By Robert Pollin, Heidi Garrett-Peltier, and Jeannette Wicks-Lim - Political Economy Research Institute, December 4, 2017
This study examines the prospects for a transformative Green New Deal project for Washington State. The centerpiece of the Green New Deal will be clean energy investments—i.e. both investments in the areas of renewable energy and energy efficiency. The first aim of this Green New Deal project is to achieve a 40 percent reduction in all human-caused carbon dioxide (CO2) emissions in Washington State relative to the state's 2014 emissions level. The second aim is to achieve this 2035 CO2 emission reduction standard while also supporting existing employment levels, expanding job opportunities and raising average living standards throughout Washington State.
We estimate that clean energy investments in Washington State that would be sufficient to put the state on a true climate stabilization trajectory will generate about 40,000 jobs per year within the state. We consider a series of policies to support this state-level Green New Deal program. These include a carbon tax, which we estimate can raise an average of about $900 million per year even with a low-end tax rate of $15 per ton of carbon. We also consider a series of regulatory policies, direct public spending measures, and private investment incentives.