Move Over, IT. Here Comes ET, Energy Technology

Job losses. Foreclosures. High energy costs. An unstable world economy. The bad news keeps coming. But a critically important new industry may hold the keys to economic recovery -- IF it can find sufficient investment and legislative support.The potential for real growth is in clean technologies like solar, wind, and advanced biofuels.

Telecom, media, and technology workers may still feel bullish on their career prospects, but they may be kidding themselves. Monday brought word of more job losses.

Where to look next?

writes New York Times columnist Tom Freidman.

A report published Tuesday by the Center for American Progress outlines a Green Recovery program that calls for spending $100 billion over two years to create 2 million new jobs. Those jobs would come from directing funding toward six energy efficiency and renewable energy strategies:

But unless Congress acts quickly to extend investment tax credits for installing solar energy and production tax credits for building wind turbines and other energy-efficiency systems, the optimistic plan outlined in this report is a non-starter. As it stands, the tax credits expire on December 31. Without them, financing for many ventures is in limbo.

Friedman reports:

The fledgling energy technology industry that is so vital to the global economy is ready to go. What it needs now is a strong push.