers meet in Nevada for the seventh annual National Clean Energy Summit, the executive summary for “Green Growth: A U.S. Program for Controlling Climate Change and Expanding Job Opportunities.
It predicts that US can cut its carbon pollution by 40 percent from 2005 levels which will help by reducing the unemployment rate up to 1.5 percent.
It also provides analysis on the need for private investment in advanced energy technology and higher performing buildings, as well as public and private investment in efficient infrastructure.
Green Growth provides a practical approach for investing in clean energy to control climate change. It analyzes the potentials for energy efficiency, renewable energy, and the degree of relying on fossil fuels, and grants an achievable 20-year investment program, says, report co-author Heidi Garrett-Peltier, research assistant professor, PERI.
Irrespective of earlier false conceptions, this study clearly shows how private investments and public policy together can govern rising emissions while creating jobs.
By investing in clean energy technologies, the U.S. economy can lift employment, become more energy efficient and keep at bay the shocking effects of greenhouse gas emissions. The report is an example of how saving the planet requires policy regulations, explains, James Heintz, Andrew Glyn, professor, Economics, associate director, PERI, who also served as co-author of the report.
The study proves that it is technologically and economically feasible to create more jobs and growth, while using 40 percent less fossil fuel, improving energy efficiency 30 percent, and powering communities with four times more clean and renewable energy, narrates, Bracken Hendricks, senior fellow, Center for American Progress and co-author of the report.