Investing in Clean Technology is Investing in Green Jobs
Investing in clean technology is more than just a way for the United States to reduce global warming pollution, but also a way to stimulate the economy and create new, green jobs.
Investing in energy efficiency and renewable energy, both at home and abroad, makes smart business sense for the United States because it will create new jobs in a wide range of rapidly growing industries, foster innovation, and give us a competitive edge in the global market. This message was echoed in a recent letter to President Obama and members of Congress from more than 80 U.S. companies, urging our nation’s leaders to move quickly to enact comprehensive climate and energy legislation.
Clean technology is already a very successful industry, with global revenues totaling $900 billion in 2007 3 and venture capital investments totaling $8.5 billion in 2008.4 American companies like Solyndra and Nanosolar (which manufacture thin-film solar cells) and A123 Systems (which manufactures advanced batteries) are among the top businesses attracting venture capital today. The clean technology industry has been less affected by the current economic downturn than many other areas of the economy, and industry experts expect it to more than double in value by 2020. This has made it an attractive investment choice for many countries seeking to direct economic stimulus funds to job creation.
The United States has always been an engine of innovation and entrepreneurship but we cannot take success for granted in the intensely competitive global market. For example, Chinese businesses are rapidly expanding their manufacture and export of components such as wind turbines and solar cells as a result of that country’s aggressive energy efficiency and renewable energy policies (with goals of reducing its energy consumption per unit of gross domestic product 20 percent from 2005 levels by 2010 and generating 15 percent of its electricity from renewable resources by 2020). The United States must make the right policy and investment choices now if it is to reap the long-term economic benefits of being an industry leader.
