In an era when environmental concerns are increasingly intertwined with economic stability, Florida is making strides towards a cleaner, more sustainable future. A recent study has revealed that decarbonizing Florida’s economy is not only feasible but can also boost the state’s economic growth – a win-win for both the environment and the economy.
The Nature Conservancy in Florida, AECOM, and Cambridge Econometrics Report
A pioneering study, conducted by the Nature Conservancy in Florida in collaboration with AECOM and Cambridge Econometrics, explored the potential impacts of decarbonizing Florida’s economy. The report, titled “Economic Benefits of Decarbonization in Florida,” investigates two decarbonization scenarios – a zero-emissions power grid by 2035 and achieving net zero emissions economy-wide by 2050.
Decarbonization refers to the process of reducing greenhouse gas emissions, such as carbon dioxide, across various sectors of the economy, including manufacturing, transport, and energy. The study found that both scenarios could stimulate job growth and prosperity for Floridians by creating new, higher-paying job opportunities, offering possibilities for workers of all skill and education levels, and reducing consumer costs.
Stimulating Economic Growth
The report indicates that economic decarbonization in Florida could result in a state economy 2% larger than the current baseline for 2050. This would reduce spending on electricity and private transportation, leading to savings consumers could redirect into other sectors. The report projects positive job impacts for 71 different job sectors and nine aggregated sectors, including electricity, construction, industry, services, transport, and agriculture.
For instance, the transport sector could witness significant long-term job growth, with 25,000 additional jobs predicted by 2050. Similarly, consistent job growth is expected in the construction sector across all counties in Florida.
Capitalizing on Clean Energy
According to Greg Knecht, Executive Director of the Nature Conservancy in Florida, decarbonizing Florida’s economy could position the Sunshine State as a hub for innovation and technological advancement, thus enhancing Floridians’ quality of life and economic prospects. The report also highlights that the levelized cost of energy (LCOE) would continually drop for solar, reducing consumer electric prices and freeing discretionary spending among consumers.
Florida is already demonstrating considerable progress in this area. As of 2021, the state boasted nearly 160,000 clean energy jobs, and in the first half of 2023, Florida added more solar capacity than any other state.
The report concludes with a positive outlook for the future of Florida, emphasizing the abundance of opportunities for businesses to decarbonize their operations and invest in their workforce. Indeed, the future of Florida looks bright as it continues to champion clean energy markets and infrastructure.
