Scientists: U.S. Can Save $465 Billion in Energy Bills and Radically Cut CO2 Emissions by 2030

A soon-to-be-released study by the Union of Concerned Scientists (UCS) finds that United States can reduce consumer and business energy bills and dramatically cut global warming emissions at the same time. The two-year analysis, “Climate 2030: A National Blueprint for a Clean Energy Economy,” states that U.S. could meet an emissions-reduction cap 56% below 2005 levels by the year 2030, and in that year, consumers and businesses could save $465 billion.

“We have a historic opportunity to reinvent our economy, tackle global warming, and cut energy costs. Setting a limit on heat-trapping emissions would ensure that we make the necessary carbon emission reductions to help avoid the worst consequences of climate change. Combining a carbon cap with strong efficiency, renewable electricity, and transportation standards can deliver those emission cuts and save Americans a substantial amount of money.” – Kevin Knobloch, UCS President

An integrated set of climate, energy and transportation policies would be necessary to meet those goals, says the study, but by doing so, the country would be well on the way to reducing CO2 emissions to a level at least 80% below 2005 levels over the next 40 years.

“Efficiency and renewable energy technologies are ready today to power our economy with carbon-free electricity. Our blueprint shows that these clean energy sources can lead the way in cutting U.S. emissions, while lowering electricity bills and curbing our addiction to dirty, high-carbon coal power.” – Steve Clemmer, research director of UCS’s Clean Energy Program

Most of the net savings on energy bills over the next 20 years would be due to better efficiencies in buildings and industrial processes, a more efficient transportation system, and cleaner cars. The cost of a more efficient transportation system and cleaner cars in 2030 would cost about $35 billion, but drivers would save $120 billion in fuel costs that year.

The full savings won’t take 40 years to realize, as the authors say that by 2020 the U.S. could be meeting an emissions cap of 26% below 2005 levels and the savings for consumers and businesses could be $346 billion that year.

The analysis also found that a more cost-effective solution to climate change than nuclear power and coal plants with carbon capture and storage would be the use of more renewable electricity sources and increased efficiency.

The authors stress the importance of a comprehensive strategy, saying that implementing only part of the measures would drastically reduce the savings.

“We are encouraged that the proposed bill includes a cap-and-trade program, but the other initiatives in it are equally important. If you dropped the energy and transportation policies from our recommendations, for example, the cumulative savings for consumers and businesses over the next two decades would fall from $1.6 trillion to $600 billion.” – Rachel Cleetus, UCS climate economist

The full report will be available in May, but UCS President Kevin Knobloch is testifying about the findings before the House Committee on Energy and Commerce tomorrow. His written testimony with key points of “Climate 2030” and information on energy cost savings by region is available on the UCS website: Testimony of Kevin Knobloch, UCS President, on Climate 2030 Blueprint

Image: delgaudm at Flickr under Creative Commons

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