Recent economic analysis by leading U.S. academic institutions finds that comprehensive, forward-looking federal climate and energy policy could create up to 45,000 jobs in Indiana, increase household incomes by $1,200 and grow the state economy by $2.5 billion.[1]
- Aggressive policy implementation results in greater economic and job growth in Indiana than moderate or no implementation of climate/energy policy.
- Even moderate implementation would benefit Indiana, generating $900 million Gross State Product and $500 per household.
- States that currently rely most heavily on carbon-based sources of energy nevertheless stand to benefit most from new policies because of untapped energy efficiency potential.
- Several U.S. government agencies have gotten similar results with their projections.
Clean energy jobs and investment could boom in Indiana.
- 1,268 clean energy businesses in Indiana generated more than 17,298 jobs, as of 2007.[2]
- Between 2006 and 2008, venture capitalists poured $26 million into clean technology businesses in Indiana.[3]
- From 1998-2007, clean technology jobs nationwide grew by 9.1%, while total jobs grew by only 3.7%.[4] Despite the financial crisis, experts predict jobs in the clean technology sector will be better protected than U.S. jobs overall.
- On a national level, clean technology is the fastest-growing sector of venture capital investment. $4.12 billion was invested in clean technology in 2008, up 54% over 2007.[5]
[1] Clean Energy and Climate Policy for U.S. Growth and Job Creation: An Economic Assessment of the American Clean Energy and Security Act and the Clean Energy Jobs and American Power Act, October 2009. http://are.berkeley.edu/~dwrh/CERES_Web/Docs/ES_DRHFK091025.pdf
[2] The Clean Energy Economy, 2009. Analysis conducted by Collaborative Economics for the Pew Center on the States. http://www.pewcenteronthestates.org/uploadedFiles/Clean_Economy_Report_Web.pdf
[3] Ibid
[4] Ibid
[5] “Cleantech drives through stormy 2008,” February 2009, PricewaterhouseCoopers. http://www.pwc.com/en_US/us/point-of-view/assets/pwc_pointofview_cleantech_insert.pdf
Indiana business leaders agree that energy security and climate policies aimed at putting our country on a more secure economic path are vital to our continued prosperity. Capping carbon emissions will hasten the growth of our clean tech industries, spur innovation, drive investment, foster job creation, and encourage economic growth.
Header image courtesy of http://www.flickr.com/photos/roundaboutindy/
Header image courtesy of http://www.flickr.com/photos/roundaboutindy/