June 9, 2009

NY Calls for Green Job Creation, Stem Cell Research

Governor David Paterson announced on Monday that New York might generate up to 50,000 jobs by allocating 45% of its electricity needs to environmentally friendly sources by 2015.

Paterson calls for an update of the electricity grid, allowing broadband technology to be accessible all over the state, and also contributing $600 million into stem cell research.

New York is second to California in stem cell research with $118 million in investments, Paterson noted in his speech to the New York Academy of Science.

The stem cell proposal must have the legislature's approval prior to their adjournment in about two weeks, said Paterson. Other things to be addressed at this time include the reform of Empire Zone tax credits, which critics insist did not create jobs.

Creating better batteries required for solar and wind energy was one of Paterson's platforms.

"Whoever learns to store energy in this country first will replenish their economy for years to come," he said.

Paterson also revealed a grant program that will match 10% of every stimulus dollar that research centers receive from the government. These types of proposals have already won NY 50% of federal grants for better batteries, he said.

New York's economy has been damaged by the poor activity on Wall Street. Other states, like New Jersey and Texas, are trying to lead the way in stem cell research, while other states are also concentrating on green energy.

Even though Paterson feels that energy is "probably the greatest job creator," he also outlined the need for improving education, noting that once the economy perks back up, he will complete large investments that started a few years back and will enlarge college loans.

The NY governor wants state agencies to create "smart grid programs," finding the current transmission system so old-fashioned that inventor Thomas Edison would not find very many changes.

Paterson advised the Public Service Commission to contribute $100 million by the end of summer for "shovel-ready" projects.


On The Net:

New York Academy of Science

Empire Zone tax credits