By Renewable Energy Focus staff

“…what if we knew the value of innovation in clean energy technology? How much could new technologies contribute to our economic growth, enhance our energy security or reduce greenhouse gas (GHG) emissions?,” Google asks in its Official Google Blog.

Using McKinsey’s Low Carbon Economics Tools (LCET), Google assessed long-term economic impacts for the US assuming breakthroughs being made in clean energy technologies such as wind, geothermal and electric vehicles.

Key Findings Include:

• Energy innovation pays off big: By 2030, when compared to ‘business as usual’, breakthroughs could help the US:
  • Grow GDP by over US$155 billion/year (US$244bn in the Clean Policy scenario);
  • Create over 1.1 million new full-time jobs/year (1.9m with Clean Policy);
  • Reduce household energy costs by over US$942/year (US$995 with Clean Policy);
  • Reduce US oil consumption by over 1.1bn barrels/year; and
  • Reduce US total carbon emissions by 13% in 2030 (21% with Clean Policy).
• Speed matters and delay is costly: Google found that a five year delay (2010-2015) in accelerating technology innovation could lead to US$2.3-3.2 trillion in unrealized GDP, an aggregate 1.2-1.4m net unrealized jobs and 8-28 more gigatons of potential GHG emissions by 2050.
• Policy and innovation can enhance each other: Combining clean energy policies with technological breakthroughs could increase the economic, security and pollution benefits for either innovation or policy alone. The model showed that combining policy and innovation led to 59% GHG reductions by 2050 (vs. 2005 levels), while maintaining economic growth.

“We haven’t developed the roadmap, and getting there will take the right mix of policies, sustained investment in technological innovation by public and private institutions and mobilization of the private sector’s entrepreneurial energies. We hope this analysis encourages further discussion and debate on these important issues,” Google concludes.