Clean Technology to Drive Innovation and Job Growth
It’s estimated that 4.2 million green jobs are expected to be added to the U.S. workforce over the next 30 years, accounting for 10% of new job growth, according to a recent report by Global Insight. California Governor, Arnold Schwarzenegger, is a vehement supporter of clean technologies. In fact, he says solar power and other clean-technologies are a bright spot in a dark economy. The Governor has set a goal of increasing California’s renewable energy sources to 20% by 2010, and he supports reaching 33% by 2020. According to Schwarzenegger, clean-technology businesses are getting venture capital dollars and hiring new employees at a time when nearly every other segment of the economy is lagging. In a recent statement, Schwarzeneggar said, “We are all going through tough economic times, and this is exactly why I am talking about investing in clean, green technology. It’s one of the best investments out there, and it’s where the innovation and job growth will be, which is why California is leading the way with smart policies that unleash our ingenuity.” Schwarzenegger adds that he expects progress in clean technologies no matter who is sitting in the Oval Office come November.
As concerns over U.S. dependence on foreign oil mount, experts say clean technology will remain a hot sector - regardless short term fluctuations in oil prices. Amid the trend, opportunities are opening up for investment professionals with expertise in this space. Executive search firm, A.E. Feldman, says right now across the country, the wealth of individuals and institutional investors getting involved in the energy and clean technology sector is enormously high. The firm also reports a growing number of law firms with close ties to the VC community and strong IP practices have jumped onto the green energy bandwagon. The firm adds that legal jobs are opening up as firms build practice groups that target the clean tech sector.
California’s Green Economy
Schwarzenegger recently dedicated a 2.1-megawatt solar installation at Applied Materials’ Sunnyvale campus, noting that it generates enough electricity to power about 1,500 California homes. The solar system will generate about 5% of the power that Applied Materials uses at that site, according to Mercury News, citing Mark Pinto, the company’s Senior Vice President and General Manager of its energy and environmental solutions division. The report notes that Applied Materials moved into the solar market in 2006, selling panel-making equipment to the world’s solar industry. Mercury News quotes Pinto as saying the business now represents about 10% of the company’s revenues, and that’s projected to grow to up to 25% percent of its business, or $2.5 billion to $3.5 billion, by 2010.
In response to the new solar installation, Schwarzenegger says in addition meeting renewable energy goals, these types of solar projects are creating numerous opportunities in the green technology industry.
To address the emerging workforce needs associated with California’s green economy, the Governor recently signed a bill which creates a Green Collar Jobs Council that will develop a comprehensive approach to capitalize on these new opportunities. The Governor’s Office notes that an economic analysis compiled by the California Air Resources Board (CARB) showed that California’s law will boost the state’s economy $27 billion and create 100,000 new jobs.
Clean-Tech to Drive Job Growth: Study
A separate study, Carbon-Free Prosperity 2025, Clean Edge concludes that five emerging clean-tech industry sectors offer the Pacific Northwest one of the best opportunities for sustained economic vitality and job growth.
The study focuses on five clean-energy sectors that provide the best opportunities for Oregon and Washington to build a leadership position in intellectual capital and job creation, including:
- Solar PV Manufacturing, which is projected to provide up to 22,560 new jobs in the region by 2025
- Wind Power Development, expected to reach up to 6,000 new jobs
- Green Building Design Services, creator of up to 16,834 new jobs
- Sustainable Bioenergy, which could account for 10,419 new jobs
- Smart-Grid Technologies, an industry that could create up to 7,000 new jobs
In all, the study finds these industries have the potential to create more than 63,000 new jobs in the Pacific Northwest by 2025.
“Clean energy is increasingly identified as the sector with the largest growth potential in the U.S. economy, and offers the best promise of meeting the twin challenges of economic and environmental decline,” said the study’s Co-Author, Ron Pernick, Clean Edge Co-Founder and Managing Director.
Right now, A.E. Feldman, a leading recruiter in the areas of finance and energy and clean-tech, is one step ahead of the latest developments in renewable and green technology. The recruiting firm invites both corporations and job seekers to contact its President, Mitch Feldman and its highly specialized team of executive recruiters directly to talk about the array of issues they are facing and what solutions are available.
