Prop 23 Turns Economy Backward, Sparks Energy Mess for California & U.S.: Report

Top Clean Tech Business Leaders Warn that Proposition's Agenda Means Capital & Job Flight, Loss of Leadership

WASHINGTON July 24 /PRNewswire-USNewswire/ --

• Prop 23 would undermine California's fastest growing economic engine
• Domino effect would harm U.S. competitiveness, not just California's
• Prop 23 raises electricity prices for consumers, prolongs state's oil addiction

Investment and business leaders today warned that passage of California's Proposition 23 this November would jeopardize a half million clean tech jobs, 12,000 companies and billions of dollars of private investment in California. Moreover, it would signal an end to the state's global leadership in clean tech as nations in Asia and Europe surge ahead.

In a new report, "Going Backward," issued by the Clean Economy Network (CEN), the business leaders also said Prop 23 would suspend efforts to increase electricity produced from renewable sources, stifle energy efficiency standards for homes & office buildings and prevent cleaner tailpipe emissions. More than 250 businesses and organizations across the state have signed up to oppose Prop 23. Prop 23's oil company funders seek to overturn Assembly Bill 32 (AB32), a law passed in 2006 that triggered an explosion of clean tech investment and entrepreneurship by requiring a transition from polluting sources of energy to clean ones. In particular, the state will cut its carbon emissions and utilities will need to provide one-third of their power production from renewable energy by 2020.

"Prop 23 should be viewed for what it is: a mechanism for regulatory and investment uncertainty that only benefits its backers – big out-of-state oil companies Valero and Tesoro – while putting the economic health of the rest of California at risk," said Jeff Anderson, Executive Director of CEN. "Sending jobs and investment overseas is a no-win proposition for all Americans and must be defeated."  

According to the report, both private equity and venture capital investors are already feeling skittish with the uncertainty created by Prop 23, fearing that much-needed stable policies and clear market signals for clean energy projects would disappear. Consumers in California are also put at risk because of Prop 23. It would increase healthcare costs because of continued air pollution as well as raise electricity bills by up to a third over the next decade. California is a national leader in energy policy. If Prop 23 were to pass, it has the potential to cause a roll back of energy and climate policies in other states and further slow efforts to pass comprehensive energy and climate legislation in the U.S. Congress.

The report can be downloaded at http://cleaneconomynetwork.org/sites/default/files/Prop_23_GoingBackwards.pdf

About Clean Economy Network

The Clean Economy Network (CEN) is the largest national membership-based networking, educational, and advocacy organization shaping a new economy based on clean technology and innovation. Our members are professionals, entrepreneurs, investors, and researchers who connect to each other, learn information relevant to business and professional growth, and influence public policies that impact the clean economy. The Clean Economy Network offer resources such as access to government reports, portals to the latest news in the clean economy, and inside information from leaders at the cutting edge of the clean economy. We currently have 17 chapters operating across the United States and Canada that host networking events and educational opportunities. For information, visit

www.cleaneconomynetwork.org

SOURCE Clean Economy Network