There are several ways to look at Tuesday’s overwhelming endorsement by California’s voters of the state’s global warming law: as a vote for clean energy over dirty, as a rebuke to carpetbaggers, as proof that good things can happen when a political leader  in this case, Gov. Arnold Schwarzenegger  leads.

State voters rejected a proposition by a vote of roughly 60 percent to 40 percent  backed mainly by two out-of-state oil companies, Valero and Tesoro. It would have effectively killed the law known as AB 32. The law is aimed at reducing California’s emissions of greenhouse gases by 80 percent at midcentury by requiring cleaner cars, more energy efficient buildings and renewable fuels.

The oil companies and a few allies ran a scare campaign that warned Californians that AB 32 would drive up energy prices and cost jobs  “a loss of two blue-collar jobs for every one green job created,” it claimed.

What the companies had not reckoned on was a fierce pushback from Governor Schwarzenegger, or the deep pockets of the state’s wealthy venture capitalists and hedge fund managers, who believe there is a lot of money to be made  and jobs to be had  in a clean energy economy. The facts, so far, support them. Over the last five years, new green jobs have grown in California 10 times faster than the state average; the clean technology sector has attracted nearly $9 billion in venture capital and created dozens of new businesses.