In the coming weeks, federal policymakers will decide on critical climate investments in the Build Back Better Act. Hundreds of billions of dollars could be allocated to fight climate change and transition the United States away from fossil fuels, which would be more than just a win for environmentalists and climate activists. These investments would drive new innovation, economic growth and create an estimated more than seven million well-paying jobs across the nation over the coming decade. In a time when inflation and government spending are seemingly out of control, these investments are a wise and risk-averse use of public funds.

With less than 30 years for the world to become a net-zero economy and stave off the most catastrophic climate disruptions, we need to use every tool in our arsenal to accomplish this feat. I believe in the power of markets to make change, but with so little time – and with so much at stake – we need public funding to jump-start nascent climate tech markets, fill financing gaps where perceived risk is too high, and address equality issues to ensure all Coloradans and Americans are participants in our clean future.

There’s also a massive opportunity for our workforce. America’s clean energy sector has been adding jobs twice as fast as the average job growth in the United States – and at wages 25% higher than the national median. This includes delivering better wages than the majority of jobs in fossil fuel extraction, and employing more than three times more workers than fossil fuels today. Combine this with the fact that clean energy has driven outsized impact in our economic recovery since COVID-related unemployment peaked earlier this year, and the question is no longer if clean energy job growth will continue, but where those jobs will be located.

The growth potential of the green economy will create a new era of geopolitical competition as nations and states seek to attract workers while becoming net exporters of the innovation and clean technology they produce. Those that invest early in their clean infrastructure and workforce will claim an outsized portion of these economic benefits and job growth, while those that stay committed to subsidizing increasingly uncompetitive legacy industries will soon fall behind. And that time frame is closing in fast. For example, by 2025 almost every existing coal plant in the U.S. will cost more to operate than building all-new replacement wind and solar within 35 miles of each plant.

With Colorado’s growing tech sector and culture of innovation, our state is well-positioned to take on a leadership position in the climate economy. In fact, Colorado’s clean job growth outpaced the national average by eight times heading into 2020, putting Colorado on the path to punch above its weight and overtake more populous states in total clean-energy jobs. Further investment into the green economy can ensure we not only keep pace with other states and foreign nations, but emerge as a clear winner as markets continue to shift and new, unforeseen ones arise. But this can only happen if strong federal investment is committed now to overcome existing gaps in our climate finance landscape, draw in more private investment and unleash our climate tech markets.

A strong climate tech sector will not only attract more jobs to the state, but provide significant opportunities for oil and gas communities that might otherwise be at risk of getting left behind in the transition. Companies like Crusoe Energy, which captures flaring natural gas and converts it into power to mine bitcoin and perform other energy-intensive computations, are creating unexpected and high-paying jobs in oil and gas communities while generating critical tax revenue for the local governments. Bold climate investments have a role to play in preparing communities for the jobs of the future, helping to expand regional economies and support resilient, innovation-based economic growth.

Colorado is a state of innovators and forward-thinking leaders, with its natural environment at the core of its DNA. We have the opportunity to foster innovation that will reap clear, long-term economic benefits while reducing carbon emissions and preserving our state’s natural beauty. This is why Colorado’s climate-tech leaders and investors are asking policymakers to double down on investments to grow Colorado’s green economy. As millions of jobs are created in the coming decades that support a more sustainable future, we owe it to our communities to put the right policies and investments in place to set our state up for success in the world we help build.

Josh Dorsey is managing director of Silicon Valley Bank in Denver.