US Energy Secretary Chu: Clean Energy is Good for the Economy

With much of Congress' upcoming months being spend on deciding the Energy and Climate Bill for the US, the US Secretary of Energy, Steven Chu, wants to emphasize how switching focus to renewable energy will boost the economy.

In a column written for the Richmond Times-Dispatch, the Nobel Prize winning scientist comments on the upcoming bill is the single most important decision Congress has to make to ensure (or in this case, jump-start) America's economic prosperity. And, of course, the decision carries great importance for the health of the planet for future generations too.

On the unsettling global phenomenon of unsustainable consumption:

Chu writes, "Today, we import about 60 percent of the oil we use, which is a huge drain on our economy and which weakens our security. Climate experts predict that, on our current course, the planet could be around 10 degrees Fahrenheit warmer by the end of this century. Such an increase could cause more frequent extreme weather events like droughts, heat waves, and hurricanes; rising sea levels and coastal erosion; serious agricultural losses and water shortages; and many other impacts in the United States."

Nothing new here, but what comes next creates an interesting chain of contingency:

Chu's bleak future harbors the most economic hope:

"In the coming decades, the laws of supply and demand will almost certainly force oil and gas prices to rise. At the same time, the consequences of climate change will become so starkly apparent that continuing to emit carbon pollution at today's levels will be unacceptable. As a result, clean-energy technologies will be in high demand. There will be a race to produce the most advanced batteries and biofuels."

Worded as such, America's survival of economic woes appears dependent upon renewable energies and technologies, which in turn are dependent upon the current dire conditions of the planet. It almost sounds opportunist. Without global warming, the economy would fail? Not really. Chu is inviting those who oppose environmental policy change to recognize the vast wealth of opportunity that exists. An age-old capitalist argument that actually bears positive outcomes: the reduction of carbon emissions.

Renewable energy is profitable, or at least it will be under the new Energy and Climate Bill.

How?

"With the right incentives, the private sector will first seek out the lowest-hanging fruit."

• More efficient appliances, cars, homes and other buildings.

• The bill will drive investments in wind and solar power and next generation biofuels from grasses and agricultural waste.

• It will spark American innovation in fuel efficient automobiles and the development of advanced batteries for electric vehicles.

Of course, no column is without its contentious elements. Chu implies that the bill also offers incentives to re-start the nuclear power industry and encourage utilities to invest in carbon capture and storage from coal-fired power plants. This doesn't mean an end to coal or nuclear power, just an improved method--a line that may do well for certain lobbying groups, but not so much for environmentalists.

However, given America's current reliance on Fossil Fuels, heck, North America for that matter, the upcoming Energy and Climate Bill talks will be heavily monitored. The emphasis on profit, though designed to bring nay-sayers on board, at the very least reveals a clear change in thinking. The push for renewable energy, regardless of motivations, will reduce carbon emissions. Perhaps in this case it is a matter of the ends justifying the means.