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News and Information Article
HARRISBURG, Pa., Sept. 12 // -- Pennsylvania State Treasurer
Robert P. Casey, Jr. today announced a new investment strategy for the
Commonwealth that will promote greater public and private investments in
clean technologies, such as alternative and renewable energy sources, and
provide superior returns for taxpayers. Casey said his new Keystone Green
Investment Strategy is one of the nations most comprehensive among
institutional investors and the result of a yearlong series of meetings
with private sector investors, financial experts, non-profit state energy
funds and others. Highlights include:
1. The Keystone Green Fund - a new investment fund Casey is
establishing to attract and leverage private sector investments in
clean technology products and firms that will benefit Pennsylvanias
economy. The Fund will include up to $40 million in Treasury assets
and several million more from Pennsylvania-based energy funds.
2. Active Equity Management - Casey will reallocate up to $50 million
in Treasury assets from existing investment managers to those who
can demonstrate a track record of providing superior returns on
their investments in clean technology stocks.
3. Environmental Equity Screens - Treasury will develop new investment
screens for its investment managers and outside consultants to use
when evaluating a companys potential exposure to environmental
liabilities.
4. Investor Network on Climate Risk - Pennsylvania will formally join
the INCR, a network of institutional investors and financial
institutions that promotes better understanding of the financial
risks and investment opportunities posed by climate change.
"Keystone Green is a comprehensive effort to identify investments that
can generate superior returns for Pennsylvania taxpayers, while attracting
future private sector venture capital investment and job growth in clean
technology industries," Casey said.
Brian Hill, President of the Pennsylvania Environmental Council, lauded
Treasurer Caseys action, saying, "this new investment strategy by the
Treasurer links environmental protection and economic development, and puts
Pennsylvania at the forefront of a national trend to promote sustainable
economic development. It is both progressive and prudent."
Venture capitalists invested $1.6 billion in North American clean
technology companies in 2005 - 43 percent more than the previous year -
according to a May 2006 report from Cleantech Capital Group, LLC.
Cleantechs report emphasized that, " ... the seeds are being laid now
to determine which states companies will get the lions share of
investment, and which states will call the leaders of the cleantech
industry their own. The states that can best woo entrepreneurs and
investors now will have a chance to create self-perpetuating cleantech
clusters that drive dynamic economic growth while also improving the
economy ... "
Rob Sanders, managing director of The Reinvestment Fund (TRF) of
Philadelphia, said, "TRF commends the Pennsylvania Treasury Department for
its vision and leadership in creating the Keystone Green Fund. TRF believes
the new Fund will be an engine for creating quality Pennsylvania jobs in
the clean technology sector, for helping Pennsylvania citizens and
businesses reduce their energy costs, and for cleaning Pennsylvanias air,
water and soil - all while paying a profitable return to the Funds
investors."
Kevin Murphy, president of the Berks County Community Foundation, said,
"We commend the Pennsylvania Treasury Department for its farsighted
decision to invest in Pennsylvanias rapidly emerging clean technology
sector. Encouraging private investment now in environmentally friendly
power will be a competitive advantage to the Commonwealth as it seeks to
attract and retain jobs in the future. Pennsylvanias leadership position,
bolstered by the Treasurys action, will strengthen her position in the
global economy."
Venture capital experts say that clean technology is the
fastest-growing sector in the private funding business. Earlier this year,
the New York Times reported, "Public and private investment money and
venture capitalists are marshalling billions of dollars to pour into
companies pursuing alternative energy - renewables like wind or solar power
- or clean technologies, like pollution-control innovations that make
conventional energy sources cleaner." (Felicity Barringer, May 17, 2006)
Joyce M. Ferris, managing partner, Blue Hill Partners, LLC, said, "By
creating the Keystone Green Fund the Treasury Department is leading the way
in generating strong financial returns for the citizens of Pennsylvania by
investing in this important asset class. In addition to achieving
competitive, risk-adjusted returns in this profitable investment area, the
Fund should also generate measurable environmental returns and supporting
economic development ... and provide important fuel to support the growth
of green technology companies in Pennsylvania."
New $40 Million Keystone Green Fund
Caseys goal for the $40 million Keystone Green Fund is to achieve
solid returns on clean technology investments while enhancing the
Commonwealths economy. Treasury will invest up to $15 million in
innovative and profitable clean technology businesses that have a direct
nexus to existing or nascent Pennsylvania firms, and up to another $25
million in other clean technology opportunities that offer attractive
returns, as well as broad benefits to the states economy.
Three of Pennsylvanias four sustainable energy funds - TRFs
Sustainable Development Fund, West Penn Power Sustainable Energy Fund, and
First Energys Sustainable Energy Fund - have formally expressed their
interest in co- investing with Treasury in the Keystone Green Fund. This
marks the first time that the sustainable energy funds have pooled their
resources in the interest of alternative energy and economic development.
New $50 Million Treasury Investment in Profitable Clean Technology
Stocks
Casey said the Pennsylvania Treasury Department will take specific
steps to make certain that up to $50 million of its public equity holdings
can take advantage of the potential opportunities that clean technology
industries offer in the new marketplace. At the same time, Casey said
Treasury will adopt a series of written guidelines or "investment screens"
for all of its public equity investment managers to consult in assessing
companies potential risks of loss from climate change, as well as changes
in international energy economics and carbon regulation.
Investor Network on Climate Risk
Casey also announced today that the Pennsylvania Treasury Department
has formalized its relationship with the Investor Network on Climate Risk
(INCR) by joining the three-year-old organization. INCR is a network of
institutional investors and financial institutions dedicated to promoting
better understanding of the financial risks and investment opportunities
posed by climate change.
Founded by state and city treasurers and comptrollers, labor pension
fund leaders and foundation leaders in 2003, INCR represents over 50
institutions that collectively manage more than $3 trillion in assets. INCR
believes that prudence, common sense and fiduciary responsibility should
compel most institutional investors to examine the financial ramifications
of climate risk and, where appropriate, to invest based upon those risks
and opportunities.
"Treasurer Casey is demonstrating prudent, smart leadership by joining
forces with dozens of other investors to better understand the financial
risks and investment opportunities from climate change," said Mindy S.
Lubber, president of Ceres and director of the Investor Network on Climate
Risk. "Whether from extreme weather events, regulatory changes or growing
demand for renewable energy, climate change is a serious business issue
that will have far-reaching consequences for businesses and investors in
the years ahead."
Casey said the Treasury Department will work with INCR to insure that
investors can obtain greater access to information about how climate change
will impact the long-term viability of individual businesses and
industries.
The Pennsylvania Treasury Department is directly responsible for
investing and making deposits of moneys belonging to many state agencies,
as well as local municipalities and individual investors. Approximately $12
billion under Treasurys discretionary authority is placed into various
investment pools, each of which has customized goals and objectives. In
certain pools, the Treasurer has broad authority to place these moneys in
any investments, including equity securities and mutual funds, subject to
standards that prudent persons would follow in the management of their own
funds.
A copy of the Keystone Green Investment Strategy is available at
http://www.patreasury.org.
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