The transition to an energy-efficient economy would create more than 25,000 full-time jobs in New Brunswick and increase the provincial GDP by $4.9 billion over the next 13 years, according to a new study from Dunsky Energy Consulting.
The study, The Economic Impact of Improved Energy Efficiency in Canada, calculates the carbon pollution we could reduce and how many jobs we could create by following the federal government’s Pan-Canadian Framework on Clean Growth and Climate Change (PCF).
In total, the study determined that investments in energy efficiency would create 25,879 jobs in New Brunswick between 2017-2030. That breaks down to approximately 6,696 new jobs in the electricity sector, 3,365 in natural gas, and 15,715 in refined petroleum products.
The overall impact for homeowners and businesses? More money in your pocket. The study estimates $1.5 billion in savings on commercial and industrial energy bills over the study period (2017-2030) in New Brunswick, while households would save approximately $1,482, or $147 per year.
That’s under a scenario where only measures in the PCF are followed. The PCF plans to use tools such as new building codes, new standards for heating equipment and other appliances, and pricing carbon pollution, among other measures, to help homes, businesses and industries transition to more efficient energy management systems.
In a second scenario in the study, which looked at the impact of more ambitious actions and investments than just the PCF alone, Dunsky Energy Consulting determined New Brunswick could create more than 48,000 new jobs over the study period.
For Canada as a whole, the study determined that energy efficiency actions outlined in the PCF would add approximately 1,655,965 new jobs across the country over the next 13 years.
Although the transition to energy efficiency requires a significant up-front investment, the study determined that the Canadian economy would see a net increase of $356 billion from 2017-2030.
The study authors conclude that following the energy efficiency actions laid out in the PCF could be a key contributor to helping us reach Canada’s 2030 emissions target, expecting a calculated decrease in carbon pollution of 52 million tonnes by 2030, while adding good, new jobs in the growing renewable energy and energy efficiency sectors from coast to coast to coast.