Newsletter: Economic Benefits from Honua Ola
You may already know Honua Ola Bioenergy will use locally grown biomass to produce clean, sustainable energy once the facility begins operating. But aside from the numerous environmental benefits Honua Ola will provide, there are several economic benefits it will deliver to our island home. By harnessing the potential of biomass, Honua Ola Bioenergy can substantially reduce the greenhouse gases and air pollution caused by burning fossil fuels, even as it also boosts the local economy.
These economic benefits include the following:
- Stimulating the Local Economy: Honua Ola will primarily use locally grown eucalyptus trees from commercially managed forests on Hawaii Island as fuel to produce renewable energy. Instead of financial resources leaving Hawaii to buy fossil fuels, money will remain within our local economy, stimulating job growth, new industries and improving our overall economic well-being.
- Reduced Volatility of Electrical Costs: Hawaii currently relies on fossil fuels imported from overseas, with oil prices changing quickly, depending on weather, natural disasters and geopolitical conditions. Renewable energy sources such as locally produced biomass reduce the volatility of electric bills and save consumers money, in addition to increasing our energy independence.
- Job Creation: The renewable energy industry offers a wide range of employment opportunities, particularly biomass power production, which requires knowledge of utility-scale operations, forestry skills and transportation capabilities. Biomass energy will provide additional local jobs in these industries and stimulate employment in other sectors, as new income is spent on goods and services from local businesses. Honua Ola alone will generate the need for 220 jobs in operations, forestry, transportation and in the companies that supply these industries.