Grimes & Tanton: California’s False ‘Green’ Economy: The Rest of the Story

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by Katie Grimes, E&E Legal Senior Media Fellow, and
Tom Tanton, E&E Legal’s Director of Science and Technology Assessment
As appearing in Flash Report

False claims about the success of California’s green economy have been front-page headlines for several years. Green tech groups, green energy investors, stakeholders and even green tech media claim California has a “thriving clean energy economy.”

What’s missing from the news is The Rest of the Story. The political and economic impact of California’s Global Warming Solutions Act of 2006 (AB 32), the greenhouse gas reduction mandate foisted on Californians by the Democrat-dominated Legislature, and signed into law by then-Gov. Arnold Schwarzenegger, hasn’t been good for the economy…

Billionaire climate change activist Tom Steyer made his fortune investing in the energy sector, through his hedge fund company, the Farallon Capital Management fund, which Steyer managed until 2012. Farrallon invested in coal mines in Australia and Indonesia, as well as in tar-sands oil, which is strip mined, processed to extract the oil-rich bitumen, which is then refined into oil. It’s an interesting career change and about-face.

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