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McCain’s Push for a Green Economy

By Robert Cowin
October 22, 2008
File under: Economy, election 08

John McCainUnfortunately, McCain’s vision of a new green economy isn’t exactly …well, green.  While he does recognize the positive economic benefits of creating green jobs and investing in renewable technology, the centerpiece of his “green” economic platform is building 45 new nuclear power plants by 2030 with the eventual goal being 100 new nuclear power plants.  While this will indeed create hundreds of thousands of new jobs, it’s hard to call them green jobs.  After all, while nuclear energy is virtually carbon neutral, what to do with radio active waste remains an unanswered question.  Still, McCain includes a cap and trade system as part of his green energy plan, and nuclear power is the major part of bridging the gap between electricity demand and the reduction of fossil fuel-based electricity production.

Another important part of McCain’s plan for a new green economy is “clean coal”.  A variety of environmental organizations will tell you that there is indeed no such thing, and if we are going to get real serious about cutting greenhouse gas emissions, “clean coal” can’t be a large part of the solution.  Still, the development of “clean coal” technology will create some jobs, especially with government tax breaks, subsidies, and other incentives.  But McCain calls for a measly $2 billion a year for clean coal research and development and that’s not likely to spawn a significant amount of employment.  “Clean coal” will reduce carbon emissions (by how much and whether it will make enough of a difference is a matter of debate) .

McCain is a supporter of “The Lexington Project” which is focused on the goal of U.S. energy independence.  While not perfect, one of the truly green initiatives of the Lexington Project is a $300 million cash prize for the first company that can create a zero emissions automobile battery.  This is a great market-based way to create jobs and help jump-start the US economy.  If this idea is replicated to address a host of energy technology development challenges this could indeed be the type of stimulus needed to grow the new green economy.  McCain also supports incentives for flex fuel development, wind and solar, as well as a $5,000 tax credit for the purchase of zero-emission vehicles.  These measures are also positive steps in creating green jobs, and rewarding the tax payer’s wallets for being energy efficient.

McCain touts offshore drilling for oil and natural gas as another important part of his energy policy, and while this definitely isn’t an environmentally friendly idea, McCain likes to talk about how the oil platforms off the coasts will provide vital habitat for marine life, and poses no threat to the environment.  He basically sees it as an environmentally safe and healthy practice, so it’s in affect become part of McCain’s green energy policy.  Drill baby drill will create new jobs, but they’re only temporary.

So when we take a closer look at McCain’s plans to grow the new green economy, we can’t help but notice that much of those plans are focused on shifting fossil fuel-based forms of energy production to carbon-neutral forms of energy production with other environmental consequences.  Also, there’s heavy emphasis on expanding domestic development of fossil fuel resources.  While some of his market-based approaches to green technology development should be successful in creating green jobs, it needs to be expanded in order to maximize the economic benefits derived from creating mini green Manhattan projects all over the country. McCain’s vision for a new green economy is one where domestic energy production is far more important than environmental sensitivity, and many of the jobs created by the McCain plan won’t be green jobs.  His plan to grow the green economy is mostly just an energy plan with incentives to move towards more green approaches.

Tomorrow, we’ll take a closer look at Barack Obama’s plan for a green economy.

 
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