Breakthroughs in green energy technology, coupled with supportive government policies, could add $155 billion to the U.S. economy annually and create more than 1.1 million jobs by 2030, according to an analysis by Google.org, the internet search giant’s philanthropic arm.
Using an analytic set of models to calculate the potential benefits of various policies, Google’s energy team found that aggressive innovations in clean power, grid storage, natural gas technologies, and electric vehicle production could reduce U.S. oil consumption by more than 1.1 billion gallons each year and cut greenhouse gas emissions by 13 percent.
According to the report, published on the company’s blog, a rapid decrease in battery costs and energy density also could drive the cost of electric vehicles below those of internal combustion-powered cars by 2030, and electric, hybrid and plug-in electrics could achieve a 90-percent market share of cars and light trucks.
However, the longer innovations are delayed, the more likely the rewards will be diminished, Google said. According to its model, a five-year delay would cost the U.S. economy $2.3 trillion to $3.2 trillion in unrealized GDP gains and 1.2 to 1.4 million net jobs.
Article appearing courtesy Yale Environment 360.