Contact Information: Contact: Ashley Kanigher 650-843-5721 akanigher@cooley.com
Cooley Survey: Clean Tech Executives Support, but Aren't Counting on, Cap-and-Trade Bill
| Source: Cooley Godward Kronish LLP
PALO ALTO, CA--(Marketwire - October 27, 2009) - Clean technology industry leaders believe
cap-and-trade legislation will ultimately help the U.S. economy and aide in
the reduction of U.S. greenhouse gas emissions, but they are not optimistic
legislation will pass in the near term, nor are they particularly
concerned. This is according to a survey of clean technology
entrepreneurs, venture capitalists and other industry professionals
conducted by law firm Cooley Godward Kronish at its second annual Clean
Technology Conference focused on cap-and-trade legislation, held last week
in Redwood City, Calif. (Silicon Valley).
If legislation does pass, 80 percent of respondents believe it will
ultimately help, not hinder, the U.S. economy. Seventy-one percent believe
that a cap-and-trade system will be effective in reducing U.S. greenhouse
gas emissions. However, they are not holding their breath for new
legislation. Forty-five percent of those surveyed think cap-and-trade
legislation will not pass until the second half of 2010 and nearly 30
percent do not believe the legislation will pass during President Obama's
first term. Only 20 percent believe it will pass in the first half of
2010.
Fortunately, a vast majority of those surveyed -- 85 percent -- do not
think that adoption of cap-and-trade legislation would play a significant
factor in their business plans. Instead, the respondents listed raising
capital (56 percent) and navigating government affairs (32 percent) among
the greatest challenges to the success of the clean tech sector.
Twenty-six percent of respondents viewed legislation as a major challenge.
"Clearly clean technology investors and executives have opinions about
cap-and-trade legislation and what it means to the U.S. economy and the
environment, and a majority believe it will have a positive impact on
both," said Gordon Ho, head of Cooley's Clean Technologies practice.
"However, when it comes to the day-to-day execution of their business
plans, the fate of cap-and-trade legislation is not a major factor, nor are
they counting on it to have any kind of material impact on their business."
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