U.S. a Distant 2nd Behind China in Renewable Energy Investment, Jobs
The usual suspects—cheap loans, electricity and labor—are coming together to put U.S. companies behind the eight ball when it comes to the race for global renewable energy leadership. In a country that pays recent college engineering graduates $7,000 a year, China is able to bring renewable energy products—including solar panels and wind turbines—to market quicker, cheaper, and with more industry dynamism and leadership than their U.S. counterparts. In fact, some Chinese solar panel manufacturers are reducing the price of solar panels sold in America to build market share—selling them on the American market for less than the cost of the materials, assembly and shipping.
According to a recent Pew study, China’s investments in clean energy have significantly overcome U.S. figures. China now leads the way with $34.6 billion invested in 2009 across all investment types—nearly double the U.S. figure of $18.6 billion.
Of course the playing field is not quite level when a country does not pay its workers a realistic living wage, but this does not dilute the importance of moving toward a clean energy economy. Investment in clean energy is critical to the future of job creation and energy independence for this country. As Congress still waits to act on comprehensive energy legislation and with unemployment still hovering around 10%, much of America’s workforce remains on the sidelines.
While the clean energy economy remains in its infant stage, job creation should also focus on utility infrastructure repairs and transmission line upgrades. Upgrading Missouri’s electric grid will prepare us for future generations of renewable energy produced in our state.
What does all this mean for jobs in Missouri? With an unemployment rate of 9.3% for May 2010, 37,138 initial unemployment claims filed for the same month, and a loss of 14,400 jobs for the year ending May 2010, clean energy jobs in the state are a critical catalyst to our growth. Of note, for May 2010, the construction and manufacturing sectors had the two largest claim groups by industry, respectively, which would be greatly impacted by growth in new clean energy jobs in the state.
