Over the last five years, 70 percent of the worldwide, venture capital investment in clean energy has flowed into California
by Assemblymember Betsy Butler (D-Marina del Rey)
A plan to jump-start California’s clean energy business sector and spur job creation in California was recently presented to the California State Legislature. As a member of the Assembly Budget Committee, I plan to take a lead in clean energy efforts. The initiative, if signed into law, will remove bureaucratic red tape hampering construction of clean energy facilities, and solidify California’s position as a global leader in clean technology.
The Clean Energy Jobs Initiative for California is comprised of four measures:
Establish a 33 percent renewable portfolio standard: This measure requires both public and private energy providers to procure 33 percent of California’s electricity from renewable resources (wind, solar, geothermal) by 2020.
Streamlined siting for renewable energy projects: This measure streamlines the permitting process for renewable energy projects throughout California.
Career technical education: This measure aligns high school curriculum with high-demand jobs in the clean energy field. Grant funding would be provided to high schools for delivering the skills and knowledge students need for successful employment in this field. The curriculum restructuring will encourage students to stay in school because they’ll know they’re gaining real-world skills from their studies.
Economic incentives to increase energy efficiency: This bill would use a portion of state ratepayer funds to provide loan guarantees for residents and small business owners for investing in energy efficiency and renewable technologies. Reducing loan risk reduces loan interest rates, increasing demand for energy improvements, which, in turn, increases production and the jobs that come with it.
While we must grapple with the state’s immediate fiscal crisis, we cannot ignore the need to invest in a sustainable economy. Green technology and manufacturing has the potential to create millions of jobs in the coming decades and we must prepare today’s students for tomorrow’s high-demand careers.
The state Economic Development Department reports that California already has more than 500,000 clean tech/clean energy jobs. The Wall Street Journal reported California is home to seven of the nation’s top 10 clean tech companies.
Furthermore, over the last five years, more than $9 billion in venture capital – 70 percent of the worldwide investment by venture capitalists — has flowed into California to fuel the clean energy marketplace, creating new businesses and thousands of jobs. Some estimate an additional 700,000 jobs could be created in this sector over the next nine years if these private investments are combined with sound policy improvements.
Pushing investment and innovation in the green economy is not going to solve all of our state’s budget woes, but it is clearly part of the answer. By focusing on clean energy, green technology and sustainable practices now, both the government and the private sector can help build a more stable, diverse economy in the long term.
I look forward to working with you on these issues and many others. If my office can be of any assistance on legislative or district matters, please do not hesitate to contact one of my offices by phone or visit my website at www.asmdc.org/butler.
Note: A summary and details of the Governor’s proposed budget can be found at www.ebudget.ca.gov.
Butler was elected to represent the 53d Assembly district last June. The district includes the three beach cities. ER
