The US could miss out on $52 billion (£40.8bn) and 560,000 new jobs by 2030 if it successfully backtracks on its Clean Power Plan (CPP).
That’s according to a new report from business group Environmental Entrepreneurs (E2), which also shows incremental energy efficiency savings through the plan could reduce annual average household electricity bills by 7%.
In March, Donald Trump signed an executive order to begin the lengthy process of attempting to roll back the CPP, which sets the foundation for states to reduce carbon pollution from existing power plants by expanding the availability of clean, renewable energy and improving energy efficiency.
The analysis suggests the move could prevent the US from becoming a global leader in the rapidly developing clean energy sector, especially when combined with President Trump’s withdrawal from the Paris Agreement.
The scenario expected to boost GDP and employment the most by 2030 is a compliance approach based on limiting the mass of carbon dioxide emissions – coupled with stronger investments in energy efficiency, it could reach savings levels of 2% in annual electricity sales.
Under this scenario, Florida could see 44,800 more jobs and $3.7 billion (£2.9bn) in growth, with Georgia expected to see 29,000 new jobs and an economic boost of $2.8 billion (£2.2bn).
E2 Executive Director, Bob Keefe, said: “Scrapping the Clean Power Plan will hamper job creation and stifle economic growth, plain and simple.
“For someone who calls himself a job creator, President Trump is rolling right over the three million workers in the rapidly growing solar, wind and energy efficiency industries. Adding insult to injury, a rollback would take money out of the pockets of families who could save on their electric bills.”