Clean Energy Gamble: Can the US Cut Emissions and Create High-Paying Cleantech Jobs?

February 20, 2023 By Prelo Con

(Image Credit Google)

In Quonset Point, Rhode Island, workers are constructing the hulls of three new ships, each around 27 meters long, with the first set to hit the water in the spring. These ships will be used to service wind turbines along the New England coast, part of a nascent offshore wind sector that is set to grow in the United States as the Biden administration pursues its plan to decarbonize the power generation sector. This plan will create demand for services in shipyards and manufacturing hubs across the country. Senesco Marine, the Rhode Island-based shipbuilder responsible for constructing these new vessels, has almost doubled its workforce in recent months as it has received orders for larger crew transfer vessels and hybrid ferries. According to Ted Williams, the company's CEO, despite concerns about an impending recession, the shipbuilding sector in America remains strong. [caption id="attachment_94934" align="aligncenter" width="770"] The US has adopted a geopolitical strategy to compete with China in a new clean energy race.

The US has adopted a geopolitical strategy to compete with China in a new clean energy race.

Image Credit: .moneycontrol.com[/caption] This is true for other clean energy sectors as well. Across the United States, a revolution is underway in sectors from solar to nuclear, carbon capture to green hydrogen, with the goal of rejuvenating the country's rustbelt, decarbonizing the economy, and reclaiming control of the 21st century's energy supply chains from China, the world's leading cleantech superpower. Less than three years ago, the US withdrew from the Paris Agreement on climate change and then-President Donald Trump promoted American energy dominance based on the country's abundant fossil fuel resources. However, since then, President Joe Biden has passed comprehensive legislation to reverse course. Last year's Inflation Reduction Act and its substantial cleantech subsidies are designed to stimulate private sector investment and accelerate the country's decarbonization efforts. “The tax incentives have made the US irresistible to investors, say cleantech developers, and are sucking money away from other countries. Since the passage of the IRA last year, $90 billion of capital has already been committed to new projects, according to Climate Power, an advocacy group," according to David Scaysbrook, managing partner of Quinbrook Infrastructure Partners, a global cleantech private equity group. The US is now the most attractive market for renewables investment in the world, offering the most opportunities for growth, according to Scaysbrook, who believes it will stay that way for some time. [caption id="attachment_94941" align="aligncenter" width="1200"] In Quonset Point, Rhode Island, workers are constructing the hulls of three new ships, each around 27 meters long, with the first set to hit the water in the spring.

In Quonset Point, Rhode Island, workers are constructing the hulls of three new ships, each around 27 meters long, with the first set to hit the water in the spring.

Image Credit: Shutterstock[/caption] Despite the potential benefits, the United States' protectionist policies and large-scale state intervention have alarmed allies, who once urged the US to rejoin the global climate fight. French President Emmanuel Macron warned that the IRA could "fragment the West," while Ursula von der Leyen, the European Commission's president, claimed it would lead to "unfair competition" and "closed markets." Additionally, some experts are skeptical of the US's ability to break away from the cheap Asian components that have fueled the rise of renewables in recent years. At a time when the White House is dealing with high inflation and Russian aggression, the question remains: can the US reset the global energy order, create high-paying cleantech jobs, and cut emissions while contending with these challenges? According to Daniel Liu, an analyst at Wood Mackenzie, "There is certainly a global arms race for clean energy, but there has to be some level of collaboration because no country can do it alone." While the US's ambitious plans have been met with concern from some quarters, they represent an important step towards a more sustainable and cleaner future.

By Prelo Con

Following my passion by reviewing latest tech. Just love it.

Clean Energy Gamble: Can the US Cut Emissions and Create High-Paying Cleantech Jobs?

Walmart's GenAI Search Engine: Challenging Google's Dominance in Retail Search

Introducing the MSI Claw Handheld: Your Ultimate Gaming Companion

Uber Increases In-App Ads, Prompting Mixed Reactions from Customers

Apple's iOS 18: A Leap into the AI Era

Google's Regular Pixel 8 Won't Get Gemini Nano AI

MacBook Air M3 Makes Amends for M2's Storage Blunder

Samsung Unveils the Galaxy M15 5G

Elon Musk's xAI to Open-Source Chatbot Grok

Contra: Operation Galuga - A Modern Run-and-Gun Classic

Musk Confirms X's TV App Arrives This Week

Australian Company Gets $200 Million Contract for AI-Powered Reforestation Drones

World’s First 3D-printed Yacht is Yet to Make an Appearance

“Deep Green,” a UK-based data center, is helping a public pool keep warm using waste heat.

Harnessing the Power of Water: How Floating Solar Panels Can Save Millions of Gallons of Water?

What is the best angle to incline a Solar panel?

How to Integrate Green Technology into Your Home?