January 21, 2025
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New support for renewable energy
Renewable energy is critical to the U.S. economy and environment
Wind turbines produce renewable energy and are part of the fastest growing electricity production sector in the United States. Seen here is a wind farm in Northern California’s Altamont Pass.
Billy Hastas/Getty Images
President-elect Donald Trump and his administration have called warnings about climate change a “wake-up call” and pledged to further expand oil and natural gas production. But there are also important reasons for the United States to expand its use of clean energy technologies. Renewable energy doesn’t just reduce carbon emissions. It is an economic giant.
According to the U.S. Energy Information Administration, renewable energy is growing faster than any other power source in the United States. Globally, the market for these technologies is expected to grow from $700 billion in 2023 to more than $2 trillion by 2035.
China dominates the global market for solar panels, electric vehicles and batteries that can store energy when the sun or wind is weak. If the United States does not support its domestic renewable energy industry, China’s dominance will only increase, as will the European Union and India. If the Trump administration ends federal support for renewable energy, or worse, withdraws support for renewable energy, the country will continue to degrade the environment and miss out on significant economic opportunities. It will be. “This is ceding the future,” says Steven Cohen, director of Columbia University’s master’s program in sustainability management.
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More renewable energy means greater energy independence for the United States, which at this point means more support for domestic industry. An August 2024 report by Rhodium Group and its partners found that the five states receiving the most clean energy and clean technology funding from the Inflation Control Act, relative to the size of their economies, are all in the red. states or “swing” states. Nevada, Wyoming, Arizona, Tennessee, and Montana. There’s a lot more cash to be distributed under the Inflation Control Act unless the Trump administration repeals the law.
That’s wrong. An increase in renewable energy does not mean a decrease in oil and natural gas. Production is also increasing in the United States, increasing overall electricity demand. We are not proposing a future without fossil fuels. Major energy transitions take time. However, as numerous studies have shown, increased consumption of fossil fuels worsens climate change, air pollution, water pollution, and public health. In the end, renewable energy will cost less, and the cheaper technology will always win. Some states in the United States received this message. Texas, the nation’s oil capital, currently produces more wind power than any other state. Fatih Birol, Director-General of the International Energy Agency, said in the October 2024 publication of the agency’s latest research that the market for clean technologies is “increasingly catching up with the market for fossil fuels.”
Critics often say that the U.S. renewable energy industry relies on subsidies. In fact, that’s how canals, roads, trains, steel, aluminum, corn, soybeans, and space rockets developed. And despite being more than a century old, the U.S. oil and gas industry remains heavily subsidized. China is subsidizing its renewable technology industry, which is also a positive thing for the rest of the world. China’s cheap solar panels, electric vehicles and wind turbines are helping accelerate the energy transition around the world. Jeffrey Frankel, a professor of capital formation and growth at Harvard University and a research fellow at the National Bureau of Economic Research, points out that the energy transition will be costly. So, he asks, why shouldn’t Chinese taxpayers foot the bill for subsidies to spread renewable energy everywhere?
Capitol Hill’s views on the renewable energy industry may be influenced by the powerful fossil fuel industry lobby. But large users of renewable energy also have a strong influence. According to the U.S. Bureau of Economic Analysis, more than 70% of the U.S. gross domestic product now comes from the services sector, and the service sector is gaining political influence. Meta is the country’s largest purchaser of solar panels. The service sector consumes large amounts of energy. Witness the exponential increase in energy demand from artificial intelligence data centers. These companies want the lowest power rates, and renewable energy provides that. “Money tends to dominate more than ideology,” Cohen says.
Most people recognize that climate change is real and the result of our own actions, especially the burning of fossil fuels that we consider harmful. According to a large 2023 study by the Pew Research Center, “59 percent of[Americans]believe that air and water quality would improve if the United States significantly reduced fossil fuel energy production and increased production from renewable sources.” I think it will improve.” The survey also found that “67 percent of Americans say the development of alternative energy sources, such as wind, solar, and hydrogen technologies, should be prioritized, and 32 percent say exploration and production of oil, coal, and natural gas should be prioritized.” It was also found that the majority of respondents said that the priority should be to expand the ”
A cultural shift is underway, in part because more people in the United States are experiencing extreme weather events. Most recently, Hurricane Helen caused unprecedented flooding in North Carolina and record droughts destroyed crops in many states. Flood insurance is not available to homeowners in some coastal states. These experiences put millions of Americans at great risk of death, injury, or financial ruin. People will see that the scientific predictions were correct all along. They are increasingly concerned about their health and the well-being of their children. They feel human influence.
Supporting renewable energy means you don’t have to give up your truck or air conditioner. It reduces the threats we all face and provides an opportunity to lead a rapidly expanding and thriving economy.
