Don't listen to the Chicken Littles: Obama made smart investments in green tech
There seem to be a lot of Chicken Littles yelling about the clean technology industry lately. Despite a myriad of successes, a few falling acorns are mis-portrayed in a wave of statements and stories claiming the sky is falling on clean technology. Unfortunately, these predictions of economic collapse often lack context, focusing on a single failed company instead of the success of the clean technology industry as a whole.
Take the stories about A123 Systems, a Massachusetts-based electric-car battery manufacturer that received funds from the 2009 economic stimulus package to build a factory in Michigan. It spent a little more than half of the $249 million it was approved for before declaring bankruptcy in October.
Politicians and advocacy groups quickly portrayed the bankruptcy as a sign that clean tech was a bad investment and that the Obama administration made a mistake when it put support for energy innovators and the jobs they create as one of the centerpieces of its 2009 stimulus package.
Yes, a battery company failed. But that doesn’t mean that the sky is falling. Far from it. These programs are succeeding because, not in spite of, a willingness to take some risks on a better future.
Federal backing supports technologies that promise great rewards for the US, but carry greater risks than private investors are usually willing to take on their own. America simply cannot afford to pass up the opportunity to bolster growing industries that improve our nation’s energy, economic, and environmental fortunes. The country started subsidizing oil and gas development nearly 100 years ago because of the benefits they could provide then. Now it makes sense now to nurture new, promising low-carbon alternatives instead.