Without strong U.S. policy, China is quickly capturing the emerging multibillion-dollar global clean energy industry.
- Uncertainty over U.S. policy is choking growth of this industry here at home. Passing federal climate and energy legislation will create the market certainty needed to spur investment and grow jobs.
- Energy is the largest industry, by revenue, in the world. It represents the next breakout technology sector. Clean energy technology will do for energy what IT has done for information and communications.
- Worldwide demand for new technologies developed to reduce global warming pollution will create a global market potential of more than $180 billion annually, according to government estimates.
- China is spending $12.6 million every hour on clean energy investments. Only six of the top 30 wind, solar and advanced battery technologies are American.[1]
- By eliminating uncertainty, providing clear incentives, and establishing regulatory guidelines, federal policy creates the market signal to spur billions in investment capital, unleash our world-famous innovative entrepreneurs, and enable our state to help lead the clean energy technology revolution.
- As Pennsylvania business leaders, we have a vested interest in the economic health of our state. As Pennsylvania entrepreneurs, we have our finger on the pulse of the state’s economic future.
The most expensive thing we can do is nothing. The second most expensive thing we can do is delay taking action. Pennsylvania agriculture, tourism and other vital interests are at stake.
- The latest government projections show that inaction on climate change will cause serious harm to our region of the country.[2]
- Globally, the IEA projects an extra $500 billion in costs to cut carbon emissions for every year we delay.[3]
1 http://www.commerce.gov/NewsRoom/SecretarySpeeches/PROD01_008262
Pennsylvania businesses have led the way throughout our nation's history. Pennsylvanians launched the railroads that first connected our country for commerce, powered the industrial revolution, and forged the steel that built our cities. It's time for Pennsylvania businesses to again lead the way to new jobs through a clean energy future.