MONTPELIER— Lt. Governor Brian Dubie and State Treasurer Jeb Spaulding Tuesday jointly announced a plan to invest $48 million in state employee pension funds in Vermont’s “Green Valley” – an economic development sector comprised of businesses dealing in environmental technologies, goods and services.

“It’s all about jobs and economic growth for our state in a dynamic new direction,” Dubie said, “and it’s about devoting Vermont’s youthful energy and some of our resources towards making Earth a cleaner and healthier place for everyone.” Dubie launched the Green Valley initiative (www.thinkvermont.com/greenvalley) in December, 2003.

Spaulding noted that as State Treasurer, he is the custodian of Vermont state employees’ pension funds. “Ever since I was elected,” he said, “I have looked for ‘triple bottom line’ investment opportunities for our funds: ones that are good for people and society, good for our environment and produce a good return on investment. Our investment board has made clear its desire to use 2% of our funds this way. When Lt. Governor Dubie proposed investing in Vermont’s Green Valley companies, I was immediately excited.”

Dubie, Spaulding and Economic Development Commissioner Mike Quinn have been working on a mechanism to distribute the funds, such as Vermont’s Economic Development Authority (VEDA). The final structure of that mechanism has yet to be determined.

Dubie and Spaulding made the announcement at a forum on renewable energy sponsored by the Vermont Environmental Consortium and Norwich University.

“We have innovative people and companies right in our state developing clean technologies with the potential to provide these pension funds with positive, long-term returns, and that can create jobs and economic growth in Vermont for years to come,” Dubie said.

“Everywhere on earth, from Shanghai to Montreal,” he continued, “demographic trends, public awareness, environmental crises and increased regulation are driving the growth in the clean technology industry. I commend Treasurer Jeb Spaulding and look forward to working with him to harness that growth energy for Vermonters.”
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