US green economy worth $1.3 trillion per year, but new policies needed to maintain growth

phys.org | 11/5/2014 | Staff
j.moomin (Posted by) Level 3
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The US green economy is estimated to generate over $1.3 trillion in revenue per year, representing 16.5% of the global green economy, according to a new study by UCL.

The green economy—broadly defined as an economy that is low carbon, resource efficient and socially inclusive—is a major source of jobs in the US, employing an estimated 9.5 million people.

Study - Palgrave - Communications - Size - Economy

The study, published in Palgrave Communications, finds that the size of the green economy and employment in the US grew by 20% between 2013 and 2016. This represents an additional 1.5 million jobs in the green economy; while over the same period, according to Department of Energy data, the coal industry saw a decline of 37,000 jobs.

Despite recent employment declines in the coal industry and scientists warning that we have 11 years left to prevent irreversible damage caused by the climate change emergency, the 'America First Energy Policy', put forward by Donald Trump as a candidate, proposed that 400,000 jobs could be created in the fossil fuel sector over the next 30 years.

Professor - Mark - Maslin - UCL - Geography

Professor Mark Maslin (UCL Geography), co-author of the study, said: "The green economy is of huge importance to the US both in terms of economic growth and employment. Further investment in the fossil fuel industry is incompatible with economic trends, and could end up damaging the US economy as other countries invest more heavily in their green economy."

"Given the climate change emergency and the employment slump in fossil fuel industry, it only makes sense that future investment should focus on growth in the green sector."

Economy - Goals - Paris - Agreement - Climate

The green economy is critical for achieving the goals of the Paris Agreement on climate change and is considered to be one of the important tools available for achieving the UN's Sustainable Development Goals.

To report on the green economy, the researchers...
(Excerpt) Read more at: phys.org
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