Senator John Kerry (D-Mass.), co-author of the Senate's comprehensive energy independence and climate change legislation, today highlighted a Third Way report concluding that the carbon price proposed in the American Power Act will reduce American's energy bills and create nearly 1.9 million jobs by 2020.
The report, "Putting a Price on Success: The Case for Pricing Carbon," concludes that all fifty states will experience job growth under a carbon pricing plan like the one included in the American Power Act. The report also finds wide agreement that a carbon price would save consumers billions of dollars in reduced energy bills, serve as a catalyst for capital investment in the United States economy, and reduce the flow of U.S. dollars overseas to purchase foreign oil.
"As Third Way's study shows, we need to send a price signal on carbon this year so we can reclaim our lead in the global competition for clean-energy jobs, manufacturing and markets," said Sen. Kerry. "Businesses and venture capitalists all agree that it's the only way to move towards energy independence, and show the market that the United States will invest in clean, renewable technologies that will employ American workers and strengthen our nation."
Third Way's report concludes that:
· A carbon price has the potential to create 1.1 million new jobs, even when taking into account jobs lost in traditional energy industries.
· Every region of the country will see job growth from the investments spurred by carbon pricing.
· The estimated energy savings from enacting a carbon price for individuals and businesses throughout the nation is $1.2 trillion. Investments in clean energy are expected to be $600 billion over the next 20 years.
· Investors are looking for a clear price signal, in the form of a carbon price, in determining where to place their money. Without a carbon price, the United States is in danger of seeing this funding go overseas.
· A carbon price would reduce U.S. foreign oil consumption by 2020. The report reveals a carbon price could reduce imports to 1.8 million barrels a day. That is less than half the oil the United States currently imports from OPEC.
Third Way is the nation's leading moderate think-tank. This report was compiled after a thorough review of more than two dozen academic, private sector, financial, and government studies on carbon pricing policies.
More information on the American Power Act is available at kerry.senate.gov.