- The study conducted by a Standford University professor study finds transitioning to 100% green economy would save $11 trillion a year, cost $73 trillion up-front.
- There would also be a net increase of 28.6 million more jobs.
Standford University professor Mark Jacobson has released a study which shows transitioning to a completely green economy would pay for itself in under a decade.
The study finds $73 trillion would be required to completely revamp power grids, transportation, manufacturing and other systems to run on wind, solar and hydro power. This would also include enough storage capacity to ensure reliability of power service.
Additionally, 28.6 million more long term, full time jobs would be created than would be lost, according to the study.
“There’s really no downside to making this transition,” Jacobson noted, “most people are afraid it will be too expensive. Hopefully this will allay some of those fears.”
The report analyzed 143 countries that generate more than 99% of the world’s greenhouse emissions. The annual $11 trillion in savings would come from not extracting fossil fuels, using higher-efficiency systems and other benefits of shifting entirely to electricity.
Jacobson’s previous research helped underpin the Green New Deal legislation last year.