The green revolution in the US is coming, and the current green investments will transform the country for ever
The Recovery Act is the most ambitious energy legislation ever to be drawn up in the history of the US
. It has converted the Energy Department into the largest venture-capital fund in the world. It is a monumental effort to derive something good from the crisis, by making green energy, green transportation and green building real. As a result of the act, no less than $90 billion has been spent on green investments, including on a smart grid, electric cars, cleaner coal, solar, wind and geothermal power, and biofuels. The number of smart electric meters in private homes will triple, and the number of hybrids in the federal fleet will quadruple. $5 billion is being spent to weatherize homes, and this part of the stimulus program has got a lot of attention. All in all, the Recovery Act represents the first major steps taken by the US to a low-carbon economy, and marks the beginning of the green revolution in the US. For further information on green invesments, click hereInvestment in green companies is now deeply rooted in government policy. The green industrial revolution includes companies such as A123 Systems. It was founded in 2001 on a $120,000 federal grant, and now is a global player in the all important lithium battery market. Recently, it won $239 million to construct two factories in Michigan. The batteries produced will supply the first generation of mass-market produced electric cars. Three of the world's first electric-car plants are also being heavily financed too. Fisker Automotive has received a $519 million loan to reopen a General Motors factory in Delaware in order to manufacture battery powered sedans.
The Recovery Act's focus on green investments will not only reduce our heavy and ongoing dependence on fossil fuels, but also avoid a future economy in which the US is dependent on other countries for manufacturing and technology. Last year, only two factories in the U.S. produced batteries for electric vehicles. Thirty new ones are now expected to be opened, which will lead to an expansion of U.S. production capacity from the current 1.5% of the global market to more than 20%.
The stimulus includes nearly $3.5 billion for clean-coal projects, as well as lucrative loan guarantees for US nuclear plants. The country's largest photovoltaic solar plant is being supported by the stimulus, as well as what are set to become the world's two largest solar thermal plants, located in California and Arizona.
The stimulus cash has fuelled green investments, after a crises induced freeze, and the US should double its share of renewable power by 2012, an aim which Obama has repeatedly stated.
This is just a quick snapshot of the many ways that funds from the Recovery act are helping fuel the green revolution in the US. The big question now is, will green investments in the country continue to rise after the terms of the Recovery Act end? Let's hope for more positive news in the future.
The green revolution in the US is coming, and the current green investments will transform the country for ever
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