Lt. Governor Brian Dubie and State Treasurer Jeb Spaulding
jointly announced a plan to invest $48 million in state employee
pension funds in Vermont's "Green Valley" - an economic development sector
comprised of businesses dealing in environmental technologies, goods and
services.
"It's all about jobs and economic growth for our state in a dynamic new
direction," Dubie said, "and it's about devoting Vermont's youthful energy
and some of our resources towards making Earth a cleaner and healthier place
for everyone."
Spaulding noted that as State Treasurer, he is the custodian of Vermont
state employees' pension funds. "Ever since I was elected," he said, "I have
looked for 'triple bottom line' investment opportunities for our funds: ones
that are good for people and society, good for our environment and produce a
good return on investment. Our investment board has made clear its desire to
use 2% of our funds this way. When Lt. Governor Dubie proposed investing in
Vermont's Green Valley companies, I was immediately excited."
Dubie, Spaulding and Economic Development Commissioner Mike Quinn have been
working on a mechanism to distribute the funds, such as Vermont's Economic
Development Authority (VEDA). The final structure of that mechanism has yet
to be determined.
Dubie and Spaulding made the announcement at a forum on renewable energy
sponsored by the Vermont Environmental Consortium and Norwich University.
"We have innovative people and companies right in our state developing clean
technologies with the potential to provide these pension funds with
positive, long-term returns, and that can create jobs and economic growth in
Vermont for years to come," Dubie said.
"Everywhere on earth, from Shanghai to Montreal," he continued, "demographic
trends, public awareness, environmental crises and increased regulation are
driving the growth in the clean technology industry. I commend Treasurer Jeb
Spaulding and look forward to working with him to harness that growth energy
for Vermonters."
Lt. Gov. Brian Dubie and Treasurer Jeb Spaulding Announce "Green Valley" Funding Initiative
Submitted by tim
on