It seems difficult to reduce the emissions of carbon and at the same time increase the gross domestic product. However, a new report has revealed that this has started already in almost all the states in the United States.
This transition has been achieved in these 41 states due to the development of storage technology and market investment in projects or companies involved in renewable energy.
From 2005 to 2017, it was discovered that all the major regions in the country experienced increases in real GDP, coupled with reversing or reducing the emissions of greenhouse gases.
The World Resources Institute (WRI) has also praised “improvements in vehicle emissions standards, increases in lighting and appliance efficiency, a shift from coal to natural gas in the power sector, [and] the rapid deployment of wind and solar power.”
The top five states regarding the reduction of local carbon emissions include Maryland, New Hampshire, the District of Columbia, Maine, and Alaska with 38%, 37%, 33%, 33%, and 29% respectively. Homes and businesses based in New York and Massachusetts raised their GDP by 21% and 26% respectively, and also reduced their carbon emissions by 25%.
The WRI revealed that America’s renewable energy generated “$238 billion in revenues in 2018, and the sector’s 11% growth in 2018 was almost four times the growth of the U.S. economy overall.” Also, the U.S is second only to China in total clean energy investments.”
Across the globe, many investors have been setting new records, most especially in the U.S with a $78.3 billion domestic record in 2019.
Although the wallets of Americans were negatively affected, and the economy of the country is consumer-driven, the long-term drivers for the investment of the financial sector in clean energy stay strong, and will most likely survive the economic downturn caused as a result of the Coronavirus (COVID-19).
Featured image source: Patrick Tomasso