Tuesday, November 3, 2009

Doing well by (presumably) doing good.

http://tinyurl.com/yk2s5cw
Gore’s Dual Role: Advocate and Investor By JOHN M. BRODER
WASHINGTON —... the venture capital firm where Mr. Gore is a partner....Mr. Gore and his partners decided to back the company, and in gratitude Silver Spring retained him and John Doerr, another Kleiner Perkins partner, as unpaid corporate advisers....last week, when the Energy Department announced $3.4 billion in smart grid grants. Of the total, more than $560 million went to utilities with which Silver Spring has contracts. Kleiner Perkins and its partners, including Mr. Gore, could recoup their investment many times over in coming years....few have put as much money behind their advocacy as Mr. Gore and are as well positioned to profit from this green transformation, if and when it comes....say Mr. Gore is poised to become the world’s first “carbon billionaire,” profiteering from government policies he supports that would direct billions of dollars to the business ventures he has invested in. Representative Marsha Blackburn, Republican of Tennessee, asserted at a hearing this year that Mr. Gore stood to benefit personally from the energy and climate policies he was urging Congress to adopt....I absolutely believe in investing in ways that are consistent with my values and beliefs. I encourage others to invest in the same way.” Mr. Gore has invested a significant portion of the tens of millions of dollars he has earned since leaving government in 2001 in a broad array of environmentally friendly energy and technology business ventures, like carbon trading markets, solar cells and waterless urinals....Other public figures, like Speaker Nancy Pelosi and Robert F. Kennedy Jr., who have vocally supported government financing of energy-saving technologies, have investments in alternative energy ventures. Some scientists and policy advocates also promote energy policies that personally enrich them...When he left government in early 2001, he listed assets of less than $2 million, including homes in suburban Washington and in Tennessee. Since then, his net worth has skyrocketed,...He also serves as an adviser to high-profile technology companies including Apple and Google, relationships that have paid him handsome dividends over the last eight years....Mr. Gore has said he invested in partnerships and funds that try to identify and support companies that are advancing cutting-edge green technologies and are paving the way toward a low-carbon economy. He has a stake in the world’s pre-eminent carbon credit trading market and in an array of companies in bio-fuels, sustainable fish farming, electric vehicles and solar power.****Cap-and-trade legislation plays rights into this.****...Mr. Gore is not a lobbyist, and he has never asked Congress or the administration for an earmark or policy decision that would directly benefit one of his investments. But he has been a tireless advocate for policies that would move the country away from the use of coal and oil, and he has begun a $300 million campaign to end the use of fossil fuels in electricity production in 10 years....Marc Morano, a climate change skeptic who until recently was a top aide to Senator James M. Inhofe, Republican of Oklahoma, said that what he saw as Mr. Gore’s alarmism and occasional exaggerations distorted the debate and also served his personal financial interests....he was challenged by Ms. Blackburn, who echoed some of the criticism of Mr. Gore...She noted that Mr. Gore is a partner at Kleiner Perkins, which has hundreds of millions of dollars invested in firms that could benefit from any legislation that limits carbon dioxide emissions....

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