Obama's Olympic Ad Focuses on Building a Low-Carbon Economy

U.S. Sen. Barack Obama's ad that will air during the Olympics is called "Hands" and presents an optimistic vision of the green technologies that will promote economic growth in the coming decades. This is a important vision for America's economic future, and the fact that this vision is taking center state during the Olympics speaks volumes about the significance placed on it by Obama. Take a look:

The ad comes on the same day that The Climate Group, an independent non-profit based in the UK, releases a report on "China's Green Revolution." The report argues that China has become a global leader in renewable energy technology production and is seizing the low-carbon economic opportunity.

From a press release from The Climate Group:

Despite its coal-dependent economy, the report reveals Chinese government and businesses have embarked on a Clean Revolution that has already made it a world leader in the manufacture of solar photo-voltaic technology (Solar PV) where its six biggest solar companies have a combined market value of over USD $15 billion.

China is also set to become the world’s leading manufacturer of wind turbines, with production capacity expected to reach 10GW per year by the end of 2009, and is competing aggressively in other low carbon markets including solar water heaters, energy efficient home appliances, and rechargeable batteries.

Steve Howard, CEO of The Climate Group says: "For too long, many governments, businesses and individuals have been wary of committing to action on climate change because they perceive that China – the world’s largest emitter – is doing little to address the issue. However, the reality is that China’s government is beginning to unleash a low carbon dragon which will power its future growth, development and energy security objectives."

Changhua Wu, China Director, The Climate Group, says: "Far from ignoring climate change, Chinese leaders have already committed to improving energy efficiency and scaling up the growth of low carbon industries. China is beginning to pull its weight on climate change and the targets and policies in place are in line with those being taken by ‘leading’ countries like the UK and Germany."

Investment in renewable energy in China - almost USD $12 billion in 2007 - is almost level with world leader Germany as a percentage of GDP. Stronger policies from the Chinese government are creating increased demand for low carbon investment and China will require a further USD $398 billion (USD $33billion per year) to meet its 2020 renewable energy goals.

Steve Howard says: "China’s current trajectory will ensure it remains a strategic global hub for low carbon investment, innovation and growth over coming decades."

Eight years of ignoring climate change and the economic opportunity presented by creating a low-carbon economy have put America behind Europe and now possibly China. The vision presented in Obama's new ad, mated with good policy, has the potential to take advantage of America's innate economic advantages and help us become a leader, not a laggard, in the 21st century energy economy.