By Charlotte Young
If President Obama were a gambling man, he’d roll his dice and bet that green technologies would be the solution to job creation in the future.
According to NPR, Obama is headed to North Carolina this Monday to discuss the latest in guiding government investment towards new energy technologies, which range from wind and solar technology to biofuels and advanced batteries.
Arun Majumdar, the director of Advanced Research Projects Agency for Energy, already knows that some of these plans are not only risky, but they will fail.
“We don’t know which ones are going to win down the line, which ones are going to actually make it in the market and produce hundreds of thousands of jobs and really change the world,” he told NPR.
It’s a risk the government is more than willing to take. The Obama administration has given Majumadar’s organization $500 million. Clean energy projects have received almost $95 billion.
While some, such as Ian Sheherdson of High Frequency Economics, lack confidence in the government’s plan, economist Robert Pollin thinks there’s a good chance the government’s gamble could work. He calculates that clean energy is a new industry that will need a lot of manpower and which will “get 17 jobs more or less per $1 million of expenditure.”
The biggest payoff, economist Matt Rogers believes, will occur overtime. Once the government gets these jobs started with green technologies, the markets “will take care of the rest.”