💸 How Decarbonization Can Spur a Stronger Economy in Florida
A new study on the economics of decarbonization takes a look at Florida’s greener economic future.
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Watch our interview here with Sofia Leon from The Nature Conservancy on their study of the economic benefits of decarbonizing Florida’s economy.
What would Florida’s economy look like if we could achieve a net-zero power grid by 2035, or thinking bigger, a net-zero economy by 2050?
Those were the two scenarios in a recent study by The Nature Conservancy that outlines a future where renewable energy and sustainable practices drive economic success.
Through land protections and restoration efforts, nature will do part of the job of decarbonization, explains Sofia Leon, the Climate Innovation & Fundraising Lead for The Nature Conservancy. “But there’s a lot more that needs to be done. Otherwise, my kids aren't going to forgive me and our kids aren't going to forgive the collective us for it,” she said in our latest interview outlining the report.
THE FINDINGS
The report titled “Economic Benefits of Decarbonization in Florida” shows how climate efforts can grow the economy and create jobs while also reducing energy and transportation costs.
Florida is uniquely positioned for a smooth transition to clean energy (such as solar power), which can create new job opportunities with diverse skill requirements and potentially higher wages. The transition to a decarbonized economy promises a state economy nearly two percent larger by 2050.
The report also serves as an opportunity to change the narrative that decarbonization is too costly and difficult to take on.
“This study proves that we as Floridians stand to gain more than it will cost us,” Leon said. “It’s an opportunity that’s going to have multiplier effects across our economy that we need to take advantage of.”
ABOUT THE NATURE CONSERVANCY
The science-based global environmental nonprofit is also the world’s largest conservation organization with the mission to conserve the land and waters in which all life depends.
Their Florida hub was founded in 1961 and has since protected over 1.3 million acres of land. In recent years, they have paid a lot of attention to decarbonization and those multiplier effects across the economy.
“That’s why The Nature Conservancy entered this space,” explained Leon in our interview. “It’s an opportunity to engage business leaders [and] governments around this conversation.”
The report also offers a long-term outlook for Florida as a hub for the energy and manufacturing sectors, a national thought leader in technology and engineering, and a profitable place for investors and innovators to start companies, expand ideas, and collaborate.
GOING SOLAR
The Nature Conservancy was part of a coalition that recently received a $156 million grant from the EPA to help low-income Florida households go solar.
It’s just a small drop in the large clean-energy bucket, though. An energy outlook by BloombergNEF found a "rapidly closing" window to reach net zero emissions by 2050. Of nine technologies that will "make or break" energy transition globally, just four are mature, commercially scalable, and have proven business models: EVs, renewable power, storage, and grids. And they are “ripe for acceleration.”
The Nature Conservancy report looks at those industries and related investments for the energy and transportation sectors — Florida's two highest emitters of greenhouse gasses. The state is the third largest emitter in the country.
“We can talk about why clean energy is great for our environment. But we need to make the business case that financially it’s viable,” Leon said of the report. “Our economy is going to continue to grow and create a lot of opportunities within it to transform the goods and services and the way we provide our energy needs.”
That growth is already happening as business and government leaders take the initiative to transition to solar and energy-efficient transportation. The study shows that Florida – and the Miami of 2040 – can become a global hub for many sectors, powered by a uniquely diverse and skilled workforce.
PITCH US
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Hope to hear from you.
– Suzette
