Strong Clean Energy Policies Will Grow Economy, Create Up to 25,000 Jobs in
Arkansas
Arkansas Business Leaders Release New Jobs Report Day Before Senate Hearings
Start
LITTLE ROCK, Ark., Oct. 26 /PRNewswire/ -- On the eve of U.S. Senate
deliberations on clean energy and climate legislation, Arkansas business
leaders released a new economic analysis that finds that strong federal policy
could create up to 25,000 jobs in Arkansas, increase incomes by $1,230 and
grow the state economy by $1.2 billion. The new study, co-released with
national clean energy business groups E2, the national investor coalition
Ceres and the Clean Economy Network, provided the most comprehensive and
in-depth look to date at state-by-state impacts of three pillars of federal
legislation: energy efficiency, renewable energy and limits on carbon
pollution.
"This study shows that the stronger the federal energy and climate policies,
the more Arkansas stands to gain economically," said Eddy Moore, coordinator
of Arkansas Business Leaders for a Clean Energy Economy. "We need to grow our
wind, bio energy and energy efficiency industries and also employ thousands of
people in developing and implementing more energy efficient building and
industrial facility technology. These steps will put money into consumers'
pockets to spend in the broader economy. Arkansas can play a bigger role in
the emerging multibillion-dollar global clean energy market."
Unlike prior studies, this multi-university effort used the most up-to-date
economic data, and accounted for the economy-wide impacts of consumer energy
efficiency savings. The study provides a detailed economic assessment of
climate and energy policies currently under consideration in Congress on the
economy in Arkansas. It models both moderate and aggressive implementation of
policies that create a market-based program to reduce carbon emissions, set
strong standards and incentives for investment in renewable energy and energy
efficiency.
Arkansas findings include:
-- Aggressive policy implementation results in greater economic and job
growth in Arkansas by 2020 than moderate or no implementation
-- The strongest policies could generate up to 25,000 additional jobs in
Arkansas, increase Arkansas real Gross Domestic Product by $1.2
billion
and real household income by $1,230 per year (as measured in 2008
dollars) by 2020
-- Even moderate implementation drives economic growth in Arkansas,
generating $400 million GDP and $457 household income growth
-- The 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, Clean Energy and Climate Policy for US Growth and Job
Creation: An Economic Assessment of the American Clean Energy and Security
Act, 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.
"Moving to a clean energy economy drives economic growth in our state by
protecting consumer purchasing power and generating jobs," said Dan Cummings,
with INEOS Bio in Fayetteville. INEOS Bio developed a breakthrough technology
that will substantially reduce greenhouse gas emissions from cars and energy
generation across the world. It reduces the amount of waste going to
landfills and breaks the link between food crops and bioethanol production.
Results from the 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.
"This study takes the right approach for modeling the economic impacts of
national climate and energy legislation in Arkansas and reaches logical
conclusions," said Jim Metzger, an economist at Webster University, Little
Rock campus. "I would say the synergies between labor markets that develop as
a result of building our clean energy economy may increase the benefits in the
long-term."
"Money saved on energy puts dollars back into household bank accounts, and
gives consumers the freedom to spend on things they want. This consumer
spending represents 70 percent of Gross State Product, so it represents potent
growth and job stimulus for the Arkansas economy," commented David
Roland-Holst, who authored the report.
About the study
The Environmental Assessment in General Equilibrium (EAGLE) model used in the
study 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. An executive summary of the study can be found here.
About us: The Arkansas Business Leaders for a Clean Energy Economy is an
informal network of businesses and business leaders, spanning a wide spectrum
of industry and commerce. The network supports a transition to a low-carbon
clean energy economy in Arkansas and nationally. Its goal is to empower the
Arkansas business community to influence public policy that helps get us
there.
For more information please contact:
Eddy Moore
Coordinator, Arkansas Business Leaders for a Clean Energy Economy
Phone: 501-772-5426
For study results and Arkansas fact sheet visit us on the web:
http://www.arkcleaneconomy.biz/
SOURCE Arkansas Business Leaders for a Clean Energy Economy
Eddy Moore, Coordinator, Arkansas Business Leaders for a Clean Energy Economy,
+1-501-772-5426
