Many are now arguing that the fight to limit climate change is being upended by the global economic slowdown. As Elizabeth Rosenthal's NYT article Economic Slump May Limit Moves on Clean Energy correctly points out, with the threat of a global recession taking root, "head's of governments now have other things on their minds" than climate change.

While this threat of a global recession is very real, the conclusion drawn from the article that investing in clean energy is unlikely to provide the stimulus needed to jump start our economy today ignores in many ways the current economic situation that the country is in. Indeed, I would argue that investing in a clean energy economy at a time when commodity prices and low and the best labor force in the world is ready and willing to get to work immediately is the right plan of action for our next president. An investment plan that will pay us back with the triple benefits of improved economic, energy, and climate security for decades to come.

By his inauguration day, President-elect Obama has indicated his desire to develop an economic stimulus package that would save or create 2.5 million jobs over the next two years. While this stimulus package is inevitably going to focus on infrastructure and other labor intensive initiatives, Obama has made is very clear that if we are going to be building any bridges, they must be bridges to somewhere, not bridges to nowhere. Obama could even go a step farther to say these investments will not only be designed to go somewhere, but will help us get us to place we actually want to go.

Indeed, if Obama really wants to employ 2.5 million middle class Americans in high quality jobs over the next two years, he can begin that process today by directing his economic stimulus efforts towards providing the clean energy solutions that will create America's new securities industry.

No, I am not advocating a plan to dress up 2.5 million Americans in Zegna suits and let them go out and try to gamble our way out of this mess. That was the game plan for the "old" securities industry and we all know how that has worked out. I am talking about a "new" securities industry, one that actually helps us address the three primary security issues we face as a nation; 1) economic security, 2) energy security, and 3) climate security.  And what a job it will be for Obama's stimulus measures to help design, engineer, manufacture, build and farm the new energy economy that will be the foundation for all three.

Obama could also look to jump start these investments by making his stimulus packages complimentary to the incentives given to industry under the cap and trade bill he intends to pass next year.  By executing a national clean energy strategy in tandem with a cap and trade bill,  Obama would be giving us well over 2.5 millions reasons to be happy he chose clean energy as his recovery platform. 

Furthermore, to encourage private sector participation in our new clean energy economy and help bridge the credit gap currently being faced by industry, Obama's cap and invest bill could include a provision that would bring the allowance values of future carbon auctions forward to be used once the bill is passed. Allowance values that could then be tapped by industry as a form of collateral for investment in low carbon solutions that will reduce their overall energy intensity, drive innovation and improve our overall global competitiveness at a time when others are unable to respond in kind.

In sum, Obama has a unique opportunity to help re-power the American economy through a combination of targeted stimulus packages and a well integrated cap and trade bill. If he really wants to put 2.5 million people to work in a way that will benefit America beyond the current slowdown, investing in our economic, energy, and climate security is the most effective way to ensure these goals are met. Clean energy investments will put Americans to work in a way like no other and help transform our energy economy into an efficient, low carbon provider of energy solutions that will help the get the economy back on track sooner rather than later.