Jobs, green energy jobs could be a solution to our anemic economy; if we had a functional political class. Instead we have one party1 willing, and able, to sacrifice national prosperity on the alter of upcoming elections, and another party2 too mealy-mouthed to do much about it. Meanwhile, China and the rest of the industrialized world is lapping us in investing in future technologies.
The New York Times reported that “much of China’s clean energy success lies in aggressive government policies that help this crucial export industry in ways most other governments do not,” including “heavily subsidized land and loans.” Those subsidies are part of a comprehensive policy agenda set by the Chinese government, which “sends clear signals to investors,” according to a Brookings Institution report:
Critical to China’s success is its articulation of a comprehensive and long-term state clean energy build out policy that sends clear signals to investors. Through its 12th Five Year Plan, China has identified “new energy” as one among seven “strategic emerging industries” and will invest $760 billion over the next 10 years in this sector alone. A range of complementary policies will guide these investment decisions, including the Renewable Energy Law, national demand-side management regulations, and pilot carbon taxes, among others. China has swiftly made itself a clean energy power, in large part by ensuring the availability of copious, affordable capital at a time it has been short in the United States. And the Deutche Bank Climate Change Advisors said in a recent report that there’s a lot more the U.S. could do to create a policy framework that encourages clean energy investment:
Countries with more ‘TLC’ – transparency, longevity and certainty – in their climate policy frameworks will attract more investment and will build new, clean industries, technologies and jobs faster than their policy lagging counterparts. This is particularly evident in countries such as Germany and China, who have emerged as global leaders in low carbon technologies and investment in recent years. In stark contrast, a politically divided US Congress and vast budget deficit has resulted in very little significant regulation at the Federal level, with substantial implications for emerging clean technology industries in the US. This climate policy inertia has existed for some time in the US now, with activity on this front largely taking place at the state level. We have long argued that the states must continue to press ahead with climate legislation, but a negative effect of this trend is a patchwork of inconsistent state policies. The net effect is that while Congress stumbles, the US stands to fall behind.
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