Climate action is now the best path to a strong economy
Investing in our planet makes the most sense for our finances, our families and our future.
Many states and cities are holding back from investing more in renewable energy sources under the misconception that it’s just too expensive. What they fail to take into account, however, is that investing in renewable energy is actually more profitable in the long run by saving money, creating jobs and mitigating the costs of climate change.
High upfront costs often appear to be a barrier to investing in renewables. However, the costs of renewable energy have fallen dramatically since the early 2000s. Over the past ten years, the cost of solar energy has been reduced by ten, while wind energy has become three times less Dear. Renewable energy is rapidly becoming more affordable and is now often the most cost effective source of energy for homes, businesses and public institutions. In fact, it is now cheaper to build a new large-scale solar farm than to operate existing coal or gas power plants in many countries. That’s something the United States shouldn’t ignore, given that it spends about $37.5 billion annually on fossil fuel subsidies, money that could go to research and development of energy projects. renewable energy.
These clean energy trends have helped revolutionize energy infrastructure. 2021 was a banner year for cities investing in renewable energy; local governments signed more new clean energy contracts than ever before, marking five years of year-over-year growth. Some municipalities have already begun to reap the economic benefits of their energy transition, and many more are on track to save millions of taxpayer dollars through this investment.
The success of these projects has proven to be an effective case study, enabling the implementation of similar plans nationwide. On August 16, 2022, the United States made the largest climate investment in its history via the Cutting Inflation Act, which contained $369 billion in funding for renewable energy projects, the expansion of electric vehicles and climate justice. As a result, carbon emissions are expected to fall by around 40% from 2003 levels, while simultaneously creating more than 9 million new clean energy and environmental jobs. The Inflation Reduction Act will even pay for itself by generating an estimated $300 billion surplus, all without any effect on the taxes of most Americans.
This landmark US climate law comes at a critical time. The economic consequences of climate change are on track to shrink the global economy by $23 trillion by 2050. To put that into perspective, that’s about $1.5 million per minute or $26,047 per second. This must not be the case. Climate action can lead us to a better future. An investment in our planet is an investment in our people – the future of our health, wealth and the prosperity of all citizens depends on our commitment to put in the effort now and reap the rewards later.
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