California Cares | California Leads | New Jobs | Beyond the Act
Speaker Núñez's Global Warming Solutions Act Will Help Combat Climate Change - And Create 83,000 New Jobs for California
As the California legislature deliberated on AB 32, a few skeptics questioned the economic viability of taking a proactive approach to combat global warming. Legislators took these concerns to heart and drafted AB 32 in a way that not only serves the planet, but also boosts our state’s economy.
The Climate Action Team -- a group of state agencies coordinated by the California Environmental Protection Agency -- found that meeting the 2020 limit on pollution will increase the income of Californians by $4 billion and create 83,000 jobs.
And implicit in the goals of AB 32 is a desire to see a rise in the production of clean technologies. The Silicon Valley is home to the country’s leading clean technology manufacturers, and by 2020, we expect demand for clean tech products to exceed $200 billion. Through AB 32 and other bills promoted by the Democratic Caucus, California will help spur this demand. Also, the two largest public pension funds in the country, CalPERS and CalSTERS, in tandem with the State Treasurer’s office, have committed to prioritizing investments in clean tech companies.
Many of the state’s leading businesses have backed AB 32, including one of our largest utilities, PG&E. And a study by the Bay Area Council found that 84 percent of Bay Area businesses support AB 32. These businesses recognize that it is important for California to send clear market signals to invest in clean technologies.
In short, both our lungs and our pocketbooks benefit from having a green economy.