Al Gore puts his money where his mouth is and it has made him a very wealthy man. The Washington Post recently reported that his net worth these days is around $100 million — 50 times what it was after leaving the office of Vice President — mostly as a result of investments in clean energy. This gives the lie to those nay-sayers who insist that investing in clean energy will not pay dividends and that the government should ignore clean energy and continue to pursue such projects as the Keystone Oil pipeline while maintaining the $4 billion a year in tax subsidies to Big Oil.
Not only has Gore made it big investing in clean energy, others have as well — as the Huff Post reported recently:
Gore isn’t the only one who’s betting on green energy. The United States invested $51 billion in renewable energy in 2011, second only to China in a year where green investments hit a record high.
He also has to thank the Obama administration’s 2009 stimulus package. The $80 to $90 billion worth of government investment in green energy has helped to grow many of the companies Gore and his renewable energy-based hedge fund Generation Investment Management have put the majority of their money in. In fact, nine of 11 companies that Gore endorsed during a 2008 presentation on fighting climate change received government investment, WaPo reports.
There have been failures in the clean energy field, of course, and these have been the focus of comments made during the current presidential campaign by Mitt Romney. Romney would also like to reduce or eliminate altogether future government investments in clean energy in spite of the fact that they are clearly paying off.
But the success rate of renewable energy companies may be far higher than some, particularly Presidential candidate Mitt Romney, would like to admit. During the first Presidential debate, Romney claimed that over half the green energy companies benefitting from stimulus dollars failed. In fact, just 1.4 percent of the U.S. dollars invested in green energy went to companies that had failed by the end of 2011, CleanTechnica reports.
Romney, and others of his persuasion, would like to point to the failures — such as the solar energy company Solyndra which went belly up as a result of the availability of cheap solar panels made in China which the Obama administration finally stopped by imposing tariffs — though too late to save Solyndra. In any event, the success stories greatly outweigh the failures in spite if what Mitt would have us believe.
The stimulus packages clearly help bring money into the clean energy industry, but why don’t both sides of the political aisle get foursquare behind the clean energy movement, help create jobs, boost the economy, and head in the direction of countries like Germany which will be nuclear and coal free within a few years? The answer requires some speculation, but it is fairly clear that the companies that make huge profits from the continued use of fossil fuels would prefer that we not wean ourselves from those sources of energy (despite the damage we are doing to the environment and the planet itself) and they pour large amounts of money into the pockets of politicians to see to it that it doesn’t happen. But the success stories continue to pop up from time to time and people like Al Gore still believe and their belief is clearly paying off.