US green economy worth $1.3 trillion

The U.S. green economy is worth $1.3 trillion per year and currently employs an estimated 9.5 million people, according to a report published by University College London (UCL). 

The report also found that the countries green economy is growing quickly, as it grew by approximately 20% between 2013 and 2016.

While over this same period, according to the Department of Energy data, the coal industry saw a decline of 37,000 jobs.

According to the researchers, the strongest areas of growth in the U.S. are in the renewables sector, particularly consultancy and wind energy which saw increases of 9.36% and 8.56% in economic value in 2015/16.

This growth has occurred despite the ‘America First Energy Policy,’ put forward by President Trump that proposes the creation of 400,000 jobs by the fossil fuel sector over the next 30 years.

Lead author, Dr. Lucien Georgeson said: ‘Our analysis suggests that the case for driving economic growth and job creation through fossil fuels is weakening.’

The researchers also state that although the U.S. is currently the largest market in the global green economy with a 16.5% share, other major economies are likely to grow too, thus competing with the U.S.

For example, according to the report, China has annouced that it aims to generate 13 million clean energy jobs by 2020 and is positioning itself as a new leader in international climate discussions.

Professor Mark Maslin, co-author of the study said: ‘The green economy is of huge importance to the U.S. both in terms of economic growth and employment.’

‘Further investment in the fossil fuel industry is incompatible with economic trends, and could end up damaging the U.S. economy as other countries invest more heavily in their green economy.’

‘Given the climate change emergency and the employment slump in the fossil fuel industry, it only makes sense that future investment should focus on growth in the green sector.’

In related news, businesses that embrace the circular economy in their supply chains have reduced energy prices, lowered their carbon footprint and are less exposed to environmental disruptions, according to a report.

Photo Credit – Pixabay