The Obama administration’s progressive support for renewable energy will result in about 1.9 million green collar jobs, according to a new report published by three U.S. universities. It will also elevate the average household income by more than $1,000 and America’s GDP by $111 billion by 2020.
This sets Obama on track to create 5 million green (not just renewable energy) jobs over the next decade. Granted, he made this promise early in his campaign, all the way back in the spring of 2008. At that point he planned to spend $150 billion total to stimulate the green economy.
The estimates in the report depend on several conditions that could be a bit of a stretch — namely that all U.S. utilities will be able to generate 20 percent of their power from renewable sources by 2020 and that a carbon emissions cap and trade system becomes a reality. It also anticipates that billions of dollars will be invested in cleantech research and development.
Considering that most utilities aren’t approaching 20 percent renewables in their energy mix, and the climate bill that would establish cap and trade has stalled in the Senate, this may be a little far-fetched.
But if these criteria are fulfilled, all 50 states will have an opportunity benefit economically from the green stimulus packages being given out one industry at a time — so far solar, Smart Grid, biomass, wind and advanced batteries have each received up to billions of dollars, mostly through the U.S. Department of Energy.
The study was produced by the University of California, in tandem with Yale University and the University of Illinois.
Another study, presented earlier this week by Booz Allen Hamilton at Greenbuild 2009, predicted that the green building industry alone will generate or support 7.9 million jobs and infuse the U.S. GDP by $554 billion in just the next four years.
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