Obama, McCain Promise Jobs by Advancing Clean Technologies
Presidential contenders, Barack Obama and John McCain have announced plans to stimulate the economy by creating jobs. Among the most pressing issues in which the federal government is being urged to intervene: clean technologies.
Democratic Presidential candidate, Barack Obama, has said that as president he would spend $150 billion to develop more environmentally friendly energy sources…and in doing so he would create 5 million so-called “green collar” jobs. Meanwhile, Republican Presidential contender, John McCain, is a big proponent of nuclear power. On his web site, McCain says, “Nuclear power is a proven, reliable, zero-emission source of energy, and it is time to recommit to advancing our use of nuclear power.” McCain says he will put the U.S. country on track to construct 45 new nuclear power plants by 2030 and create roughly 700,000 jobs in the process.
Executive search firm, A.E. Feldman says there is a huge rush of talent and money into sustainables - or renewable energy sources, such as biofuels, wind power…and solar power. One senior industry veteran and recruiter working with A.E. Feldman says, “Very few people understand this business yet but the wealth of individuals and institutional investors getting involved is enormously high. Interest in alternative fuels is absolutely growing and attention to the sector will only increase.”
A. E. Feldman has cultivated relationships with companies that have access to the financial resources to help fund U.S. based solar initiatives. In addition, A.E. Feldman’s CEO, Carol Schwam, says the burgeoning alternative fuel industry is looking for super-brokers who can funnel money into their businesses. She notes, however, that entrepreneurs in this sector must bridge the gap between the science behind the technology and a successful business.
A.E. Feldman also notes that a growing number of law firms are advertising experience in climate change issues and some have already begun expanding their environmental law and energy practices, including nuclear power. The firm says legal jobs are opening up and attorneys with expertise in this practice area are poised to benefit from the trend.
Obama: Investing in Clean Energy Economy
Under Obama’s proposed plan to “invest in a clean energy economy,” $150 billion would be invested over 10 years to advance the next generation of biofuels and fuel infrastructure, accelerate the commercialization of plug-in hybrids, invest in clean coal plants, begin transition to a new digital electricity grid and promote development of commercial scale renewable energy, such as wind and solar power.
The Department of Energy contends that wind power is capable of becoming a major contributor to America’s electricity supply over the next three decades. The DOE says that achieving a 20% wind contribution to U.S. electricity supply would, among other things, reduce carbon dioxide emissions from electricity generation by 25% in 2030.
Meanwhile, many industry analysts and experts believe that solar power offers the promise of contributing a significant percentage of America’s and the world’s energy needs. According to the 2008 Utility Solar Assessment (USA) Study compiled by Clean Edge, Inc. and Co-op America, solar power could provide 10% of U.S. electricity generation by 2025.
Under his plan, Obama says he wants to establish a federal investment program to help manufacturers modernize infrastructure and adopt clean technology. Obama says his clean energy proposals would create 5 million new jobs and ensure that Americans have the skills and tools they need to pioneer the first wave of green technologies that will be in high demand throughout the world.
Obama says his plan to boost the renewable energy sector and create jobs includes producing new federal policies and expanding existing ones. As President, Obama says he will create a federal Renewable Portfolio Standard (RPS) that will require 25% of American electricity be derived from renewable sources by 2025. According to the Democratic hopeful, this measure alone has the potential to create hundreds of thousands of new jobs.
Another key proposal under Obama’s plan is to extend the Production Tax Credit (PTC) - a credit used successfully by American farmers and investors to increase renewable energy production and create new local jobs.
The extension of the PTC is essential to the execution of large scale energy projects according to industry experts, including The American Wind Energy Association (AWEA). Large scale renewable energy projects rely upon the Federal Production Tax Credit (PTC), which provides incentives for development of renewable energy. The problem lies in the fact that large scale renewable energy projects require commitments years in advance, while Congress has only extended the Production Tax Credit one or two years at a time. Advocates for large scale energy projects are pushing for Congress to enact a long-term extension of the Production Tax Credits.
Obama’s rival, John McCain says he too will encourage the market for alternative, low carbon fuels such as wind, hydro and solar power. Unlike Obama however, McCain says he believes in an even- handed system of tax credits that will remain in place until renewable energy has progressed to the point that it is competitive with conventional energy sources.
McCain: Advancing Nuclear Power
Despite the issues of radioactive waste disposal and plant safety, nuclear power is expected to increase by nearly 50% by 2030, according to the Energy Information Administration. The EIA’s 2008 projection for nuclear electricity generation in 2025 is 31% higher than the projection published just five years ago.
Around the world, countries such as China, India and Russia are looking to increase the role of nuclear power in their energy portfolio and the U.S. should not just look to maintain, but also increase its own use, according to John McCain. Currently, nuclear power provides 20% of our overall energy portfolio. McCain plans to put the U.S. on track to construct 45 new nuclear power plants by 2030…with the ultimate goal of eventually constructing 100 new plants.
“Every year, these reactors alone spare the atmosphere from the equivalent of nearly all auto emissions in America. Yet for all these benefits, we have not broken ground on a single nuclear plant in over thirty years,” says McCain. “And our manufacturing base to even construct these plants is almost gone.”
McCain says it is critical to build the components for these plants and reactors right here in the U.S. to reduce dependence on foreign suppliers. In doing so, he says the new nuclear plants will “re-create a U.S. industry that has disappeared: manufacturing components of nuclear power plants, as well as assembling and operating the plants.” McCain says his plan will create roughly 700,000 jobs in construction, engineering, operation and maintenance.
Barack Obama has criticized McCain’s proposal, according to Reuters. Obama says McCain lacks a plan for storage of the waste and it was not a “serious” energy policy. According to Reuters, Obama does believe that nuclear power should be in the mix when it comes to energy, but a solution must be found to either store or recycle the waste safely. The Presidential contender supports the use of federal funds to research such a solution.
John McCain also plans to commit $2 billion annually to advancing clean coal technologies. McCain says the U.S. needs to commit significant federal resources to the science, research and development necessary to advance this critical technology. Once commercialized, McCain says the U.S. can then export these technologies to countries like China that are committed to using their coal - creating more new jobs and allowing the U.S. to play a greater role in the international green economy.
Right now, A.E. Feldman is one step ahead of the latest developments in renewable energy and green technology. To learn more about these issues or inquire about existing and future job opportunities in this sector, the lines of communication are open. Contact the Mitch Feldman, President of A.E. Feldman, and the firm’s cutting edge energy recruiting team here.
