JEC Chairman Beyer on Earth Day: “The cost of inaction will be catastrophic.”
Today, Congressman Don Beyer (D-VA), Chair of the U.S. Congress Joint Economic Committee (JEC), released the following statement in recognition of Earth Day.
“Today, on Earth Day, we recognize progress we’ve made to address climate change, and we recommit to investing in our planet to provide a safe and sustainable future. Climate change harms not only our health and well-being and our planet, but our economy, too.
“The just-passed Infrastructure Investment and Jobs Act is the first comprehensive infrastructure bill that makes addressing climate change a key priority. Through investments in renewable energy, this legislation will save families money on energy bills, create well-paying jobs in every state and accelerate U.S. independence from fossil fuels. Electrification of homes could help households save between $1050 and $2600 per year, and already, job growth in renewable energy is outpacing that of fossil fuels.
“In addition to the many lives lost, damage from extreme weather and climate disasters cost the United States more than $100 billion in 2020, and those costs are going up. Warmer temperatures are lowering workers’ incomes, and the increased severity and frequency of natural disasters is lowering overall economic growth. Low-income and marginalized communities are already disproportionately affected, and in addition to being on the front lines of the climate crisis, these communities have even fewer resources to adapt. The cost of inaction will be catastrophic.
“Climate change is the existential crisis of our time. Investments to promote climate sustainability are now more affordable and make our economy more productive than ever. We have an opportunity to invest in healthy communities and a healthy planet, while also creating jobs, lowering costs for families and growing our economy.”
The Joint Economic Committee recently released new analysis of the costs of inaction on climate change, how electrifying homes will reduce energy costs for families and help communities transition to clean energy and how investments in wind energy will help to create a fairer and more resilient economy. The JEC also held a hearing to examine the economic benefits of electrifying U.S. homes and buildings.