How Technology Has Tremendous Positive Spillover Effects...

With all different forms of green technology, the one that can end up affecting the U.S. the greatest is renewable energy. Long term, renewable energy will cost less, making energy consumption cheaper, and in turn making production increasingly cost effective. With green energy being a cutting-edge technological field, it will take a great deal of innovation and creativity to create superior green products. The United States would benefit greatly from discovering more innovative ways to produce these products and gain that lead in commercialization away from Europe. Increases in technology have immense positive spillover effects. â€Å"A technological gain in one sector of production gives people in other sectors of production, new ideas on how†¦show more content†¦Green growth perceived as a win-win situation. The independence from fossil fuels and the â€Å"scalability,† renewable energy can help with both economic and social development, especially in poor, rural, or remote areas that are lacking in energy access (Ottmar Edenhofer, 514). With green renewable technology, there are still a lot of obstacles to overcome, so it is understandable why the U.S. has remained behind. First, there’s a lack of understanding of the long-term benefits and how it would affect society as a whole. This lack of understanding result in a lot of misinformation from biased or political standpoints. The U.S. relies heavily on fossil fuels so moving people away from that is thought as a huge drop in employment and potential large scale issues in the economy. With any original technology, there is inexperience; With green technology being in the infant stage there will be a lot of trial and error. One can also see large initial costs and high marginal costs for maintenance (Europe’s Green Billions, 265). Another barrier is encouraging investment in clean energy. Generally, it is agreed that implementing a carbon tax would encourage investors to work towards cleaner fuels, nevertheless, the U.S. remains widely against additional taxes. Finally, the last obstacle is technological. With renewable energy and green technology being new, the technology is simply not as efficient as it is required