A $4.6 billion plant will make ammonia ‘the fuel of the future’
The Green New Deal: A blueprint for a new economy, powered by renewable energy, that would bring the US economy to 20 percent of its 2018 GDP by 2030
There are many reasons to hope for a Green New Deal. It would generate an estimated 4.5 million new manufacturing jobs, increase the number of manufacturing workers to 13.5 million in 2030, and cut energy use for the electric grid by up to 4.1 percent (compared to today’s baseline of 30.9 percent). As a practical matter, such drastic changes to energy consumption would have a large effect on the country, and the impact would be felt nationwide. Because an economically prosperous, sustainable America would have a better quality of life, that would certainly benefit all people from all walks of life.
There are also many reasons to be concerned about climate change. The US economy is expected to require 1.4 trillion dollars to adapt to climate change, and in my opinion, the Green New Deal would be a serious challenge to America’s economy, not a solution. For America’s economy to thrive, it will need to embrace and encourage innovation. Without innovation, it will not be able to compete in a global economy.
Here is why I think it’s a good idea, but also suggest some limitations and caveats:
A new economy would require innovation
The need for innovation underpins the success of any economy. But to create a new economy, innovation must be supported and encouraged, not stifled. The US economy is already losing innovation, with the cost of R&D doubling from 2008 to 2016 and the R&D deficit ballooning to 15 percent of GDP (compared to a level of only 4.8 percent in 2000). By 2030, our innovative base will have declined by 26 percent.
As a result, the US economy and manufacturing sector have to shift toward innovation, away from manufacturing where
