News

SPEAKER DIMASI UNVEILS GREEN JOBS PLAN

In Chamber address, Speaker outlines $50 million initiative creating thousands of new jobs and millions of dollars in new annual revenue

BOSTON, March 18, 2008 - House Speaker Salvatore F. DiMasi, further elevating his leadership role in securing bold and meaningful energy reform in Massachusetts, today proposed a green jobs plan to boost the state's burgeoning clean energy sector.

DiMasi, in an address to the Greater Boston Chamber of Commerce, announced the Green Jobs Act of 2008, a plan to set aside $50 million over five years to boost the growing market for clean energy jobs. Through at least $25 million in seed grants to young companies, fellowships for green entrepreneurs of the future, and workforce training programs, DiMasi's plan is designed to attract hundreds of millions of dollars in venture capital, create thousands of new jobs and millions of dollars in new annual revenue for the Commonwealth.

"This is yet another bold plan that will grow the right kind of jobs in Massachusetts - clean energy jobs, green jobs and good-paying jobs in the economy of the future," DiMasi said. "Through our efforts, we will help create a powerful economic engine for the state in an industry that will double and triple in size in the years to come."

DiMasi's office said he intends to file his plan in the coming weeks and advocate for its passage in the House and Senate this session.

It will be funded at $5 million per year through $43 million the Legislature set aside for the Bay State Competitiveness Fund last year and an additional $5 million per year that is currently used for economic development programs through the Massachusetts Technology Collaborative (MTC).

In last year's Chamber address, DiMasi announced the details of his Green Communities Act, a bold energy reform bill that won the support of Governor Deval Patrick, Senate President Therese Murray, Attorney General Martha Coakley, business leaders, environmentalists and advocates. It overwhelmingly passed the House and Senate earlier this year.

DiMasi said this second major energy reform initiative is directly aimed at creating jobs in the clean energy industry. The New England Clean Energy Council reports that a recent census positions clean energy as the 10^th largest sector in Massachusetts with 14,500 jobs and growing at a staggering rate of more than 20 percent per year.

"There is atremendous opportunity here on clean energy, just as there is in life sciences," DiMasi said. "To keep the growth in green jobs, we have to fight. Other states are rolling out the red carpet trying to steal our brain power and our venture capital. We have a natural clean energy cluster here and I intend to keep and grow it here."

DiMasi's five-year initial proposal will establish the Massachusetts Clean Energy Center to guide efforts to foster the clean energy sector and create:

• A $25 million Clean Energy Seed Grant Program that will award grants totaling $2 million to $5 million per year.
• A $2.5 million Clean Energy Fellowship program to give experienced Massachusetts entrepreneurs the energy training they need to enter and drive this sector.
• A $12.5 million Green Jobs Initiative to coordinate workforce development efforts on clean energy, investing more than $2 million per year in our universities and community colleges to help create the workforce needed to support this cluster.

The remaining funds are not specifically allocated and will be used to support these programs and other deemed necessary by the Clean Energy Center.

The plan will also redirect the funds currently spent by the Massachusetts Renewable Energy Trust Fund on economic development to support the programs of the Clean Energy Center. This will ensure a steady stream of revenue to support the Center's programs and will be provide efficiencies in spending by coordinating the economic development spending in one place.

"Through our efforts, I believe we can keep these jobs here in Massachusetts, the birthplace of innovation," DiMasi said.

Members of the New England Clean Energy Council voiced strong support as the plan was announced. They estimated that the Speaker's plan could create as many as 21 new clean energy companies, attract as much as $500 million in venture capital and deliver huge benefits to the Commonwealth - potentially generating over 13,000 new jobs and $51 million in new annual income taxes.

Nick d'Arbeloff, executive director of the New England Clean Energy Council said estimates show the Massachusetts financial services sector will invest or loan over $2 billion to clean energy ventures over the next 5 years, while only a portion of this capital will actually be placed within the Commonwealth. The rest will flow to other states because Massachusetts simply does not have enough clean energy companies to absorb this funding, he said.

"The programs announced today by Speaker DiMasi will address this issue head-on, laying the foundation for a robust clean energy cluster that will serve as a powerful engine for economic growth in the decades to come," d'Arbeloff said.

Hemant Taneja, managing director at General Catalyst Partners, a Cambridge-based venture capital firm, and co-chair of the New England Clean Energy Council's board of directors, said the venture community in Massachusetts is increasingly focused on the opportunity presented by the need for clean energy, but a lack of fundable companies and entrepreneurial talent is an obstacle to investment.

"The seed grant and fellowship programs announced today by the Speaker will allow venture investors to move ahead much more rapidly in building the companies of the future-and in generating the high-paying jobs they bring with them," Taneja said.

Clean Energy for High Tech Conference (Free) March 26, 1-5 pm, Newton Marriott Hosted by the Massachusetts High Technology Council and the New England Clean Energy Council

Sponsored by Cooley Godward Kronish and EnerNOC

Businesses across Massachusetts—and around the world—are facing increasing pressure to make their operations more energy efficient. Those who act early will attain a competitive advantage; those who fail to act may find themselves in an expensive game of catch-up later on.

Clean Tech for High Tech is an collaboration between the High Technology Council and the New England Clean Energy Council, designed to help high tech company CFOs, facilities and sustainability executives better understand the and manage the energy challenges confronting their organizations.

Join us for a conference, Wednesday, March 26, 1:00 – 5:00 pm. Experts – from clean tech and hi tech – will provide insight about their clean energy experiences. We are pleased to welcome Philip Giudice, Commissioner of the Commonwealth’s Division of Energy Resources, as our opening speaker.

By attending Clean Tech for High Tech, you will:

• Learn more about MHTC’s Energy Program, which helps participating companies reduce and manage energy costs. Savings have topped $50 million since the program’s inception in 1996.
• Gain insight from leading corporations—early adopters of energy efficiency products and services
• Hear from innovative energy technology companies as to how their customers resolved pressing energy issues
• Receive a briefing on critical energy policy issues—both state and federal—which will affect how your company manages energy and related costs both now and in the future.

We look forward to seeing you on Wednesday, March 26, 1:00 pm at the Newton Marriott. Click here for registration. The meeting’s agenda and speaker biographies can be found here. Seating will be limited so please sign up now.