Ohio Business Leaders Release New Jobs Report Day Before Senate Hearings Start
CLEVELAND, Oct. 26 /PRNewswire/ -- On the eve of U.S. Senate deliberations on
clean energy and climate legislation, Ohio business leaders released a new
economic analysis that finds the strongest federal policy could create up to
61,000 jobs in Ohio, while increasing annual incomes by $992 and growing the
state economy by $3.7 billion. The new study, co-released with E2, the
national investor coalition Ceres and the Clean Economy Network, was conducted
by the University of California in collaboration with University of Illinois
and Yale University and provides an in-depth, state-by-state examination of
the impacts of three pillars of federal legislation: energy efficiency,
renewable energy and limits on carbon pollution.
"This report shows that the stronger the federal energy and climate policies,
the more Ohio stands to gain economically," said Eric Zimmer, CEO & founder of
Tipping Point Renewable Energy. "Those who say we cannot afford to take action
now do not understand the opportunity we stand to lose by not acting. There
is an emerging multibillion dollar global clean energy market and Ohio is
poised to capture its leading edge."
Using EAGLE, a new state-of-the-art forecasting model, the study conducts
detailed economic assessments of climate and energy policies currently under
consideration in Congress. The study models both moderate and aggressive
implementation of policies that create a market-based program to reduce carbon
emissions, as well as set strong standards for and investments in renewable
energy and energy efficiency.
The Ohio findings include:
-- Aggressive policy implementation results in greater economic and job
growth in Ohio by 2020 than moderate or no implementation.
-- The strongest policies could generate up to 61,000 additional jobs in
Ohio, increase Ohio real Gross Domestic Product by $3.7 billion and
real
household income by $992 per year (as measured in 2008 dollars) by
2020
-- Even moderate implementation drives economic growth in Ohio,
generating
$1.6 billion in GDP, and $452 in annual household income growth.
-- More carbon dependent state economies have more to gain from climate
action, assuming they adopt balanced policies that combine all three
pillars (energy efficiency, renewable energy and carbon pollution
limits).
According to the study, the legislation would create between 918,000 and 1.9
million new jobs nationally, increase annual household income by $487-$1,175
per year, and boost GDP by $39 billion-$111 billion by 2020.
These gains are over and above business-as-usual economic growth.
"This study puts a fine point on the economic peril of business-as-usual,"
said Eric Zimmer, CEO & Founder of Tipping Point Renewable Energy. "Remaining
reliant on volatile fossil fuels only spells slower for our economy. Moving
to a clean energy economy, on the other hand, drives economic growth in our
state by protecting consumer purchasing power and generating jobs."
Results from the EAGLE study are consistent with projections by agencies such
as the Environmental Protection Agency, Congressional Budget Office, and the
Department of Energy - all of which show substantial economic benefits from
more efficient energy use.
"Improving energy efficiency cuts costs for transportation, heating, cooling
and other energy demands," commented David Roland-Holst, the study's author.
"Money saved on energy puts dollars back in household bank accounts, and gives
consumers the freedom to spend on things they want. This spending represents
70% of Gross State Product, so it represents potent growth and job stimulus
for the Ohio economy."
About the study
The Environmental Assessment in General Equilibrium (EAGLE) model was
developed at the University of California in collaboration with the University
of Illinois and Yale University. It details patterns of supply, demand,
employment, incomes, resource allocation, energy use, and emissions across the
nation and within each of the 50 United States. Using a general equilibrium
framework, the model captures both direct impacts and the extensive
economy-wide indirect effects of climate and energy policies. The EAGLE model
has been peer reviewed and technical documentation is available on request.
The Ohio Business Council for a Clean Economy is a network of businesses and
business leaders who are finding practical solutions to the significant
hurdles our country faces in meeting the growing energy needs of consumers
while simultaneously combating a lagging economy and global climate change.
CONTACT: Ian Nickey
614.460.9640
ian@melamedcommunications.com
SOURCE The Ohio Business Council for a Clean Economy
Ian Nickey, +1-614-460-9640, ian@melamedcommunications.com, for The Ohio
Business Council for a Clean Economy
