Global initiatives to reduce the world’s carbon footprint are translating into more jobs. In the United States, specifically, a report from the U.S. Department of Energy is demonstrating this phenomenon.
Green energy got an added boost with the backing of the federal government under U.S. President Joe Biden. Biden’s administration is keen on increasing government subsidies to aid public and private sectors in adding more green energy projects.
In turn, this is helping to boost employment in the green energy sector, according to a World Economic Forum blog post.
“The transition to renewables is boosting employment opportunities in the US, a new report finds,” the post said. “In its United States Energy & Employment Report 2022, the U.S. Department of Energy reveals green job rises in every energy sector.”
“More than 3 million of the 7.8 million jobs in the US energy sector are in areas aligned to America’s goal of being carbon neutral by 2050,” the post said further. “This means renewable energy jobs in 2021 accounted for around 40% of total energy jobs.”
In terms of specifics, wind and solar saw substantial job growth. This rebound comes after a rough year for the industry in 2020 due to the pandemic.
“The electric power generation sector saw big gains for wind and solar,” the World Economic Forum said. “Solar saw the biggest growth of all electricity generation technologies. It added 17,212 jobs and grew 5.4% in 2021.”
A Green Energy Opportunity With Leverage
Traders looking at potential short-term opportunities to capitalize on the growth can look at leveraged funds like the Direxion Daily Global Clean Energy Bull 2x Shares (KLNE). The fund seeks to return 200% of its benchmark index, the S&P Global Clean Energy Index, in a single day.
The S&P Global Clean Energy Index gives exposure to developed market countries whose economic fortunes are in the global clean energy business. These include companies that are involved in the production of clean energy or provide clean energy technology and equipment.
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