ORIGINAL REPORTING: A $100BIL California Economic Recovery Can Be Green

100 Billion Greenbacks for a Green California Recovery

Herman K. Trabish, Oct. 5, 2020 (California Current)

Editor’s note: With the Biden administration talking about “building back better,” this might help with budget planning.

“…[The need for economic stimulus] is “beyond paramount” and it should include “a comprehensive suite of ideas, including investing in advanced technologies,” said Sen. Robert Hertzberg (D-Van Nuys)… AB 841, which streamlines energy efficiency funding and accelerates California’s transportation electrification, is a step toward the $100 billion Hertzberg-Ting Joint Economic Stimulus Plan proposed in July…A $100 billion stimulus investment in advanced energy technologies can pay big dividends for California, according to from the Analysis Group for Advanced Energy Economy (AEE).

Investments in energy efficiency, renewable energy, and building and transportation electrification would add $727 billion to California’s economy, the study found. It would also create 4.1 million new jobs, increase tax revenues to local and state governments by $45.8 billion, and save consumers $28 billion in annual energy costs…The AEE report confirms that proposals for stimulus funding of advanced energy technologies are “the right track,” Assemblymember Ting said…

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There are, though, “obvious and practical problems” with California’s clean energy goals, U.S. Secretary of Energy Dan Brouillette wrote in Sept. 25 editorial. Because of the variability of renewables and the limited duration of battery storage, “natural gas and nuclear must play a role.” Union of Concerned Scientists Senior Energy Analyst Mark Specht disagreed. California needs to “drastically reduce natural gas usage,” and Diablo Canyon, California’s one nuclear facility, is set for closure in 2025 under an approved settlement.

California’s electric sector includes an estimated 44% installed renewables capacity in 2020, according to the November 2019 California Public Utilities Commission report. That is far short of its 100% clean energy mandate and economy-wide zero emissions goal set for 2045…Stimulus funding can support the “massive investments” in California’s renewable generation and battery storage technologies needed to reliably achieve its 2045 goals, Specht said…Investing $100 billion in advanced energy technologies is a sound idea for economic stimulus because models show it will lead to “long-term economy wide savings,” Inclusive Economics Founder Betony Jones, a Clinton administration climate advisor, said… click here for more

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