REPORT
As the Environmental Protection Agency (EPA) moves to weaken federal greenhouse gas (GHG) regulations for light-duty vehicles, Colorado is moving to counter the negative affects to our air quality, reduced consumer fuel savings and the stifling of our budding auto electrification industry, by adopting Advanced Clean Car Standards. When complete, Colorado will join the 12 states that have adopted the Clean Cars standards—which promise to promote technology improvements, create jobs, ensure that American auto manufacturers remain competitive internationally, and lower emissions.
This study analyzed the macroeconomic impacts of a Clean Vehicles scenario in which Colorado enacts more aggressive GHG emission standards and pursues increased electric vehicle (EV) penetration, relative to a baseline in which GHG standards remain constant at federally set 2020 levels and EV adoption remains low. The study used the IMPLAN economic input-output model to evaluate impacts on employment and gross domestic product (GDP) over the period from 2020 through 2035.
FINDINGS
The analysis found that the pursuit of a cleaner, light-duty passenger vehicle fleet is likely to result in small but positive long-term macroeconomic impacts in Colorado. We estimate average annual increases of approximately $72 million in GDP and 1,700 jobs under the Clean Vehicles scenario. While these impacts are small in the context of the nearly $350 billion total Colorado economy, the net positive impacts of cleaner vehicles are expected to grow over time as fuel savings accumulate and EVs become cheaper. This report’s findings indicate that Colorado can achieve the health and environmental benefits of vehicle emission reductions while continuing to strengthen its economy.
FULL REPORT
Full report can be found at this link or by clicking the cover below.
LOOKING FOR MORE INFO?
If you are looking for additional insight into Macroeconomic Analysis of Clean Vehicle Scenarios for Colorado, contact E2 Rocky Mountains State Advocate Susan Nedell ([email protected]) or Communications Director Michael Timberlake ([email protected]).