Venture investments in the clean tech industry for the first half of 2010 are up 65% from the same period last year and are at a record total of $4.04 billion worldwide according to research firms Deloitte and The Cleantech Group. Fueled by progressive legislation such as AB32 (the Global Warming Solutions Act), California has positioned itself at the center of the cleantech world, bringing in $980 million and 67% of the North American total.

The renewable energy and clean tech sectors have been the one bright spot in a recessed California economy. Since 2005, California green jobs have grown 10 times faster than the statewide average. In order to maintain the catalyst for innovation and expansion in these sectors, it is critical that the proposed Dirty Energy Ballot initiative to suspend AB 32 (Prop. 23) is defeated by California voters in November. The proposition is backed, and almost entirely supported, by two Texas oil companies whose concern is profit, not the public welfare of California’s citizens. We cannot allow the Texas oil companies to inhibit the rapid growth of an emerging clean energy sector and kill hundreds of thousands of quality clean tech jobs for Californians (500,000 now with 1.2 million jobs forecast by 2020), while most of California’s largest employers support implementation of AB32. Instead of exporting the wealth of California to polluting Texas oil companies and unstable foreign regimes, we need to invest the next Californian dollar in clean, renewable energy production such as the recently announced wind farm in Kern County, CA, which will be the largest wind farm in the U.S. and create 1,500 jobs.

In another boost for the California economy, electric vehicle manufacturer Tesla Motors recently signed a contract with Toyota Motor Corporation and will open a manufacturing facility for its Model S at the NUMMI plant in Northern California. On June 29, 2010, Tesla netted $226 million through its Initial Public Offering (IPO) and the high-profile automaker is poised for success in large part due to complementary California policies such as AB 32 and the Zero Emission Vehicle (ZEV) program. Other recent evidence of California’s growing renewable energy sector includes: a solar project by Southern California Edison which will hire more than 1,200 workers in the Inland Empire; the Chinese auto and battery maker BYD Co. locating its North American headquarters in downtown Los Angeles and hiring California workers; and Spain’s leading wind company Power System opening its U.S. office in San Diego. Frequent announcements from global businesses regarding their migration to California’s incubator of cleantech innovation reinforce the benefits of aggressive climate change policy.

Targeted, efficient regulation can provide the necessary catalyst for economic growth and prosperity. Solutions that are good for our environment and good for public health are also good for businesses across the state. California must continue to be a leader, as it has been in many other industries, developing a renewable energy sector, using cutting edge 21st century technology. In doing so, we will create thousands of jobs for American citizens across multiple levels and industries. We will ensure that our society can meet our needs, without sacrificing the ability of future generations to meet theirs.

This entry was posted on Tuesday, July 27th, 2010 at 4:44 pm and is filed under Economy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.