Energy and Clean Technology Hot Topic in Washington, on Wall Street
Republican Presidential candidate, John McCain is betting that Alaska Gov. Sarah Palin can help bring the right kind of reform to Washington, restoring accountability and effectiveness to government, and working to secure energy independence, according to a WSJ opinion piece by a senior policy adviser and national spokesperson for the McCain campaign. The fact is energy is a hot issue in this historic race for the White House. Republicans and Democrats alike must tackle the challenge of U.S. oil dependence and need for alternative sources of energy.
As a result, the ‘Green’ job market is thriving despite lay-offs across the financial and property sectors caused by the global credit crunch, reports Reuters. In fact, in a recent interview on “Meet the Press,” New York Times columnist, Tom Friedman, talked about his new book on climate change and energy, “Hot, Flat, and Crowded.” In short, Friedman believes ET (Energy Technology) will be as big as IT. Executive search firm, A.E. Feldman, says there is a huge rush of talent and money into sustainables - or renewable energy sources, such as biofuels, wind power…and solar power. The firm says interest in energy and alternative fuels is absolutely growing and attention to the sector will only increase.
Energy a Hot Topic on the Campaign Trail
Included in John McCain’s Energy Plan:
- Commit the U.S. to expanding domestic oil exploration.
- Promote and expanding the use of domestic supplies of natural gas.
- McCain will issue a Clean Car Challenge - a $5,000 tax credit for every customer who buys a zero carbon emission car, encouraging automakers to be first on the market with these cars in order to capitalize on the consumer incentives.
- McCain believes alcohol-based fuels are a promising alternative to gasoline.
- John McCain supports Flex-Fuel Vehicles (FFVs).
- John McCain says he will commit $2 billion annually to advancing clean coal technologies.
- John McCain plans to put the U.S. on track to construct 45 new nuclear power plants by 2030, with the ultimate goal of eventually constructing 100 new plants.
Meanwhile, the Democratic nominee for President, Barack Obama has proposed a plan to “invest in a clean energy economy.” Among Obama’s energy plans:
- Create five million new jobs by investing $150 billion over the next ten years to catalyze private efforts to build a clean energy future.
- Eliminate Our Need for Middle Eastern and Venezuelan Oil within 10 Years.
- Put 1 million Plug-In Hybrid cars — cars that can get up to 150 miles per gallon — on the road by 2015, (Obama notes he will work to make sure these cars are made in the U.S.).
- Ensure 10% of our electricity comes from renewable sources by 2012, and 25% by 2025.
- Implement an economy-wide cap-and-trade program to reduce greenhouse gas emissions 80 percent by 2050.
- Create a new $7,000 tax credit for purchasing advanced vehicles.
Despite their differences, both candidates intend to reduce our greenhouse gas emissions through a cap-and-trade program. Obama plans to implement an economy-wide cap-and-trade program to reduce greenhouse gas emissions 80% by 2050. In that same time frame, McCain sees a 60% reduction from 1990 levels.
In his book, Friedman says there will be an ET (Energy Technology) revolution which “will be both transformative and disruptive.” He goes on to say that America must lead this revolution—with the first Green President and a Green New Deal, spurred by the Greenest Generation.
Energy and alternative fuels, however, is not just a hot topic in Washington. A.E. Feldman says across the country, the wealth of individuals and institutional investors getting involved in the energy and clean technology sector is enormously high. In fact, the firm says it has already cultivated relationships with companies that have access to the financial resources to help fund U.S. based solar initiatives. In addition, A.E. Feldman’s CEO, Carol Schwam, says the burgeoning alternative fuel industry is looking for super-brokers who can funnel money into their businesses. She notes, however, that entrepreneurs in this sector must bridge the gap between the science behind the technology and a successful business.
As a result, despite the slowing economy and layoffs in the financial and property sectors, the ‘Green’ job market is thriving, according to Reuters. The Blackstone Group is among the most recent firms to staff a Cleantech Energy Group. Blackstone announced the establishment of the new business group that will be focused on investments in the cleantech energy sector and will also provide advice on renewable energy strategies across Blackstone’s diverse asset base.
Tony James, President and Chief Operating Officer of The Blackstone Group, said, “This team’s experience and record of investment success will position us as a leading investor in the cleantech space and will provide a valuable resource for our other business groups advising on the introduction of sustainable energy strategies.” Garrett Moran, Senior Managing Director of The Blackstone Group, adds the team understands the rapidly evolving technology applications in solar and wind power generation, carbon sequestration, next generation ethanol, and other renewables which will be a key input in Blackstone’s investment decisions.
Barclays Capital, the investment banking division of Barclays Bank PLC, also announced the appointment of a team of investment bankers to focus on the U.S. energy sector. The team, which will be based in Houston, Texas, will provide financing, advisory and risk management products & services to clients in the energy sector.
In recent months, Barclays Capital has expanded its investment banking coverage of major industry sectors. “This team represents the latest in an impressive series of additions we’ve made to our growing investment banking platform in the Americas,” said Jim Glascott, Head of Investment Banking & Debt Capital Markets, Americas.”
Right now, A.E. Feldman is one step ahead of the latest developments in renewable energy and green technology. To learn more about these issues or inquire about existing and future job opportunities in this sector, the lines of communication are open. Contact the Mitch Feldman, President of A.E. Feldman, and the firm’s cutting edge energy recruiting team here.
