The Green Bank: A SUPER-Prime Investment

Investments in renewable energy–and particularly energy efficiency–pay for themselves over time. Unfortunately, many people don’t have the upfront capital to pay for solar panel installation or efficiency upgrades, and right now cheap loans are harder to find than Dick Cheney at a geothermal energy conference.

Rep. Van Hollen has a solution:

U.S. Representative Chris Van Hollen has introduced legislation to establish a Green Bank as a tax-exempt wholly owned corporation of the United States that would provide a range of financing support to clean energy and energy efficiency projects in the country.

“By creating the Green Bank, we will accelerate the development, deployment and production of clean energy and energy efficiency technologies across the country,” Van Hollen, a Maryland Democrat who is Assistant to the Speaker, said in a statement yesterday when introducing the legislation.

Crazy ol’ oilman-turned-windman T. Boone loves the idea:

“An alternative energy bank is a creative and needed way to jump start the private sector’s involvement in renewable and other alternative energy projects,” T. Boone Pickens said in a statement. “This money will be paid back and, at the same time, be a major down payment on our efforts to reduce our costly and dangerous dependence on foreign oil.”

The proposal is one of those rare win-win-win pieces of legislation: Deficit-neutral, good for the environment, and good for U.S. foreign policy.

MIT Prez Praises Clean Tech Innovation Funding

It’s no surprise MIT’s president understands the need for federally funded research, but it’s always nice to hear it in the context of clean tech. Via The Breakthrough Institute’s blog:

Investments in clean energy innovation offer the nation’s “best strategy” for economic recovery and “the only route to the breakthrough technologies we need” to tackle the nation’s pressing energy and climate challenge, said MIT President Susan Hockfield today at a speech delivered at the White House.

Hockfield, an outspoken champion of clean energy innovation, spoke at the invitation of President Obama, who followed Hockfield’s remarks with a speech outlining his plans to make unprecedented investments in clean energy technology and innovation.

“[S]ince World War II, by far the largest and most important source of US economic growth has been technological innovation, much of it springing from federally funded … research,” Hockfield said, echoing much of the work we’ve done at the Breakthrough Institute to advance public investments in clean energy innovation.

Shell Won’t Renew Renewable Investments

On the positive side, at least an oil company has the decency to stop greenwashing and admit they could care less about our energy future:

Shell will no longer invest in renewable technologies such as wind, solar and hydro power because they are not economic, the Anglo-Dutch oil company said today. It plans to invest more in biofuels which environmental groups blame for driving up food prices and deforestation.

The announcement won’t really change the company’s investment strategy, considering they’ve been putting next to nothing into zero-carbon energy sources:

The company has predicted that by 2025, 80% of energy will come from fossil fuels and 20% from alternative energy sources. Yet it is spending just over 1% of its budget on alternative technologies. Over the past five years, only $1.7bn of the $150bn it has invested has gone towards alternative energies.

MBA’s Want Greater Corporate Responsibility

Greenbiz reports:

The vast majority of business school students think the private sector should be using its position to address environmental and social issues.

Unfortunately, less than a third believe this is actually happening, according to a new survey (PDF) from Net Impact and the Aspen Institute Center for Business Education.

That presents a potential lost opportunity — 77 percent of MBA students view acting responsibly as a way to increase corporate profits, a figure that has grown since 2006, when 60 percent of students saw the correlation between CSR and profitability in Net Impact’s first study. …

It found that most students view health care costs and energy concerns as significant business issues for U.S. CEOs but their own exposure is lacking. Nearly 80 percent of MBA students are yearning for more sustainability and corporate responsibility content in their graduate programs but there’s a disconnect between what students want and what business schools are delivering, according to Net Impact Executive Director Liz Maw.

Why Must ‘Moderate’ Dems Exist?

It seems to me that the only purpose Senators like Evan Bayh serve is to hold up good legislation. Why? To stick to their principles? Nope. The only consistent position these folks have is that they will change positions, usually because short-term, political calculations tell them to do so (i.e. to seem ‘conservative’ enough for the folks back home).

Anyway, Bayh might be the key swing vote on a federal renewable energy standard, something that would push us towards a low-carbon future, and Bayh’s being coy (read: cowardly) on where he stands on the issue:

Senate backers of a renewable electricity standard are closer than ever to the 60 votes needed to pass the long-stymied plan, but reaching the magic filibuster-proof number is proving to be no easy task. …

With President Obama in the White House and stronger Democratic majorities in the House and Senate, enactment of a standard has become more likely but remains far from certain. The Senate magic number of 60 votes, enough to get cloture and bypass a potential filibuster, remain the key hurdle.

“The gain in seats by Democrats does not necessarily make it automatic they can get 60,” said a former Senate aide. …

If Bingaman goes through the committee — where Democrats hold a 13-10 majority — the Democratic swing votes are believed to be Sens. Blanche Lincoln of Arkansas, Evan Bayh of Indiana and Mary Landrieu of Louisiana. Bingaman would need to carry two of these three, or at least win over one if he also has backing from some GOP members.

Bayh has not committed his vote either way. “I am all for helping promote the use of renewable energy. Whether this is the appropriate mechanism or not remains to be seen,” he said. Asked whether he would vote for Bingaman’s proposal specifically, he replied: “I have not endorsed it yet. That is not a yes or a no. It remains to be seen.”

I love it. “I am all for helping promote the use of renewable energy,” he says, while refusing to endorse an RES. Spare us the suspense, and perhaps tell us how you actually feel on an issue…oh wait, he’s got to wait to see polls before he can vote. What a dork-o.

The Difference Between US and Japanese Auto Companies

With today’s Prius announcement, Toyota makes it glaringly clear how innovative the company has become (at least compared to The Big 3):

Automakers used to battle over horsepower. Now it’s miles a gallon. In December, Ford declared that its new 2010 Fusion Hybrid would be the most fuel-efficient midsize car, with 41 miles a gallon in the city (and 36 m.p.g. on the highway). On Monday, Toyota revealed that the new 2010 Prius four-door compact would get 50.

The combined E.P.A. estimated fuel efficiency breaks down to 50 miles a gallon on the highway in the city and 49 in the city on the highway, for a combined gas mileage of 50. That’s an improvement over the current Prius, which gets 46 combined.

Hot Job: Sustainability Chief

The global economic situation is growing more dire by the day, and yet there is good news in the fact that companies are ramping up their sustainability efforts. It’s not as surprising as it might seem, as the new administration is getting serious about energy and climate policy. Green, Inc. reports:

Amid mounting job woes, at least one position seems to be gaining currency: chief sustainability officer.

This week, SAP, the multinational software giant, announced that it was appointing its first-ever chief sustainability officer as part of an effort to reduce carbon emissions and save energy.

Last month, PGI, a maker of materials for medical and industrial uses, announced the creation of a similar post, and Flowserve, a Texas-based maker of pumps, valves and seals, announced that its vice-president for public affairs would also take on the newly created title.

A number of other big companies, such as Sun Microsystems, Georgia Pacific and Dupont, already have chief sustainability officers.

“We’ve certainly seen a trend,” said Andrea Moffat, the senior director of corporate programs at Ceres, an environmental advocacy group that includes investors, in a recent interview.