Idea of the Day: The Green Bank Creates Clean-Energy Jobs

November 3, 2009

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As a nation, we can and must do better at nurturing and growing our clean-energy sector and clean-energy jobs, because competitors in other countries are already filling the void. A Green Bank will ensure the United States is a job leader in the clean-energy technology growth industry of the future.

Clean energy has the potential to create significant jobs in the manufacturing sector. A Green Bank will provide low-cost capital to help build clean-energy manufacturing facilities, create long-term jobs in the United States, and deliver clean energy at lower cost to consumers. As noted above, a recent Center for American Progress-University of Massachusetts Political Economy Research Institute report demonstrates that $150 billion per year in clean-energy investment can generate a net increase of 1.7 million jobs.

A Green Bank can ensure the clean-energy manufacturing sector is able to overcome several challenges, including securing access to capital when prospective lenders are reluctant to provide financing to manufacturers producing clean-energy technology.

Frequently, clean-energy businesses are small, innovative, and highly specialized. They often have limited collateral and revenue and face cost uncertainties, as supply and demand for finished product fluctuates. The Green Bank can provide stability and incentives to leverage private capital, raise the comfort level of prospective lenders, and allow manufacturers to meet their goals and set us firmly on the path to long-term job growth and a clean-energy economy.

For more on this topic, please see:

• The Green Bank Is Essential for a Clean-Energy Strategy, by Jake Caldwell