New energy efficiency and sustainability standards could spark economic growth in the USJune 3, 2014
New standards aim to promote economic prosperity throughout the US
Renewable energy has become synonymous with economic progress in the U.S. Much o the world revolves around the use of fossil-fuels, and this has created a problematic environmental situation that is expected to become quite costly in the coming years. While climate change itself is a controversial issue that many wish to avoid, the economic implications of a changing climate are not something that can be easily ignored. In the U.S., new standards regarding the mitigation of the effects of climatic phenomenon could have major economic implications.
Standards could reduce emissions by 20% by 2020
The Obama administration is poised to introduce new standards that are meant to spark financial growth and help cut down on the health impacts of air pollution. The standards are designed to spark a surge in energy efficiency, aiming to reduce carbon emissions by 20% by 2020. These standards call for businesses to live up to more stringent regulations concerning the emissions that they are responsible for and cut down on the electricity produced by old fashioned power factories that use fossil-fuels.
Some 274,000 new jobs are expected to be created by new standards
The standards are expected to create as many as 274,000 jobs, many of which will fall within the manufacturing sector, where new energy systems and technologies are to be produced. The demand for skilled labor is expected to see a significant increase due to the new standards as well, as electricians, plumbers, carpenters, and other such positions become more necessary to the energy efficiency process. The standards are also expected to save a collective $37 billion a year in energy costs for consumers.
Some states may see less economic benefits from standards than others
The standards are expected to have a different effect on each state. Some states will see a greater degree of economic growth than others, largely due to their consumption of electrical power and the energy efficiency standards that they already have in place. States like California are likely to see less economic growth from the new standards because of their already significant focus on renewable energy and efficiency.