And beyond this, well-designed processes reduce total business costs and drive economic growth. By some estimates, up to half of U.S. economic growth since World War II has been fueled by advanced technologies. New energy and energy efficiency technologies, as well as wholesale new ways to make and use products and services, will create new markets and new opportunities for U.S. companies and businesses worldwide. Also noteworthy is the recent study which shows that establishments that use advanced technologies are more productive, pay higher wages, offer more secure jobs and increase employment more rapidly than firms that do not. The interagency analysis indicates that capital incentives are important to managing climate change.
Investment triggers capital stock turnover and technology advances, the key to emission reduction.
Technological innovation is the principal means for moving beyond the outdated tradeoff between jobs and the environment. Therefore, investment incentives must be considered as part of climate change strategy. I will be working closely with the American business community to develop a plan that achieves our twin goals of promoting economic growth and preserving the environment. I have one final and very important point. As this forum pointedly demonstrates, solving the climate change problem cannot be a sole source endeavor.