California’s love for alternative energy has made it resilient against economic hardships, says reportFebruary 13, 2012
California is well known for its penchant for alternative energy. The state has long been a leader in green technology and smart energy in the U.S. The benefits of this interest in sustainability is sometimes regarded as a passing fancy, one that brings little to no benefits to the state. A new report from Next 10, a non-partisan environmental analysis panel that is part of the U.S. government, shows that California’s adoption of alternative energy has had a major impact on the state’s economy. The impact is not negative at all. In fact, the state’s interest in alternative energy has made its economy resilient against the ongoing economic crisis.
Throughout 2009, when the economic recession was at its pinnacle, the state shed some 7% of its jobs from a number of industries. The so called green economy, however, saw only a 3% reduction in jobs. The report shows that between the years of 1995 and 2010 the state’s economy grew 12% despite economic hardships. During the same period, the green economy grew by a staggering 53%. Manufacturing of clean energy technologies also grew by 53% during this time, with conventional manufacturing dropping by 18%.
California has had trouble with finances in recent years, even coming to the brink of bankruptcy. The state’s insistence on pursuing alternative energy may be the key to turning the tide, but only time will tell whether that will be the case or not.