Public sector investment in research and development (R&D) is the foundation upon which such breakthroughs in technology are possible, and as our September 2020 study prepared by PricewaterhouseCoopers LLP made clear, is also a substantial part of the U.S. economy and an engine of job creation. Federally funded R&D supported over 1.6 million jobs in 2018 and added nearly $200 billion in value to the U.S. economy.
Breakthrough Energy Report US Economic Impacts of Expanded Federal Energy R&D Investments
The scenario presented here expands on our prior study to estimate the economic impact that increased federal investment in clean energy R&D would have on the U.S. economy and workforce.
The results of this new analysis are compelling: increasing energy R&D investment to $35 billion – roughly the same amount as health and biomedical research – would add $53 billion to the economy as well as support more than 372,000 jobs.
We encourage leaders and policymakers to consider investing in energy R&D not only as a crucial step towards solving the climate crisis, but also as a down payment to rebuilding the economy as we recover from the COVID-19 pandemic and securing the clean energy economy of the future.