30 May 2006

New Economy: Paulson Treasury May Be Good for Environmental Investments

Today, President Bush announced his nomination of Henry (Hank) Paulson, Jr., CEO of Goldman Sachs, for U.S. Treasury Secretary, succeeding outgoing secretary John Snow. While at the helm of Goldman, Mr. Paulson piloted efforts to move the firm in a green direction (see my earlier post: Goldman's Inner Environmentalist). Paulson, head of Goldman Sachs, has also been the chairman of board of directors of The Nature Conservancy.*

President Bush, at a press conference this morning, said, "The treasury secretary is responsible for recommending and implementing policies dealing with taxes, financial markets, federal spending, trade and other issues affecting the health and competitiveness of the American economy."

"Mr. Paulson had turned aside at least one overture from the White House," according to The New York Times, "and accepted the post only after being assured that he would play a central role in setting policy."

Mr. Paulson, in his acceptance of the nomination, said, "Our economy's strength is rooted in the entrepreneurial spirit and the competitive zeal of the American people and in our free and open market. It is truly a marvel, but we cannot take it for granted. We must take steps to maintain our competitive edge in the world."

A strong pro-growth, pro-environment voice may be just what is needed to affect policy adjustments that will catalyze private sector investments in climate change mitigation and alternative energy.

(*In the interest of full disclosure, I am currently employed by an organization with which Hank Paulson has been associated, while secretly coveting a job at Goldman...)

Categories: , , ,

No comments: