FOR IMMEDIATE RELEASE
PRESS CONTACTS: Patrick Mitchell, (703) 276-3266, [email protected].
New Report: Rolling Back Clean Power Plan Would Derail Opportunity to Create 560,000 New Jobs and $52 Billion in Economic Growth by 2030 Nationwide
The Analysis Outlines Major Job and Economic Impacts for Six Midwestern States: OH, IL, MI, MO, MN, IA
CHICAGO (June 21, 2017) – Rolling back the Clean Power Plan would cost the U.S. economy the opportunity to add up to 560,000 jobs and $52 billion in gross domestic product (GDP) by 2030, according to a new analysis from the national, nonpartisan business group Environmental Entrepreneurs (E2). The analysis also shows that incremental energy efficiency savings through the Clean Power Plan could reduce annual average household electricity bills by 7 percent in 2030.
The report – Lost Opportunity: How Rolling Back the Clean Power Plan Harms America’s Economy – is available here.
“Scrapping the Clean Power Plan is a bad deal for the Midwest’s economy,” said Will Kenworthy, president of Chicago-based software company Infer Energy. “For a would-be jobs president, it’s actually workers who will suffer the most, with American competitiveness and our GDP taking major hits, too.”
In March, the Trump administration signed an executive order to begin the lengthy rulemaking process of attempting to roll back the Clean Power Plan, which sets the foundation for states to reduce carbon pollution from existing power plants by expanding the availability of clean, renewable energy and improving energy efficiency. Rolling back the Clean Power Plan, especially following President Trump’s withdrawal from the Paris climate agreement, could prevent America from becoming a global leader in the fast-growing clean energy sector.
“Instead of weakening or rescinding the most important domestic clean energy policy in our nation’s history, lawmakers in the White House and on Capitol Hill should pursue smart clean energy policies that support energy efficiency, renewable energy, electric vehicles and grid modernization,” Kenworthy said.
The report examines how different scenarios designed to meet the Clean Power Plan’s carbon emission standards would impact the U.S. economy. The scenario creating the most jobs and giving GDP the biggest boost in 2030 is a mass-based compliance approach, coupled with stronger investments in energy efficiency, reaching savings levels of 2 percent in annual electricity sales.
The analysis details the economic impacts of such a scenario for 15 different states, including six in the Midwest. In the region, Ohio could see 20,700 more jobs and a $2.1 billion growth to GDP under this scenario in 2030, while states like Illinois (19,400 jobs, $2.1 billion GDP growth), Michigan (14,300 jobs, $1.3 billion), Missouri (13,400 jobs, $1.1 billion), Minnesota (11,000 jobs, $1.1 billion) and Iowa (5,700 jobs, $500 million) would also experience robust economic growth.
To speak with E2 members and other business leaders in your state who support efforts to expand America’s clean energy economy and oppose rolling back the Clean Power Plan, please contact Patrick Mitchell at (703) 276-3266 or [email protected].
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Environmental Entrepreneurs (E2) is a national, nonpartisan group of business leaders, investors, and professionals from every sector of the economy who advocate for smart policies that are good for the economy and good for the environment. Our members have founded or funded more than 2,500 companies, created more than 600,000 jobs, and manage more than $100 billion in venture and private equity capital. For more information, see www.e2.org or follow us on Twitter at @e2org.