More Clinton Initiative Funds For Renewable Energy
by John Laumer, Philadelphia on 09.23.06
Via Dow Jones Newswires - NEW YORK (AP)--"A day after U.K. business mogul Richard Branson pledged $3 billion to battle global warming, former President Bill Clinton on Friday announced the launch of a $1 billion investment fund for renewable energy. Clinton said the new Green Fund would focus on reducing dependence on fossil fuels, creating jobs, lessening pollution, and helping to reduce global warming while getting returns on capital invested. The announcement came on the final day of the three-day Clinton Global Initiative conference…” The photo of James D. Wolfensohn, who will be overseeing the $1 billion dollar Green Fund, is credited to the World Council of Churches.
The total of 4 billion in Clinton Initiative commitments is on the same plane as the US Federal Government’s collective budgetary allocation for research into mostly coal and nuclear energy alternatives, as was also announced this week (huge pdf file at link). Besides the focus on renewability, what most distinguishes the Clinton commitment from the US Department of Energy's plan is the phrase “while getting returns on capital invested.” The Green Fund is seeding not merely money but a philosophy of pragmatism and near-term outcomes.
This is brilliant.
I hope they open it up to all the Roth IRAs and add this fund to offerings for 401(k)s. I would love to throw all my retirement money into this and know that it is helping to clean up the world.
Just to clarify, the Richard Branson funding was actually part of the Clinton Global Initiative, not a separate initiative like many news sources reported it as. The CGI people are doing amazing things, really making progress on a wide range of tough issues.
BTW, this isn't a mutual fund, but there are several excellent "green" mutual funds worth checking out.
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Good points. Several finance oriented papers had articles speculating that Branson will have to sell businesses to make good on this CGI committment. Then came "realization" articles that danced around the unstated question of "what does Branson know that we don't?" Indications being that Branson might think he can get a greater rate of return on renewables than from present holdings. Nice scare to put into the "skeptics" It's exactly this kind of emotional momentum that we need more of. Maybe even the WSJ editorial cabal will one day come around.
In related news, Climate Exchange PLC announced earlier this week its agreement to acquire, through a merger, the outstanding issued share capital in Chicago Climate Exchange, Inc. and the placing of £12.2 million of new ordinary shares with Goldman Sachs. Climate Change solutions are turning out to be big business on many fronts.