Since 1989, Dr Philip Beresford compiles an all to familiar thing. A list on rich people. Ok then. Following Rich Lists on how they, the rich, spend their money, how the rich give away their cash, how they do whatever it is they do; here is The Sunday Times Green Rich List. This is a listing of ’100 tycoons or wealthy families worth £200m or more’ These qualify by either having made serious investments in green technology and businesses or large financial commitments to environmental causes. The Green 100 are worth nearly £267 billion. In his article ‘Eco Barons Lead the Way’, Beresford writes, ‘This enormous sum demonstrates that many of the world’s richest tycoons and entrepreneurs have embraced environmentalism.’ That is of course one way of interpreting it but hardly the only one. It could also be that what they are enbracing is the fact that ‘going green’ could be understood both in Ecoish and Dollarspeak, in short, ‘there is money to be made saving the planet’ as some would put it. Which is as it should be just as it should cost money to hurt it.
But back to the list. First of all, the title is alarmingly inaccurate. Eco Barons are not leading anything, they are following the money which is following logic which is born out of insights. Beresford is British as is EcoSwitch, therefore dwelling on the isles is probably polite. But not very relevant, Britain is home to only 10 of the world’s top 100 entrepreneurs in new industries such as wind energy, electric cars and clean coal. Clean coal? Clean coal is an even less satisfactory label than clean cars. How about still-really-dirty-but-at-least-a-little-bit-filtered-coal? But clean coal? Perhaps The Times, researching, ran into trouble looking for 100 tycoons to qualify for the list without certain concessions. Calls for a clear policy and regulatory framework to encourage investment in green industries if it is not to fall further behind.
With 35 entrants on the list, America is top of the table. Federal investments $15 billion (£10.5 billion) a year in clean-energy companies and programmes make the US a strong contender for more posts should the Green Rich list be compiled again. China, with 17 ‘members’, is becoming the workshop for the green revolution -some would insist on calling it sweatshop and they would be partially right. With solar-panel factories and wind-turbine makers cropping up across the country, but it has begun developing technologies as well.
Used to being on top of lists with rich people on them, Warren Buffett and Bill Gates are on this one as well. Buffett has invested $230m in the Chinese battery- and electric car manufacturer BYD. Gates has poured millions into development of alternative fuels from algae. Google’s Larry Page and Sergey Brin are turning to green investments with all the entrepreneurial zeal that made their first fortunes. T Boone Pickens the ‘oil explorer, corporate raider and a Texan Republican to his core’ is using some of his fortune on his Pickens Plan, less about the environment and more about unhooking America from its dependence on foreign energy. (Read our article on the Pickens Plan here).
Dr Beresford writes in conclusion, ‘When the recession is over, there are precious few forecasters who think the City and the like will return to its glory days. With traditional factories and industries closing in record numbers, where will Britain’s future prosperity come from? It is a sobering thought.’ Indeed, the City will almost surely never look the same. Not under the varnish. It is a hopeful sign of the times (not the newspaper quoted) that big money is rolling into big green projects. It is interesting that some people are becoming very rich through their environmental work, that is something that could not have happened easily only a few years ago. It is heartening that some very rich people actually seem to be committed. It is natural that we are alarmed at what things cost, especially since many are losing their jobs. It is ridiculous that we should even be in this situation. It is a bit of a pity that we are so sadly predictable. But the EcoSwitch is on.
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* Article ‘Eco Barons Lead the Way’ by Philip Beresford for the TimesOnline on the 1st March 2009, read it here.
