George Soros, one of the world’s most successful investors and boldest philanthropists, has been more perceptive than almost anybody on the economic crisis – warning about “market fundamentalism” and the emerging credit “superbubble” since the 1980s. “The idea that financial market are self-correcting,” Soros writes, “remains the prevailing paradigm.” And it is wrong.

Rather than thinking markets are always right, Soros thinks of markets as “almost always wrong” – and has made billions by trading on this insight.

Now nearing 80, Soros’ observations carry more weight than ever. The new edition of The Crash of 2008: the new Paradigm for Financial Markets is Soros’ 11th book – and his first bestseller. In it he explains his theory and argues that clean energy investments are central to macroeconomic policy.

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This article is part of a series on the Stimulus Update. Previous posts:

– Smart Grid Funding Guidelines Released
- Inching Towards Smart Grid Funding Guidelines
- EE and Conservation Block Grant Funds Releases
- Next Generation Electric Vehicles Funds Released
- Energy Efficiency Funds Released
- Climate Change, the Stimulus Bill, and how CleanTech will benefit

As part of an ongoing effort to reduce US dependence on foreign oil and address the climate crisis by increasing the use of domestic renewable fuels, Secretary of Energy Chu announced Tuesday plans to provide $786.5 million in ARRA funding to accelerate advanced biofuels research and development, and to provide additional funding for commercial-scale biorefinery demonstration projects.

The funding is available through ARRA’s Research and Development program and will be awarded through competitive grants from the DOE’s Office of Energy Efficiency and Renewable Energy (EERE).

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A wave of Green Technology innovation is sweeping the world – is the United States willing, and ready, to lead?

That was the question that Andrea Larson presented to the audience a couple hours ago at the Stanford Institute for Economic Policy Research. I was a bit disappointed in most of her comments – beginning with the fact that she chose dwell on “the ignorance” of those that don’t believe in Global Warming… please!

There is nothing less important about this issue than fighting to convince those that don’t believe in it (Peyton speaks about the argument well – I welcome you to join that ongoing discussion).

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Updating my previous post, VP Biden announced plans to distribute more than $3.3 billion in smart grid technology development grants and an additional $615 million for smart grid storage, monitoring, and technology viability late last week.

The announcement comes with mixed reviews, including warnings that the $20 million cap on grant awards ($40 million with matching funds) is too small to incentivize large and medium IOUs to deploy smart meters.  This post notes that Xcel Energy’s SmartGridCity is a $100 million dollar project on it’s own and involves only a single city.

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With specific dollar allocations published for Conservation Block Grants, $780 million released for energy efficiency and Weatherization (more to come), and grant announcements worth $2.4 billion for next generation electric vehicles issued, the first wave of DOE stimulus has come and gone.

In its wake, state, city, and county energy offices, agencies, commissions and departments are scrambling to make sense of how to funnel additional money into their respective jurisdictions.  This includes readying Strategic Energy Plans for SEP program approval and drafting State Comprehensive Applications for the remaining Weatherization funds, as well as exploring potential partnerships and programs to win highly competitive grants for additional projects.

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The recession is hitting recycling hard.

Markets for metals and other recyclable goods are in the toilet. Some haulers are even stockpiling stuff in hopes of better days ahead.

The downturn has put the future of National Recycling Coalition in jeopardy, according to a letter sent recently to members. Among the ideas being floated are consolidating the group with another similar organization.

In what is becoming a familiar refrain, the federal stimulus bill holds some promise. The bill includes a provision from the NRC and its members that authorizes $3.2 billion for the Energy Efficiency Block Grant program, for communities to use for energy-related actions including projects related to source reduction and recycling, the coalition says.

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$3.2 billion in energy efficiency and conservation projects for US cities, counties, states, territories, and Native American tribes was released last Thursday.  The announcement comes on the heels of $8 billion for Weatherization programs and $2.4 billion for Next Generation Electric Vehicles released earlier in March, all part of $16.8 billion allocated under ARRA for Energy Efficiency and Renewable Energy programs.

The most recently released funds will be administered under the DOE’s Energy Efficiency and Conservation Block Grant Program (EECBG), which provides federal grants to reduce energy use and fossil fuel emissions through improvements in energy efficiency in the transportation, building, and “other appropriate sectors.”  Unlike the State Energy Program, EECBG emphasizes a bottom-up, community-based energy efficiency strategy through Title V of the Energy Independence and Security Act of 2007.

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Grab some stimulus cash while it’s hot…

VP Biden and Energy Secretary Chu announced Thursday an investment of nearly $8 billion in state and local weatherization and energy efficiency efforts as part of Obama’s American Recovery and Reinvestment Act.  The funds will support programs nationwide while creating 87,000 jobs and cutting energy bills for families.

The total investment includes $5 billion through the Weatherization Assistance Program (WAP) and $3 billion for the State Energy Program (SEP).  About $780 million is set to be released in the next few days.  State offices are gearing up for the influx of cash and CleanTech stands to benefit in several ways.

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Yesterday, two days after President Obama signed the stimulus bill (American Recovery and Reinvestment Act or ARRA) into law, DOE Secretary Steven Chu announced a reorganization of how the Department of Energy will disperse loans, loan guarantees and funding contained therein.

Obviously, the idea is that there will be a disbursement of money to begin investments into the economy which will put Americans back to work and create millions of new jobs. What is good for CleanTechies like you and me is that there’s a leader at the helm Department of Energy that is keen on energy efficiency and renewables because it is the DOE that will be in a position to bring relevant projects to the table. More great news is he’s added ex-McKinsey consultant Matt Rogers to the team, a long time analyst of energy issues and climate change. It is great to have such strong representation from the business community within the DOE.

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With less than a year left before the international community reconvenes to tackle climate change in Copenhagen this December, many unanswered questions remain.  Chief among them is whether the US can begin to patch together a flurry of legislation targeting reduced greenhouse gas (“GHG”) emissions in time to signal a renewed commitment to leading the international community on environmental issues.  Doing so will focus the spotlight on China, which together with the US, accounts for 40% of the world’s GHG emissions.

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