During a primetime speech where he unveiled his $447 billion dollar jobs proposal last week, President Obama admittedly underemphasized the role clean-energy jobs can play in boosting the economy.
His plan was not without promise however. Aside from designating $25 billion to upgrade the nation’s schools—some of which will inevitably be used to increase energy efficiency—the bill’s proposal for a National Infrastructure Bank will provide a boost to the clean energy industry.
On the Department’s blog Friday, Energy Secretary Steven Chu emphasized that if created the bank would support vital clean energy developments and spur job creation. “This bank would issue loans to promising infrastructure projects -– including for important clean energy projects – providing them with the seed money necessary to help them secure essential private investment dollars that might otherwise sit on the sidelines,” Chu wrote.
The bank, Chu later noted, is especially vital at a time when American clean energy industries face tough overseas competition. China, for example, has provided nearly $30 billion in low-to-no interest financing for solar companies alone.