Recent tech layoffs have left thousands of people without a job—but new green investment may provide new opportunities.
- While the publicized firings at Twitter have drawn attention, the rest of the tech industry is making major cuts in response to economic stress.
- Tech companies are slashing costs due to declining tech usage as employees return to the office, recession stress, high-interest rates, and lower profits, ABC reports.
- Meta has laid off 13% of its staff, Intel removed 20%, Robinhood Markets removed 30%, and Amazon let go of 10,000 workers. More than 120,000 tech employees have lost their jobs.
- At the same time, green-energy companies are thriving and seeking out new employees thanks to renewed investment helping to grow these nearly recession-proof industries.
- Tech employees may have transferable experience and skills that can be useful, and industry leaders are already laying out roadmaps for new opportunities.
Why it’s News
“The past few weeks in the technology sector have been eventful, and for many people, painful,” Bloomberg reports. These workers though have opportunities they can cease and green-energy jobs may be the solution.
“There is a huge reallocation of talent underway from pure software into the built world, and it’s the key to an abundant and climate safe future,” says Charm Industrial CEO Peter Reinhardt.
While tech is shrinking under pressure, green energy is benefiting from global investment and demand as the world rushes to meet its goals of net zero emissions, low emissions transportation, renewable energy sources, and providing the materials and technology needed to meet these demands.
“Tech is shedding jobs, and in places, shedding luster. Climate is expanding, and so are its human capital needs. If this sounds like the start of a great rotation in attention, interest, and employment—it could be,” says Bloomberg.
As we previously reported, President Joe Biden signed the Inflation Reduction Act on August 16, providing over $369 billion in investments and subsidies for green energy. The boost has contributed to a renewed interest in green energy investments, with the majority of CEOs saying that climate change is now one of their highest priorities.