$100 billion could yield two million ‘green’ jobs

A $100 billion US government investment over two years could create 2 million “green” jobs in such industrial sectors as steel and construction, according to environmental and labour groups.

…John Podesta, president of the think tank and a former Clinton administration official, said $50 billion of the investment would be tax credits to help private businesses and homeowners pay to make their buildings more energy efficient; $46 billion would be in the form of direct government spending on retrofitting buildings, expanding mass transit and freight rail, making “smart” electrical grids and new investment in renewable energy; and $4 billion would be in federal loan guarantees.

To put the amount in perspective, Podesta said that the stimulus program put into place in the US in April 2008 to boost the economy by providing tax rebates to taxpayers and tax incentives to businesses cost $168 billion.

…Pollin said the plan would create four times more jobs per dollar spent than spending the equivalent amount of money within the oil industry, and 20% more jobs than increasing spending on household consumption, the main target of the April 2008 stimulus package.

New Scientist