Warns of Higher Energy Prices and Job Losses if Cap and Trade Bill Passes
COLUMBUS, OH — The president and CEO of the U.S. Chamber of Commerce’s Institute for 21st Century Energy today warned that more than 100,000 Ohioans stand to lose their jobs if the Senate passes cap and trade legislation that has already cleared the U.S. House.
Addressing the Columbus Metropolitan Club today, Karen Harbert outlined the energy realities and opportunities facing Ohio and the nation. Harbert cited a study by the National Association of Manufacturers and American Council for Capital Formation that reveals that Ohio will lose 108,000 jobs and that state electricity prices will rise by up to 60 percent if the House climate bill becomes law.
“Ohioans and other Americans are concerned about their jobs, their family budgets, and their future,” Harbert said. “While we all want to return to a healthy economy, our long-term recovery will depend on a very important ingredient – affordable and reliable energy. Let us not forget that energy was the key to our nation’s economic growth in the 20th century, propelling us to an industrial and economic superpower, and it will be the key to our economic rebound in the 21st century.”
While the House bill is not the answer, Harbert argued that there are other, better ways to tackle climate change, lower energy prices, grow the economy, and develop cleaner technologies.
“There must be greater efforts to increase our energy efficiency and improve our financial infrastructure so that new clean energy technologies can be put into the marketplace,” Harbert said. “We must double funding for clean energy research and development and increase the use of renewable energy technologies. At the same time, we need to acknowledge the important role that conventional and fossil fuels will continue to play over the next several decades and expand domestic oil and natural gas.”
Harbert also advocated for an expansion of clean, emissions-free nuclear power, which currently accounts for only 20 percent of America’s electricity. While there are currently over two dozen applications to build new plants filed with the government, America has not licensed a new plant for construction in over 30 years, in part because of excessive “green tape” that makes it difficult for energy projects of all kinds to move forward.
“Energy projects once had to contend with red tape; today they have to contend with green tape—the frequent abuse of environmental and siting regulations in order to delay, disrupt and destroy needed energy projects,” Harbert said. “We have to restore some sanity to the regulatory process, and reform laws that are being abused by individuals and groups to bring needless and endless delays to important energy projects.”
Finally, Harbert called for a renewed emphasis on training young people in engineering and math skills.
“We will not be competitive in the 21st century without the people to innovate and discover that next technology or new source of energy,” Harbert said. While we worry a lot about importing oil these days, I worry about importing our intellectual capital in the future. In my view, this could perhaps be one of the largest challenges to our nation over time.”
The mission of the U.S. Chamber’s Institute for 21st Century Energy is to unify policymakers, regulators, business leaders, and the American public behind a common sense energy strategy to help keep America secure, prosperous, and clean. Through policy development, education, and advocacy, the Institute is building support for meaningful action at the local, state, national, and international levels.
The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.