The Clean Energy Sector Charges Up For The Green Revolution With 403,000 Jobs!
By TD NewsDesk
Updated on Sun, Nov 5, 2023
A recent report highlights how the clean energy sector has emerged onto the scene and is offering thousands of jobs in electric vehicles (EVs), solar and battery storage. So, dust off your capes, grab your hard hats and get ready for an epic journey towards a greener, more sustainable future!
In a recent report by Environmental Entrepreneurs (E2), a nonpartisan business group championing clean energy, a remarkable surge in job creation is on the horizon. Thanks to the Inflation Reduction Act (IRA), enacted in mid-2022, a whopping 403,000 jobs are projected to be generated by 210 major energy projects, with over $86 billion in investments already in the pipeline.
E2's report, released on Wednesday, identifies the key sectors that will spearhead this clean energy revolution. Leading the charge are electric vehicles, battery storage and solar energy, with businesses in this sector expected to see the most substantial job growth.
Let's see how this is all possible!
- The Inflation Reduction Act, which came into play in August 2022, carries the weight of $500 billion in new federal spending. This financial juggernaut is aimed at reducing healthcare costs, boosting tax revenues and combating climate change. It achieves these goals by offering incentives to cleantech companies, encouraging innovation and domestic manufacturing.
- Bob Keefe, the executive director of E2, emphasized the significance of this economic transformation, stating, "We're in the biggest economic revolution we've seen in generations thanks to the Inflation Reduction Act and other clean energy policies."
Exactly which sectors are leading the charge?
- The electric vehicle (EV) sector is heading ahead at full speed in response to the IRA, attracting 58% of the total investments in the announced projects. It is estimated to support a staggering 185,700 jobs annually for the next five years.
- Meanwhile, the battery storage sector is charged up to create 48,000 jobs annually.
- Lastly, the solar energy sector is expected to contribute 35,000 jobs each year for the duration of the next five years.
What was said about this emerging job trend?
- Form Energy, multi-day batteries in Weirton, West Virginia, is one of the leading examples, committed to creating 750 permanent jobs at its factory unit by 2028. Its CEO Mateo Jaramillo quoted the company's vision, "We would not have Weirton without West Virginia and we would not be going as fast as we're going without the IRA."
- Christopher Chung, CEO of Economic Development Partnership of North Carolina, a nonprofit public-private organization, said, "Bipartisan legislation at the federal level has really juiced the pipelines of activity for us when it comes to economic development, especially attracting foreign direct investment." He continued, "As community colleges develop a rhythm for training the type of workers these companies need, that's going to enhance the appeal of our workforce and state as a business location to more and more these clean energy companies."
The ripple effects of these clean energy projects go beyond the immediate sectors involved. According to the report, ancillary jobs are expected to emerge, such as lumber mills expanding their workforce to meet the growing demand for construction materials and even local eateries will benefit as construction workers at new factories will increasingly dine out.
As the world hurtles toward a greener and more sustainable future, we will see a major demand for professionals in the green and clean energy sector.
Do you think business groups such as E2 will set an example for other businesses in the direction of creating clean energy jobs? How can businesses align their goals with this shift in the professional landscape?
Drop your thoughts in the comment section below!
First published on Mon, Nov 6, 2023
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