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? The land used to produce the clean energy technology that could have been used to produce something else ?The millions of dollars spent to produce the clean energy technology ?The higher cost of other sources of energy such as coal, oil, and natural gas ? The goods and services given up to devote resources to producing the clean energy technology

? The land used to produce the clean energy technology that could have been used to produce something else ?The millions of dollars spent to produce the clean energy technology ?The higher cost of other sources of energy such as coal, oil, and natural gas ? The goods and services given up to devote resources to producing the clean energy technology

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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**Decisions for Tomorrow** **What is the Cost of Going Green?** People are worried about the future of the planet. Continued population and production growth have raised concerns about global warming. The earth’s temperature has risen over time and scientists are worried that the warming trend is accelerating. In 2018, the United Nations warned that weather patterns will become more extreme, droughts will spread, and the solar ice field will melt if we don’t curb the greenhouse gas emissions that are a root cause of global warming. Those warnings have spawned calls for “going green,” i.e., replacing carbon-based energy sources with clean, renewable, and zero-emissions energy sources like wind and solar. A proposed Green New Deal calls for the complete elimination of carbon-based energy by 2030. That is a tall order. The United States now gets 80 percent of its energy from coal, petroleum, and natural gas—all carbon-based fuels. We get another 10 percent from nuclear power. Only 10 percent or so comes from renewable sources like wind and solar. So, while everyone might share the goal of an emissions-free future, we have to ask how we get from here to there. **Opportunity Costs** It’s easy to get excited about a solar-powered future. But before we jump on the solar bandwagon, we have to at least consider the costs involved. Sure, the sun’s rays are free. But you need a lot of capital investment to harness that solar power. Solar panels on the roof don’t come free. Nor do solar-powered electrical charging stations, solar power plants, or the electrical grids that distribute electricity to users. To develop a nationwide, complete solar power infrastructure would cost trillions of dollars. That’s only the beginning. We’d also have to change the technology embedded in our transportation systems, office buildings, homes, and even farms. Retrofitting existing infrastructure would cost billions of dollars. Building new transportation systems would cost even more. The dollar cost of “going green” would be tens of trillions... **What are the opportunity costs of investing $1 trillion in clean energy technology?**
Transcribed Image Text:**Decisions for Tomorrow** **What is the Cost of Going Green?** People are worried about the future of the planet. Continued population and production growth have raised concerns about global warming. The earth’s temperature has risen over time and scientists are worried that the warming trend is accelerating. In 2018, the United Nations warned that weather patterns will become more extreme, droughts will spread, and the solar ice field will melt if we don’t curb the greenhouse gas emissions that are a root cause of global warming. Those warnings have spawned calls for “going green,” i.e., replacing carbon-based energy sources with clean, renewable, and zero-emissions energy sources like wind and solar. A proposed Green New Deal calls for the complete elimination of carbon-based energy by 2030. That is a tall order. The United States now gets 80 percent of its energy from coal, petroleum, and natural gas—all carbon-based fuels. We get another 10 percent from nuclear power. Only 10 percent or so comes from renewable sources like wind and solar. So, while everyone might share the goal of an emissions-free future, we have to ask how we get from here to there. **Opportunity Costs** It’s easy to get excited about a solar-powered future. But before we jump on the solar bandwagon, we have to at least consider the costs involved. Sure, the sun’s rays are free. But you need a lot of capital investment to harness that solar power. Solar panels on the roof don’t come free. Nor do solar-powered electrical charging stations, solar power plants, or the electrical grids that distribute electricity to users. To develop a nationwide, complete solar power infrastructure would cost trillions of dollars. That’s only the beginning. We’d also have to change the technology embedded in our transportation systems, office buildings, homes, and even farms. Retrofitting existing infrastructure would cost billions of dollars. Building new transportation systems would cost even more. The dollar cost of “going green” would be tens of trillions... **What are the opportunity costs of investing $1 trillion in clean energy technology?**
- The land used to produce the clean energy technology that could have been used to produce something else. - The millions of dollars spent to produce the clean energy technology. - The higher cost of other sources of energy such as coal, oil, and natural gas. - The goods and services given up to devote resources to producing the clean energy technology.
Transcribed Image Text:- The land used to produce the clean energy technology that could have been used to produce something else. - The millions of dollars spent to produce the clean energy technology. - The higher cost of other sources of energy such as coal, oil, and natural gas. - The goods and services given up to devote resources to producing the clean energy technology.
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