The Climate Group and the University of Michigan released a report on Feb. 3 that reveals potential for substantial growth in revenue and job creation in the Midwest over the next five years from three low-carbon technologies.
The report's projections — that clean energy policies could create 100,000 new jobs, generate $12 billion additional market revenues and $800 million additional state and local tax revenues by 2015 — rely on "policy-assisted growth" in hybrid powertrains, wind turbines and advanced batteries. The report's projections are based on economic analysis from major international accounting and consulting firm Deloitte with the assistance of Tom Lyon and Andy Hoffman, professors from the University of Michigan's Erb Institute for Global Sustainable Enterprise.
According to the press release, the research isolates three of 15 low-carbon technologies, areas where the Midwest has comparative advantage, meaning the economic value of improved climate and energy policies might be greater than those mentioned in the report.
Wisconsin Gov. Jim Doyle and Illinois Gov. Pat Quinn called the report timely, with Quinn adding, "The climate and our economy need help urgently. This timely report documents the huge boost we can give our economy if we adopt strategies to accelerate investment in the low-carbon technologies that will rejuvenate the industrial Midwest, put our people back to work and ensure the Midwest remains globally competitive."
The report, American Innovation: Manufacturing Low Carbon Technologies in the Midwest, compares potential job and revenue growth in five states: Michigan, Illinois, Ohio, Indiana and Wisconsin. The biggest benefit would likely occur in Michigan, which could garner 32,000 new jobs, $4 billion in market revenues and $244 million in state and local tax revenues by 2015.