FOR IMMEDIATE RELEASE
Ceres Releases CA Job Growth Numbers from Federal MPG Standard; Results of New Report Showing Economic Benefits of Strong MPG
Federal 54.5 MPG standard by 2025 would create roughly 57,300 new jobs in CA, boost state GDP by $3.67 billion
Ceres, a national coalition of investors, Fortune 500 businesses and public-interest organizations, today released California economic impact data found in More Jobs Per Gallon, an economic analysis by the independent firm Management Information Services, Inc. that quantifies what stronger fuel economy/GHG standards would mean for California and the U.S. economy.
The Obama Administration is expected to announce its draft rule to increase fuel economy to 54.5 miles per gallon by 2025 and strengthen greenhouse gas emissions standards for light-duty vehicles in mid-November. At the same time, California plans to release an outline for updating its clean cars program that would also strengthen standards to reduce carbon emissions from light-duty vehicles sold in the state.
“It’s time to shift our economy into high gear,” said Ceres president, Mindy Lubber. “The facts are clear: strong fuel economy standards would boost California’s economy, unleash American innovation and protect American auto jobs.”
Key California findings include:
- The 54.5 mpg standard would create more than 57,300 new jobs in California, making it #1 among all states in terms of total new jobs created.
- The 54.5 mpg standard would boost California’s GDP by about $3.67 billion; California would be ranked third in terms of total GDP growth resulting from the standards.
- Across the United States, the 54.5 mpg standard would create about 484,000 new jobs
- 43,000 of these new jobs would be in the auto industry and 49 states would see net gains in employment
Reaching 54.5 mpg by 2025 means cars would be required to average a 5 percent improvement in fuel economy each year from 2017 through 2025, while trucks would only need to rise 3.5 percent a year through 2021. This most closely aligns with the 4 percent per year improvement for CAFE mileage and GHG emission reduction in the Ceres report.
For more details on CA data visit: http://www.ceres.org/files/report-fact-sheets/more-jobs-fact-sheets/california
To read the full report visit: http://www.ceres.org/press/press-releases/more-jobs-per-gallon
Ceres is an advocate for sustainability leadership. Ceres mobilizes a powerful coalition of investors, companies and public interest groups to accelerate and expand the adoption of sustainable business practices and solutions to build a healthy global economy. Ceres also directs the Investor Network on Climate Risk (INCR), a network of 100 institutional investors with collective assets totaling more than $10 trillion. For more information, visit www.ceres.org and www.incr.com.