California’s renewable energy economy will grow by $1.7 billion by 2040

California's renewable energy economy will grow by $1.7 billion by 2040

California unveils plan to reach carbon neutrality by 2045

New Jersey

In a report released Thursday, the California Environmental Protection Agency (CalEPTO) said that the state needs to slash its greenhouse gas emissions by 25 percent by 2045 to meet carbon neutrality by then. California, along with the rest of the nation, is currently on track to meet its goal of reducing emissions. That leaves a big window of opportunity for California to increase its economy in a way that meets carbon neutrality goals.

This week the Federal Energy Regulatory Commission (FERC) released new figures showing that California’s electricity system will have a record amount of renewable energy in by 2040.

California can expect to have an average of 1,900 megawatts of renewable energy generation in 2040, up from 1,350 megawatts in 2026. That’s expected to allow the state to not only meet its carbon neutrality goal, but to grow its economy by at least $1.7 billion a year in 2040 and more than $3 billion a year by 2050.

“We have made tremendous progress in meeting our goals of cutting our greenhouse gas emissions and growing our economy,” said Governor Jerry Brown in a statement after the report’s release. “The new report underscores the need for a robust, statewide renewable energy target because the market cannot meet the costs of clean energy without generating revenue to pay for it. We are on the right track, and I am pleased that California is on the right track.”

According to FERC, California has the potential to generate 7,500 megawatts of renewable energy per year. Of that, nearly two-thirds is expected to be from solar or wind power. The report projects that renewable energy will make up more than half California’s electricity by 2040.

CalEPTO and the California Energy Commission’s new “Green Business for Growth” roadmap for California shows off what the report estimates will be the state’s clean energy economy by 2040.

The plan’s centerpiece is building nearly 1,200

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