Nation's Largest Investors Weigh in on Economic Stimulus Bill

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A group of the nation’s largest investors called on Congressional leaders yesterday to support energy efficiency and clean energy in the upcoming Economic Stimulus Bill, being debated this week in Congress. The group, comprising 44 investors managing over $1.7 trillion in assets, called for longer-term green economic incentives in a letter delivered to House and Senate leaders.

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Money doesn't really grow on trees, though the INCR is banking on energy efficiency helping the economy long-term.

In a dual effort to tackle the creation of green jobs and curb global warming pollution, the letter calls for green economic incentives, including:

  • Extending the renewable energy Production Tax Credit five years or more.
  • Modernizing and improving the nation’s electric power grid.
  • Providing substantial funding for energy efficiency programs, such as retrofitting buildings.

“An energy economic stimulus package would not only be good for the environment, saving energy and reducing greenhouse gas emissions, but also good for the economy, leading to the creation of jobs,” said New York City Comptroller William C. Thompson, Jr., whose office oversees more than $100 billion in pension fund assets.

The letter was coordinated by Ceres and the Investor Network on Climate Risk (INCR), a network of investors that promotes better understanding of the financial risks and opportunities posed by climate change and was signed by large investors including:

  • Florida State Treasury
  • New York State Comptroller’s Office
  • Deutsche Asset Management
  • California Public Employees’ Retirement System

“The economic downturn provides a historic opportunity for government to take charge of the fight against climate change rather than being a reason to put off action,” said Kevin Parker, global head of Deutsche Asset Management. “A ‘green’ stimulus will also have a wider effect by providing leadership for additional investment from the private sector.”

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  1. This investors are of course, looking at their own interests, large projects to benefit them, taking 5 to 10 years to implement.Te employment is negligible and it is for people with special expertise, not for those named below.
    Meanwhile, the retail stores employees, from banking, insurance companies, real estate brokers, mortgage brokers, employees from from Pfizer , Microsoft, Boeing, Carterpillar and many more millions of employees like them, that were already laid off and those who will be laid off in the coming months, what are they going to eat, how are they going to feed their families and where are they going to sleep, when they can’t afford to pay the rent or their mortgages in the next coming months?
    We need large number of jobs RIGHT NOW, not years from now.

    We need to support (Not with protectionist tariffs or quotas, but with industrial subsidies to equalize the cost of wages and expenses like the Chinese and the EU countries are doing right now) as I said support, what’s left of our large consumer industries, like textiles or some other industries like steel, that could employ millions right away.
    The remaining textile plants in the US., are presently closing, we lost at list 8 to 10 million jobs in that industry alone to outsourcing, mainly to China, Korea an others in the last 50 years.
    We could will leave to them, steel, plastics, electronics industries and the xillion other items they make and we buy ,at the tune of 700 Billion a year, with a 300 billion Trade Deficit yearly for the US.
    We need to have some measure of industry in our country, an economy cannot survive on finances and services only.
    Our economic crisis started many years ago, with all our industries slowly disappearing, it exploded first we the sudden increase in prices for diesel and gasoline, later blew up again, even more, because Barnie Frank and Christofer Dodd pushed legislation, signed may I add reluctantly, by Clinton, to obligate banks to give mortgages with no down payment ,and to people who could not afford them.
    People panicked, retrieved all their money from Wall Street and the Banks, they bought Bonds, creating the banking liquidity shortages and failures.
    Y have seen this picture before personally in other countries 60 years ago, not exactly the same, but very similar, other circumstances, different reasons, but the same consequences, when industries disappeared.
    The new people in the Executive and the others already in Congress were appraised on the above not only
    by myself (With 50 years off Industrial Engineering experience in three Continents) but also by very capable and extremely well informed active Economists.
    But politicians have their own politcial agendas, which come before the well being of the Country.

  2. Idea
    For years I’ve objected to the ways the Illinois EPA has treated Petroleum contaminated soil. Their means of collecting from various sites and dumping into landfills, to me only creates a problem that our kids and their kids will have to deal with. I’ve been involved with a few projects in Wisconsin were they have used sparge systems and have witnessed some success. I have been thinking if there was a way to extract the petroleum from the soil and then recycle it that this would even be better. I wonder if there are any programs like this that are being experimented with.

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