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California Seeks to Boost Economy with Green Energy Incentives
Published on Feb 8, 2011
Check out 'California Seeks to Boost Economy with Green Energy Incentives' at 'Time to Start Up,' the small business blog by BizFilings.
Leaders in the California state legislature are pushing to bring back a green energy initiative that advocates argue will stimulate the state's small business sector and help alleviate its astronomical budget deficit.
Assembly Speaker John Perez and Senate President pro Tempore Darrell Steinberg introduced the Clean Energy Jobs Initiative last week. The bill, if passed, will require state utilities to acquire 33 percent of their energy from renewable sources such as wind, solar and geothermal.
Proponents believe such a measure will generate new green tech startups, spur innovation and entrepreneurship in the sector and create new jobs to operate these ventures. The sponsors also point out that the bill will not worsen the state's budget crisis.
"Everyone is watching us," Thomas Steyer, founder of the hedge fund Farallon Capital Management, told the Associated Press. "We're going to be the test case, and in fact the kinds of policies these legislators are trying to pass are critical for us to be able to get the private sector going, to create the businesses, to create the jobs and to show the country and the world that this can be done."