As World Environmental leaders met in Copenhagen, the emphasis was on green technology, carbon emissions and jobs. Organizers of the world business summit on climate change outlined aggressive policies that projected 2 million green jobs in the U.S. and another one million jobs throughout Europe.
The focus of the summit is on establishing guiding principles that will be used to guide politicians in the development of a new global climate treaty that will succeed the current Kyoto Treaty, which expires in 2012. The Copenhagen Climate Council reported that many of the jobs would be created as economies commit to wind energy and other renewable sources for electricity.
European Union Commission President, Jose Manuel Barroso, explained that, “A 20 percent share for renewables, for example, could mean more than a million jobs in this industry by 2020.” The European plan must represent “a satisfactory international climate agreement in which other developed and developing countries contribute their fair share to the limiting of global emissions.”
The summit seeks to enact legislation to dramatically reduce global carbon emissions and force entities to pay for excessive emissions. Several new initiatives are under consideration. The development and expansion of renewable resources is encouraged through tax cuts and other incentives.
Mainstream Renewable Power is and Irish company that has been making a strong international move to become a dominant player in wind power operations. The 16 month old company has juts completed the purchase of three wind farms in Illinois. The purchase price was $1.7 billion. Two of the wind farms are operational while the third is expected to begin operations by 2012. The new-age company specializes in taking projects from greenfields to completion. The CEO, Patrick Maguire, said the company then intends to sell the operational wind farms.
The most advanced of the three Illinois farms is Shady Oaks in Lee County. Once complete, the farm will produce 120 megawatts. The completion date is 2010. Mainstream expects to employ 120 persons during the construction process and then 12 people when the farm is in its operational stage.
Green River is the second wind farm and is expected to generate 467 megawatts. Completion is expected to begin in 2010, while startup plans for the third facility in Boone County has not been earmarked for a start date.
Mainstream currently employs 80 workers. The company was formerly called Airtricity, and has built and operated wind, solar, thermal and ocean plants. Facilities are in South America and in Europe.
The Illinois acquisition marks Mainstream’s first entry into the U.S. marketplace. Three months ago, Mainstream partnered with Alberta Wind Energy Corporation in Canada on an $840 million joint venture. The partnership will build and operate plants in Alberta that will create 400 megawatts on wind energy by 2013. The company is expected to report another venture in Chile in the near future.
In Illinois, Mainstream expects to capitalize on the Obama administration’s substantial tax incentives. The Obama stimulus plan provides generous incentives for renewable energy projects as well as provides for the creation of more than 3 million green jobs over the next five years.
Global wind power capacity grew 29 percent in 2008. The United States surpassed Germany, and is now the world leader in the generation of wind power. Wind power now provides 1.5 percent of global energy or 120,798 megawatts. The Copenhagen initiative will assure increased renewable energy development and is expected to double world wind power within five years.