The sector has gotten a boost from a new California plan to invest $1.5 billion of the state's pension funds in environmental technologies. State Treasurer Phil Angelides said the "Green Wave" initiative is aimed at helping the state improve financial returns, generate jobs and clean up the environment.
"I want to see California in the best position to reap the benefits of this growing sector of the global economy," Angelides said in an interview.
The California Public Employees' Retirement System, the nation's largest pension fund, voted in March to invest $200 million in clean technology startups, and agreed this month to pump $500 million into environmentally responsible stocks and mutual funds.
"This is just the tip of the iceberg," said the Cleantech Venture Network's Raab. "I think you'll see other pension funds following suit."
I would rather have my money, than let the state control my money. Although, if a state was going to take my money and not give it to me, i would want to invest the state to invest it in the private market. Although i don't know if green tech is the way to go. I doubt that you will see other states putting pension money into unproven investments. Then again if it pays off it will pay off big, of course i would not want the state taking that kind of risk with my money.
Then again, you wonder by California's books are not so pretty.