CLean Energy Innovations Can Boost The Economy

[irishbobcat]

WASHINGTON, June 28 (Reuters) - Breakthroughs in clean
energy technology could boost the U.S. economy by more than
$155 billion a year and create more than 1.1 million new jobs
by 2030, Google (GOOG.O: Quote) said in a report on Tuesday. The study by the internet search giant's philanthropic arm
examined the possible benefits of aggressive innovations in
clean power generation, grid-storage, electric vehicle and
natural gas technologies. "This project's analysis suggests that breakthroughs in
clean energy technologies could meaningfully improve the
quality of our lives," the report said. In addition to improving the economy, development of new
energy technology would reduce U.S. household energy costs by
$942 a year, lower oil consumption by more than 1.1 billion
barrels a year and cut greenhouse gas emissions by 13 percent
by 2030. The analysis did not consider the best ways to drive
innovation or attempt to predict what technologies would be
developed. Breakthrough levels in the report were also highly
ambitious and "would be challenging to reach even with a much
more concerted push on innovation than at present." Google has pledged to invest hundreds of millions of
dollars in solar, wind and geothermal technologies to help make
renewables cost competitive with coal. In its report, Google found that the impact of clean energy
breakthroughs would be enhanced if coupled with government
policies such as a clean energy standard and increased EPA
regulations on coal or with a $30 a ton fee on carbon emitted
by the power-sector. Clean energy policies combined with technological
breakthroughs would increase GDP by $244 billion a year and
create 1.9 million jobs by 2030. "Breakthroughs in clean energy technology can reduce the
cost associated with implementing policies such as Clean Energy
Standards or carbon prices -- growing the economy while
de-carbonizing our energy use," the report said. At the same time, the report said government policies can
magnify the benefits of technology breakthroughs by promoting
cleaner energy sources over those with high emissions. Earlier this month, Google said it would finance a $280
million residential solar power project with SolarCity.
[ID:nN14194125] Google, along with several other companies, is also backing
a $5 billion transmission line that would transport electricity
from wind farms off the Atlantic.