Obama announces $2.3 billion tax credit for clean energy jobs

Authors: ada

Today President Obama announced a $2.3 billion tax credit to promote job creation through clean energy manufacturing. This tax credit, authorized through the Recovery Act of 2009, will benefit 183 projects in 43 states, creating an estimated 17,000 green jobs.

One tax credit winner, TPI Composites, Inc, will build a new factory in Nebraska to produce wind turbine blades, creating over 200 new jobs. Another, W.L. Gore & Associates, Inc, will produce low-cost fuel cells to power buildings or electric vehicles.

This tax credit, which will also leverage $5 billion from the private sector, is a much needed investment in America's workers. A revitalized clean energy manufacturing sector can help a new generation of workers rise to the middle-class, and ensure that the new green economy is made here in America.

We need this kind of leadership to spur job growth in the United States, and to be a global economic leader. Currently China is leading the world in solar power manufacturing, and Europe aggressively invests in renewable energy. In President Obama’s words:

"The Recovery Act awards I am announcing today will help close the clean energy gap that has grown between America and other nations while creating good jobs, reducing our carbon emissions and increasing our energy security."

Secretary of Energy Steve Chu said:

"The world urgently needs to move toward clean energy technologies, and the United States has the opportunity to lead in this new industrial revolution. Today's awards will create new jobs and jumpstart the industries we need to both solve the energy problem and ensure America's future competitiveness."

As new employment numbers show a total of 4 million U.S. jobs were lost in 2009, this news of President Obama's leadership is much welcome. With investments and incentives like these, clean energy can be the foundation for a flourishing U.S. economy.

President Obama has made it clear that the economy and job creation will be a priority in 2010. As he works with Congress to produce a jobs bill this winter, we expect to see more bold investments in a green economy for America.

Source: TPM LiveWire, Whitehouse.gov.

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