Energy efficient policies could save the US economy US$1 trillion
- 25 March 2013
NEW YORK: A new report reveals how the US economy could save over US$1 trillion through policies designed to remove barriers to energy efficiency improvements.
The report, Overcoming Market Barriers and Using Market Forces to Advance Energy Efficiency, by the American Council for an Energy Efficient Economy (ACEEE), analyzes the policies that will best leverage market forces and remove energy efficiency barriers without substantial spending or government mandates.
Findings from the report show that if the US could overcome these market barriers, there are big efficiency opportunities to be tapped which would help cut energy bills, tackle pollution and boost economic growth.
Among the recommended 16 policies are suggestions to improve appliance labelling, remove existing regulatory barriers and reduce energy waste in government.
Across the policies, yearly energy savings could be as much as 19% of projected energy use that year. The discounted net present value savings of such policies total up to US$1.4 trillion from 2014 to 2030.
Steven Nadel, Executive Director, ACEEE, said: "Eliminating barriers that keep us from reducing waste is an approach both sides of the aisle can support. By removing these barriers, Congress and state policymakers have an opportunity to let smart investments help strengthen the economy while saving the nation billions."
Evan Juska, Head of US Policy, The Climate Group: "Improving energy efficiency in homes, businesses and industries is one of the biggest opportunities to reduce US emissions in the near term. And as this report shows, it can be done with cost-effective government policies that encourage economic growth."