Alternative Energy and Job Creation
In the US, employment opportunities related to renewable energy development are expanding at a faster rate than the overall economy. These include solar photovoltaic (PV) and wind power positions.
Clean energy offers companies an attractive business opportunity, as it reduces greenhouse gas emissions and shields communities from climate change impacts. Furthermore, clean energy generates more jobs per dollar invested than conventional fossil fuels do.
1. Reduced Greenhouse Gas Emissions
One of the greatest economic rewards from reducing greenhouse gas emissions with alternative energy is job creation. According to the International Energy Agency (IEA), investing in renewables will generate three times as many jobs as investments made in fossil fuel production.
Job creation provides a strong incentive to reduce our nation’s dependence on coal, oil and natural gas. The world must move away from these fossil fuels as soon as possible.
Reducing emissions not only benefits public health but also improves air quality. Studies have indicated that reducing carbon dioxide emissions could prevent 0.5 million premature deaths in 2030, 1.3 million by 2050 and 2.2 million by 2100.
2. Increased Productivity
Productivity is a measure of how effectively businesses utilize their resources to produce an output. It’s an indicator of an enterprise’s success and has potential effects on the economy as a whole.
Productivity increases can help businesses become more profitable and boost revenues. A business’ productivity can also be enhanced through technology, such as new machines or techniques.
Clean energy sources like solar and wind power can be used to generate electricity, which improves health by reducing emissions of hazardous air pollutants. Hydropower – which uses water from rivers and streams – may also be utilized for powering homes and buildings.
3. Reduced Health Risks
Energy is essential to human life, yet each source of it carries some health risks. Fossil fuels, for instance, release high volumes of carbon dioxide (CO2) and nitrous oxide (N2O) into the air that can lead to breathing issues, heart attacks, cancer, and premature death.
Renewable energy sources like wind, solar and hydropower generate electricity without any associated air pollution emissions. While geothermal and biomass systems do emit some particles, they are much less hazardous than coal-fired power plants.
Deploying more renewable energy is often more cost-effective than installing live air carbon capture and sequestration (CCS), when considering health benefits; and it’s more efficient than CCS alone. RE deployment has the greatest advantage in the Upper Midwest and Great Lakes regions with slightly higher health benefits per ton of CO2 reduced (figure 5(a)).
4. Increased Tourism
Tourism is a major source of revenue for countries. Unfortunately, it can also become highly volatile, with destinations and operators becoming over-reliant on tourist income.
The travel sector is a major employer, creating 1 out of every 11 jobs worldwide. This makes an immense contribution to the global economy and guarantees that there will always be a qualified and stable labor force available.
Studies have investigated the relationship between tourism and economic growth. They have determined that tourism can spur export expansion, promote specialization and boost factor productivity.
5. Increased Economic Growth
The clean energy economy creates jobs in every region and state of America. These include wind and solar power generation, building retrofitting, as well as research and development in renewable energy technology.
Jobs in the clean energy sector abound, with many available in manufacturing. This includes personnel from building materials and steel industries as well as construction firms.
These jobs offer opportunities to those with minimal or no training and pay higher wages than their counterparts in other sectors. Furthermore, these careers tend to have more diverse natures than traditional industrial occupations.