Economic Benefits of Biomass Production
Biomass resources provide several socio-economic and environmental benefits both to rural and urban areas of Hawaii, particularly when compared to fossil-fuels. Biomass is a carbon-neutral energy source that can reduce air pollution and greenhouse gas emissions in the atmosphere, which are primarily caused by burning fossil-fuels. As the cost of fossil fuels rises, the demand for affordable renewable energy (wind, solar, hydro, biomass, etc.) is also likely to increase.
Local Biomass Production
Biomass is a renewable and abundant energy source as it is derived from plant materials, waste products and other organic matter. It can be harvested locally and will always be widely available, which makes it a self-sufficient and sustainable energy source that can be replenished easily. Non-renewable energy sources such as fossil fuels, have a slower rate of production compared to the rate of usage, and thus, the increase in demand will lead to an inevitable depletion of resources.
Hawaii relies on importing transportation fuels from foreign countries as the nation has no fossil fuel reserves of its own. Hawaii currently has the highest electricity costs in the United States. The dependency on foreign oils further contributes to the high energy costs Hawaii incurs. Renewable energy sources such as biomass can be produced domestically, which will prevent money from leaving the local economy on foreign oils. Investing in local green energy will also help Hawaii to reduce its reliance on imported transportation fuels, such as petroleum, natural gas and coal, and create a stable, domestic supply of clean energy.
Job Creation
The renewable energy industry offers a wider range of employment opportunities, compared to the fossil fuel-based energy sector. As the demand for renewable energy has increased to substitute for fossil fuels, the green energy sector will provide more local jobs that can help to support the local economy.
A growing biomass production industry will also help to boost economic growth and create new jobs in a variety of sectors along the supply chain of biomass fuel. Clean energy will diversify Hawaii’s economy and reduce its dependence on tourism.
Economic Gain
Studies have demonstrated a positive link with biomass energy consumption and economic growth. Increasing investments in biomass energy infrastructure and energy supply is expected to increase income and economic growth.
In addition, biomass technology is less expensive than fossil fuels and produces higher economic benefits. According to a Minnesota study cited by Zerbe, every dollar that is spent on biomass energy generates $1.50 of additional economic activity, in comparison to only $0.34 for each dollar spent on oil.
Biomass energy offers substantial economic benefits to the local community, by creating new jobs for the local community, improving economic growth, and creating a green environment through the reduction of emissions and air pollution.