Google: Delaying Clean Energy Transition “Only 5 Years Could Leave Trillions on the Table”

The global economy runs on energy, and most companies depend on limited fossil fuels, which are inevitably in decline. Delaying transition to renewable sources, even by five years, could cost the global economy trillions of dollars, suggests a Google.org study. The search-engine company analyzed economic impact by modeling scenarios and renewable energy’s influence on GDP growth and the reduction in energy costs and greenhouse gas emissions, reports Stephen Lacey for Climate Progress. Google.org anticipates an “innovation arms race” to develop clean fuels, while the US will continue subsidizing fossil fuels and delay development of renewables – a strategy that could cost more than $2 trillion and a million jobs in just five years. Innovation requires government policies, including a level playing field for new clean energy. – YaleGlobal