- Category: Politics
20 Jul 2012
- Published on Friday, 20 July 2012 11:20
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United States President Barack Obama's projected 5 million clean energy jobs may not have been reached, but his investment programs have been successful, a report shows.
The estimated 3.1 million jobs created in 2011 may have fallen short of his promise in 2008, but the renewable energy market has grown twice as fast as the U.S. economy, and three times as fast in California due to the success of investment programs.
“Every sector of the clean energy market experienced at least 8.9 percent growth during this time, with solar energy expanding 18.4 percent,” said Megan Dean, Zpryme senior research analyst and the report’s author.
Under President Obama, an estimated $6 billion in loan guarantees was issued by way of the American Recovery and Reinvestment Act, with $2 billion invested in the manufacturing of more energy-efficient batteries. Another $500 million was invested for a job training program in the industry.
“It is estimated that every dollar invested through federal investment creates three times as much private investment,” Ms. Dean said. “However, it is difficult to quantify the actual amount that has been invested in the clean energy field as different departments report information differently.”
She adds that the exact number of both direct and indirect jobs created by way of federal clean energy investments have been difficult to derive for the same reason.
An estimated 3 million jobs had been either saved or created by the ARRA in 2010, and it created 63,000 jobs directly in 2011, according to the Council of Economic Advisers. More jobs were also added through indirect job creation, such as in shipping, particularly in transporting materials to job sites and new factories.
In the solar, wind, geothermal and hydropower industries, a combined 700,000 direct jobs will be added by the end of the year. – EcoSeed Staff