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Google Examines the Impact of Clean Energy Innovation

28 Jun 2011  |   Damien Shirley

Tags: Clean Energy

Today, Google released a study showing the value of innovation when it comes to clean energy technology. By using McKinsey’s Low Carbon Economic Tool--an analytical system that "estimates the potential economic and technology implications of various policy and technology assumptions"--Google came to some compelling conclusions.

Google found that clean energy innovations would produce a variety of economic benefits, including:

  • Additional GDP growth of between $155 and $244 billion annually.
  • The creation of between 1.1 and 1.9 million new full-time jobs a year.
  • Reductions in household energy costs of between $942 and $995 annually.
  • Reductions in U.S. oil consumption by 1.1 billion barrels a year.
  • Reductions in U.S. carbon pollution emissions from 13% to 21% by 2030.

Google also determined the opportunity costs of inaction, concluding that a mere 5-year delay in technology innovation would result in between $2.3 and $3.2 trillion worth of unrealized GDP, between 1.2 and 1.4 million uncreated jobs and between 8 and 28 gigatons of carbon pollution emissions by 2050.

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