‘Spectacular’ price drops for clean energy obliterate the cost arguments against Green New Deal

Republicans push phony attack on Green New Deal’s cost, ignore ‘tens of trillions’ in benefits.


REP. ALEXANDRIA OCASIO-CORTEZ (D-NY) UNVEILS THE GREEN NEW DEAL RESOLUTION IN FRONT OF THE U.S. CAPITOL, FEBRUARY 7, 2019. CREDIT: ALEX WONG/GETTY IMAGES.

Opponents of serious climate action are routinely using a nonsensical $93 trillion dollar cost projection to attack the Green New Deal — an effort to mobilize the U.S. economy to shift away from fossil fuels as fast as technologically possible to preserve the livable climate that has made modern civilization possible — even though the figure has been roundly debunked by fact checkers.

The reality is that the price of what are called “core” clean energy technologies — including solar power, onshore and offshore wind, and batteries — have seen “spectacular gains in cost-competitiveness” in just the last year, according to a Bloomberg New Energy Finance (BNEF) report released Tuesday.

Modernizing and decarbonizing the country’s aging energy infrastructure now has so many economic, environmental, and health benefits that the overall benefit of strong climate action would be enormous.

FactCheck.org notes that, by itself, “the cost of climate change could easily balloon into the tens of trillions” for this country based on recent research. The National Climate Assessment (NCA) by hundreds of the country’s top scientists — approved by the Trump administration in November — warns that a do-nothing climate policy will end up costing Americans more than a half-trillion dollars per year in increased sickness and death, coastal property damages, loss of worker productivity, and other damages.

And so the biggest benefit of the Green New Deal would be avoiding those costs. MORE

RELATED:

More bad news for coal: Wind and solar are getting cheaper

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