Climate Change > Economic Opportunities

Economic Opportunities

Climate change impacts are visible in Washington State and their adverse economic effects will grow over time as temperatures and sea levels rise. Climate change also opens the door to new economic opportunities.

The 2006 report Impacts of Climate Change on Washington's Economy finds economic opportunities for fuel savings associated with reducing greenhouse gas and for adaptive management of new markets created by global warming:

• Transportation: More efficient running vehicles and planes, less miles traveled using vehicles, switching modes of transportation.
• Biofuels: Used for electricity and transportation.
• Renewable power: The greatest opportunities are in wind, fuel cells and solar.
• Energy efficiency: Smart energy, solar hot water, appliance standards, etc.
• Carbon capture: Particularly in soil and forests.

By supporting the companies that create innovative ways to reduce greenhouse gas, the state can strengthen its economy. A stronger economy will give the state the flexibility to address the (largely unknown but likely) costs of adapting to the impacts from climate change. Supporting these industries and sectors will also build on Washington’s long-term strength in exporting technology.