In an effort to spur innovation in green energy, The U.S. Patent and Trademark Office is extending its program that accelerates the review of applications for inventions that improve the environment and reduce harmful greenhouse-gas emissions.

The agency set its deadline to December 31, 2011 in hopes that the extra time will allow it to meet its goal of 3,000 applications. Currently, the program has granted 79 patents since the governmental initiative began about a year ago. Usually, wait time for a patent is two years, but the program's average wait time for green technology is only 49 days.

The agency hopes to bring more green technology to the market in record pace. David Kappos, Director of the program, told Bloomberg that the agency has "seen great results so far," and that he predicts the program will "bring more green inventions to market, stimulate investment in green technology and create jobs."

The initiative is a brain child of the Obama administration. Obama is pushing for more U.S. investment in green technology, emphasizing the necessity of staying competitive with nations like China and India that are fast becoming global leaders in the field.