Green Growth: A U.S. Program for Controlling Climate Change and Expanding Job Opportunities

September 18, 2014

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by Robert Pollin, Heidi Garrett-Peltier, James Heintz, and Bracken Hendricks (Center for American Progress) ... This report quantifies the level of investment required for the United States to align emissions reductions with international goals in an economically beneficial and technically feasible manner. The specific emissions-reduction goal we explore in this study is what the Intergovernmental Panel on Climate Change, or IPCC, has proposed for the world as a whole: reducing greenhouse gas emissions by 40 percent from 2005 levels by 2035. To do its part to meet this goal, the United States must reduce its carbon dioxide emissions from energy-based sources by 40 percent, to 3,200 million metric tons, or mmt, over roughly the next 20 years. The proposals in this report put the United States on this track to effectively mitigate global climate change.
The report covers three areas of analysis. It first describes the need for a substantial new wave of mostly private investment in advanced energy technology and higher performing buildings, as well as significant public and private investment needed to build dramatically more efficient infrastructure. Second, it outlines how the United States can and must reduce its use of fossil fuels by 40 percent within the next 20 years, as the window of opportunity to stabilize our changing climate is small and closing rapidly. Third, the report shows that stabilizing the climate requires bold actions that we term the PERI-CAP scenario. In addition to this analysis, the report outlines flexible policy options that can be utilized to take the needed actions. Notably, the report finds that this investment agenda will not only protect our climate but will also generate 2.7 million net new jobs.
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We must significantly reduce demand for nonrenewable energy sources, including natural gas

CO2 emissions produced by burning oil, coal, and natural gas to generate energy account for roughly 75 percent of all U.S. and global greenhouse gas emissions. Reducing U.S. CO2 emissions by 40 percent within 20 years will therefore require major absolute reductions in U.S. consumption of oil, coal, and natural gas—about 60 percent for coal, 40 percent for oil, and 30 percent for natural gas. Based on careful review of currently available technology and economics, this report determines that such a transformed fuel mix, while ambitious, is entirely achievable without undue disruption to the security, reliability, or affordability of the domestic energy system and would provide a net gain to the U.S. economy.
To meet the 20-year emissions-reduction target, the following energy and economic policies are required:

Reductions in fossil fuel consumption by approximately 60 percent for coal, 40 percent for oil, and 30 percent for natural gas
Reduction of overall U.S. energy consumption by approximately 30 percent relative to current levels
Raising overall U.S. energy production from low to zero emissions renewables by more than fourfold
Reduction in oil imports to absorb most of the decline in U.S. oil consumption, which will bring a sharp decline in the U.S. trade deficit and favorable macroeconomic effects
Transitional support for affected communities and workers hardest hit by the reduced U.S. consumption of coal and natural gas. The federal government therefore needs to provide major transitional support for workers and communities that are facing retrenchment in order to promote economic development and job opportunity in these impacted communities and regions.
No expansion of nuclear energy supply; despite being an emissions-free source of electricity, nuclear energy is unlikely to experience major expansion in the next two decades, due to public-safety considerations and market concerns. This report concludes that nuclear energy’s contribution to the overall U.S. energy mix will therefore remain roughly constant. READ MORE