Google released an analysis of the economic impact of clean energy innovation today, modeling a variety of long-term scenarios and their influence on GDP growth, a reduction in energy costs and greenhouse gas reductions. They used McKinsey’s Low Carbon Economics Tool, which provides models to assess the macroeconomic impact of climate and energy policies.
Based on our modeling, we estimate that by 2030, innovation in the modeled technologies alone could have a transformative impact on the US, adding over $155 billion per year in GDP and 1.1 million net jobs, while reducing household energy costs by $942 per year, oil consumption by 1.1 billion barrels per year, and GHG emissions by 13% relative to BAU. By 2050, annual gains in GDP increase to $600 billion, net additional jobs to 3.9 million, and emissions reductions to 55%.
But delaying this “innovation arms race” by
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