Obama: Green Jobs the Way Forward or Get Left Behind. (July 27, 2009)

US President Barack Obama has warned that those nations which don't undertake developing the service and manufacturing industries to implement a green and renewable energy economy are going to be left behind in improving their population's wellbeing. In his view and that of an increasing number of business leaders, wind and solar power, and energy-efficiency projects will create millions of good jobs, as well as reducing global warming and nations' dependence on fossil fuels.

To that end the economic stimulus bill President Obama signed in February commits more than US$42 (A$51) billion for energy-related projects.

And earlier this month the Obama administration announced plans to make billions of dollars directly available to the US renewable-energy market, replacing a funding mechanism that had collapsed because of the financial crisis.

According to NatureNews: "The programme allows developers to receive cash payments, in lieu of existing tax subsidies, for wind, solar and other renewable-energy projects. Until now, such payments had tended to flow through banks, which provided upfront financing in exchange for tax credits. The new approach, sought by the renewable-energy industry and backed by Congress in its February stimulus bill, allows direct access to the subsidies.

     "The Department of Energy plans to begin accepting applications in August, and estimates that demand could exceed US$3 billion, enabling some US$10 billion to US$14 billion in projects."