DEEP POCKETS SAY STOP 23

Investor Statement Opposing California Proposition 23
October 2010 (Ceres)

"We are 68 investors collectively managing over $415 billion in assets, writing to urge California voters to oppose Proposition 23, the statewide ballot initiative to stop implementation of the state’s landmark clean energy law, AB32.

"As investors, we need certainty about the policies that govern the sectors in which we invest so that we can make strategic, profitable investments over the long term. AB32, which sets an economy–wide limit on greenhouse gas pollution and promotes clean energy development, provides us with this certainty…[T]he development of clean technologies [is] one of the state’s few growth industries in recent years and, we believe, one of the most promising global growth industries…

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"…[P]olicy certainty, however, would be eliminated if Proposition 23 passes, because it would eliminate the clear market signals investors need to safely invest…This would cause California to lose billions of dollars of investment and thousands of jobs to competitors like China, Japan, Germany, or other U.S. states that have more stable commitments to clean energy policy. It would also increase California’s dependence on fossil fuels while increasing air pollution that contributes to asthma and other public health impacts…

[On Job Growth:] "If Proposition 23 passes, California would lose thousands of jobs to other nations and states. More than half a million Californians are already employed in clean tech jobs, including more than 93,000 in manufacturing and 68,000 in construction. In an extremely difficult economy during which the state has lost 1% of its jobs, clean technology has been one of California’s key growth industries, increasing jobs at a rate of 5% from 2007 to 2008…Other studies show that California green jobs have grown 10 times faster than the statewide average…"

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[On Private Investment:] "Nine billion dollars have been invested in the development of clean technology in California since enactment of AB32 in 2006…Without AB32, billions of dollars in additional investment would be lost to other states and nations."

[On Energy Price Savings and Stability:] "Through its energy efficiency measures, AB32 lowers electricity costs by lowering energy demand, saving money for consumers and the state of California. Studies show that by spending less money on energy, California could increase the Gross State Product by about $76 billion…AB32 also lowers the price of clean energy by encouraging investments that will increase the clean energy supply. This ensures that we lock in lower prices for fossil fuel alternatives now, keeping energy prices stable over the long-term. Prop. 23 would inhibit this price saving and stability while increasing our use of dirty fuels whose costs are expected to rise over time…"