Breezing Towards a Sustainable Future: The Economic Costs of Transitioning to Renewable Energy S

Marisol Mendez, Dr. Michael Patrono, Department of Economics, Finance, and Quantitative Analysis, Kennesaw State University, 1000 Chastain Road, Kennesaw GA 30144

Non-renewable energy sources account for 60 percent of carbon dioxide and greenhouse gas emissions in our atmosphere. As the years go by, the effects of climate change continue to threaten the lives of many people and can result in economic and political stability. There are various ways to combat climate change, but one important way is by reducing the dependency on non-renewable energy sources and investing in renewable energy. Many countries, like the United States, have started making this transition while many people are against it due to economic costs. In the United States, renewable energy is one of the fastest-growing energy sources, but renewables only make up about 18% of net U.S. electricity generation.  The U.S. continues to be highly dependent on oil and coal, with fossil fuels accounting for 80 percent of energy consumption in the country. Investing in clean energy has caused doubt as it is estimated that it will cost $4.6 trillion by 2030. However, the threat of rising levels of greenhouse gas emissions could result in the destruction of ecosystems and increasing public health concerns, making renewable energy a worthwhile investment. With the help of the private, public, and philanthropic sectors, then the cost of transitioning towards clean energy could significantly lower and project startups will initiate much sooner. This research seeks to explain why the U.S. continues to depend on fossil fuels by examining the geography and economy of the 4 U.S. regions: Northeast, Midwest, West, and South. Then, a literature review will examine current climate proposals like the Green New Deal and the Biden Climate Plan to understand the cost of transitioning to renewable energy and its effect on the U.S. economy. From here, recommendations that are cost-effective and can be achievable by 2050 will be presented.

Additional Abstract Information

Presenter: Marisol Mendez

Institution: Kennesaw State University

Type: Poster

Subject: Economics

Status: Approved

Time and Location

Session: Poster 5
Date/Time: Tue 12:30pm-1:30pm
Session Number: 4120