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|"Green Recovery" Plan Touted
|A new study released Tuesday is being billed as a "program to create good jobs and build a low-carbon economy."
The study "Green Recovery," put together by economic professors at the University of Massachusetts, calls for $100 billion to create 2 million new jobs within two years. Those workers would focus on retrofitting buildings to improve energy efficiency, expand mass transit and freight rail, construct "smart" electrical grid transmission systems, wind power, solar power and develop biofuels.
If such a plan were to be implemented, the impact to Illinois would be great. According to the study, a green infrastructure investment program would create roughly 83,000 jobs over the next two years, mostly in the construction sector. Illinois' share of the $100 billion would be roughly $4.4 billion, based on the state's population and the gross domestic product. Divided up, the $4.4 billion would be used as follows:
* $1.7 billion for energy efficient building retrofits
* $871 million for mass transit and freight rail
* $436 million for "smart" electrical grid construction
* $1.3 billion for wind, solar and advanced biofuels
Authors of the study say funding would come from a $100 billion fiscal expansion, temporarily increasing the level of federal deficit spending targeted specifically to underwrite a green investment program. Funding could also come by setting a cap on carbon emissions and then requiring companies to buy credits. Those credits would cover the amount of carbon that companies vent into the air.
The study will be presented to lawmakers when they return to session.
(Source: Illinois Radio Network)
|09 09 08 by Newsroom
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