Hundreds of Energy Project Blocked Costing Trillions of Dollars and Millions of Jobs
A year-long research study investigated 351 energy projects across 49 states. All the projects under consideration were being held up and delayed by regulations. That study, conducted by Steve Pociask, president of the American Consumer Institute, and Joseph Fuhr, economics professor at Widener University and senior fellow at the Institute, found the total value of these projects, if approved, would be worth trillions of dollars in economic output and millions of jobs. The study recommended streamlining the permitting process to provide some certainty and consistency approval process. The study was released by TeleNomic Research, who conducted an independent analysis and audited a host of projects initially identified by the U.S. Chamber of Commerce’s program – Project No Project.
One of the surprising findings in the study was that renewable energy projects — including solar, wind, wave, biomass and hydro — were meeting the same harsh regulatory and legal challenges as other projects were, in what the authors referred to as “Green Tape.” In fact, 45% of the energy projects identified as cancelled or stalled due to regulations were renewable energy projects. In short, the study showed that regulatory barriers to private investment were denying economic growth and progress.