Renewable energy projects can help attract more diverse energy investment to Texas, including carbon capture, hydrogen production, and synthetic fuels production, according to a new study released by the Advanced Power Alliance (APA).
“Renewable energy offers more than just clean, low-cost power,” said Judd Messer, Texas Vice President of APA. “That power enables advancements in other fuels and energy resources, presenting unique economic opportunities across the state. Advanced energy technologies, powered by renewable energy, will attract capital investments, create jobs, generate tax revenues, and create new revenue opportunities for landowners while positioning Texas to lead in the energy future.”
Emerging technologies require cost-competitive renewable power, a fair regulatory environment, and a skilled workforce, according to the study, and Texas’ current renewable capacity will require a tenfold increase in order to capture just 10% of the global demand for green hydrogen, direct air capture and synthetic aviation fuels by 2050.
“Texas should seize the opportunity to reinforce its position as an international energy leader,” said Messer. “Instead, some state lawmakers are determined to undermine Texas energy by pitting industries against one another and deliberately creating obstacles to our state’s energy expansion. In order to serve the emerging industries that will increasingly require clean energy to power their growth, Texas will need significant new investment in renewable energy resources.”
Other notable findings from the study show significant benefits from renewable energy deployment, including:
- Estimated $400-500 million a year of reinvestment (tax, etc.) in local communities, approximately 80% of which are in rural Texas;
- Estimated 80-90,000 direct and indirect jobs created, 15-20,000 of which are permanent jobs created to support ongoing operations, and the average pay for the direct jobs created is expected to be 30% higher than the statewide average;
- Potential for creation of up to 50,000 new direct and indirect jobs by 2030; and
- Pathway to $70-90 billion in capital investments by 2030, while also roughly tripling annual tax revenue generation and landowner payments.
Find more compelling data in the full report and one-page summary here and here, respectively.