The Nature Conservancy in New Hampshire today released a detailed report analyzing the economic impacts of potential federal investments in climate policies currently being considered in Washington.
The report, prepared by BW Research Partnership, shows that federal investments such as clean energy tax credits, infrastructure investments, transportation and building electrification investments, and reforestation and conservation grants could result in about 4,400 Granite State jobs supported annually for 10 years across sectors, including power, transportation, and the forestry and agriculture sectors.
“This important research clearly shows the value to New Hampshire’s economy and workforce of accelerating clean energy and climate investments,” said Jim O’Brien, Director of External Affairs for The Nature Conservancy. “The depth of impact that this critical investment can have across our economy is striking – with almost all sectors being positively impacted. ”
For the report, The Nature Conservancy asked BW Research to examine the climate and clean energy policy framework that has been under consideration in Congress since late 2021. These policies total over $412 billion in federal investment and about $422 billion in total investment over a ten-year period. Impacts were analyzed at the national level, and at the state level for Arizona, Nevada, New Hampshire, Pennsylvania, and West Virginia.
New Hampshire would see $2.6 billion in federal climate investments over ten years which would result in:
• About 4,400 jobs supported annually for 10 years (a total of 43,900 job-years), or 16.7 jobs per million dollars of federal investment.
• Nearly $350.7 million in value added annually for 10 years – $1.34 for every federal dollar invested.
• About $190.2 million generated in employee compensation annually for 10 years.
• Nearly $40.9 million in annual local, state, and federal tax revenue for 10 years.
While the majority of investments would impact the power sector by supporting the transition to clean energy, some of the climate policies under consideration would invest in climate-smart agricultural practices and revitalizing forests to absorb more carbon from the air, protect drinking water and natural habitat, and support local economies. The research found these programs generated nearly one-quarter (21%) of the total employment impacts in New Hampshire with more than 900 jobs supported annually for ten years. These jobs range from workers in the field and forests to downstream wood products industry workers and upstream workers in nurseries and other support industries.
“A thriving forest-based economy is essential to New Hampshire’s identity,” continued O’Brien. “We need to quickly transition to renewables and reduce our dependency on the volatility of fossil fuel markets and invest in our natural systems to be more resilient and help reduce emissions. New Hampshire can be a leader in implementing these climate smart policies that will benefit our local economies.”
Acceleration of clean energy across sectors means we can dampen the effects of any single shock to the energy system. As global conflicts and politics continue to impact our energy prices, we need to consider both short-term and long-term solutions.
“Accelerating investments in clean energy and energy efficiency can help families and marginalized communities who will be facing some of the highest electricity and home heating costs in the country this winter,” said O’Brien. “Incorporating more renewables into our power mix, and increasing our investment in energy conservation can help reduce energy costs especially if we can target those investments to those most in need.”
A recent report by Rocky Mountain Institute details how clean energy tax credits, could help save Americans nearly $5 billion in electricity costs by 2024. Investments in these climate policies can combat climate change and inflation simultaneously. Incentives for clean energy—including zero-emitting nuclear, natural gas with carbon capture and storage, and green hydrogen, alongside solar and wind power—would help diversify our energy mix. With energy coming from many different sources, price spikes or supply disruptions in one will be felt less severely.
The Nature Conservancy works in New Hampshire and around the world to conserve the lands and waters on which all life depends. Guided by science and using a collaborative approach that is grounded in the needs of our state and local communities, we create innovative, on-the-ground solutions to our world’s toughest challenges so that nature and people can thrive together. In New Hampshire, the Conservancy has helped protect more than 290,000 acres of forests, fields and natural areas, along with 680 miles of coastal shoreline and river frontage. To learn more, visit www.nature.org/newhampshire or follow us at TNCNH on Facebook, @tncnewhampshire on Instagram or @Nature_NH on Twitter.
The Nature Conservancy is a global conservation organization dedicated to conserving the lands and waters on which all life depends. Guided by science, we create innovative, on-the-ground solutions to our world’s toughest challenges so that nature and people can thrive together. We are tackling climate change, conserving lands, waters and oceans at an unprecedented scale, providing food and water sustainably and helping make cities more sustainable. Working in more than 70 countries and territories, we use a collaborative approach that engages local communities, governments, the private sector, and other partners. To learn more, visit nature.org or follow @nature_press on Twitter.