The Economic Benefits of the New Climate Economy in Rural America

Abstract

Rural US communities can reap significant benefits from investments in the new climate economy, including measures to advance clean energy systems, remediate abandoned fossil fuel production sites, restore trees to the landscape and reduce the risk of catastrophic wildfire. Collectively, these measures can create new economic opportunities in rural places while addressing climate change. This working paper presents a detailed analysis of the rural economic impact from federal policies that invest in the new climate economy, including information about the geographic and sectoral distribution of those investments. This analysis finds that with a total annual federal investment of $55 billion, nearly $15 billion would flow to rural counties, supporting nearly 260,000 rural jobs over at least five years. This working paper also offers recommendation on policy vehicles to ensure that federal investment reaches rural areas and communities most in need.

Shifting Climate Communication Narratives Toward Actions and Futures in a Rural Area of Appalachia

“…To overcome this, the next step for learning networks like CRSP could be to review climate-centered rural development models such as ReImagine Appalachia’s Blueprint (2021), Saha et al (2021), and Heartland Fund’s Rural Climate Partnership (2022) and reflect on the differences between policy and politics. Although not climate-focused, Romano and DeVore (2023) could help the network link climate actions with economic and racial justice and build a larger coalition.…”

Toward a US Framework for Continuity of Satellite Observations of Earth's Climate and for Supporting Societal Resilience

“…The value of an enhanced and robust continuity framework for global Earth observations also underpins the rapid development of the “climate economy,” a constellation of goods and services for facilitating sustainable and resilient growth, equipping the nation to withstand the impacts of a changing climate (Saha & Jaeger, 2020). This sector is poised for substantial growth, with major policy initiatives such as the Inflation Reduction Act attracting a broad coalition of business interests into the climate risk arena (Meyer, 2022).…”

Climate-smart infrastructure in the United States—what does it look like and how do we get it built?

“…While additional funding is needed for all kinds of climate-smart infrastructure, progress to date and the immense benefits of climate-smart infrastructure investments-in terms of not just addressing climate change but job creation, public health, and economic growth-suggest such a mobilization and reallocation of investment should be possible (Saha and Jaeger 2020). However, as economic incentives increasingly align in support of climate-smart infrastructure, the rate-limiting factor is likely to be how well policies can be implemented and coordinated between federal, state, and local agencies and the private sector to facilitate rapid climate-smart infrastructure build-out.…”

“…This is both new investment and reallocation of spending to align with the realities of climate change. Research suggests that the United States can leverage investments in climate-smart infrastructure to not just avoid the costs of climate impacts now and in the future, but create jobs and build national economic competitiveness in low-carbon sectors, all in a way that can be used to advance greater domestic equity and justice (Saha and Jaeger 2020). One recent study by World Resources Institute found that not only was decarbonizing the United States economy economically feasible, but depending on fossil fuel prices, it could ultimately provide a net savings of 0.3% of United States GDP (Saha et al 2021a).…”