Goldman Sachs Investing $40 Billion More in Clean Energy ...

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Not even a couple weeks ago, Mridul wrote that Goldman Sachs?backed firm ReNew Power Limited was investing Rs 6,000 crore (over $1.1 billion) to build 1 GW (1,000 MW) of wind power projects across India. Apparently, Goldman Sachs has much bigger plans than that, though.

Goldman Sachs Group Inc reportedly plans to put $40 billion towards renewable energy projects over the coming 10 years. Why? well, if you know anything about Goldman Sachs, you know it?s all about the money.?Renewable energy is ?an area the investment bank called one of the biggest profit opportunities since its economists got excited about emerging markets in 2001,? Reuters reports.

It sees China, Brazil, India, Europe, and many other countries implementing strong renewable energy policies. Combined with dropping renewable energy costs from mass deployment and continued technological advances, renewable energy is a winning bet as far as Goldman Sachs is concerned.

That said, this new announcement actually more or less continues the bank?s current trend.??In 2011, it helped finance $4.8 billion in clean technology companies globally, and co-invested more than $500 million in that area,? so $4 billion a year is actually a bit of a decrease in annual investments. Still, this is far more than the $1 billion it committed to in 2005. Perhaps if more countries implement strong climate change and cleantech policies, we can look back on this $40 billion (still a considerable amount) as Goldman Sachs testing the waters.

?The bank?s new $40 billion target applies to investments and financings for solar, wind, hydro, biofuels, biomass conversion, energy efficiency, energy storage, green transportation, efficient materials, LED lighting and transmission,? Reuters writes.

Goldman has also pledged to reduce its own net carbon emissions to zero by 2020.

Stuart Bernstein, head of Goldman?s clean technology and renewables investment banking group, compared the opportunity to technology investments in the 1990s or investing 10 years ago in fast-growing countries like Brazil, Russia, India and?China, for which Goldman economist Jim O?Neill coined the term ?BRIC? in 2001

Enthusiasm for renewables was high in 2006 and 2007 as oil prices soared. But enthusiasm waned after the financial crisis cut energy demand and cash-strapped governments reduced subsidies for alternative energy programs.

The use of hydraulic fracturing technology to access abundant supplies of natural gas in the United States and elsewhere has also undermined alternative sources of energy.

?Obviously we recognize this is not the easiest of times in the clean energy market but nevertheless the underlying thesis as to why cleaner and more sustainable forms of energy need to scale up still holds true,? Park said.

For more, check out:?Goldman sets $40 billion clean energy investment plan.

Image: Goldman Sachs building in NYC?via Shutterstock

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SEC eyes Nasdaq compliance in Facebook debacle

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Insights on Venture Capital and Entrepreneurialism - Women & Co.

From Fashion to Finance: Insights on Venture Capital and Entrepreneurialism

Blog Post by Linda Descano CFA???-??05/24/2012 @ 10:00AM

As I shared in my post Inspiring Insights from Phabulous Philly, I go back to my hometown every month or so for coffee and conversation with a group of enterprising women from the area. Each meet-up often has a few new faces -- one of whom was Karen Griffith Gryga (@karengg), an 18-year veteran of the venture capital industry.? Today, Karen is Executive Director of the Mid-Atlantic Angel Group, Co-Founder and CEO of FashInvest, and a venture partner with Innovation Capital.

Karen is frequently sought out by both professional and academic communities for her insights on the subjects of venture capital and entrepreneurialism, so I asked her what advice she would share with entrepreneurs looking to raise capital through "VC" investors. Below is an edited recap of what Karen shared:

1. Warm introductions are invaluable. So, align yourself with service providers -- accountants, lawyers and others -- who work with emerging growth companies and understand what that means. Tap into their experience to help you formulate your pitch and plan -- and then leverage their network. Along these same lines, surround yourself with an advisory board of mentors who are familiar with the VC fundraising process.
2. Remember that all VC capital isn't created equal. Do your homework and identify those venture funds whose profile matches your business.
3. Look for networking events where your "target" VC investors are. Be strategic in where you network and, of course, how you network once you are at the event.
4. VC fundraising is a numbers game. It takes time and effort. You will probably be talking to a lot of people before you find a fit with a VC portfolio. Learn from every interaction and keep honing your strategy, pitch and plan. Stay resilient, focused and positive.
5. Investors pay attention to a business' risk profile: how is the business going to grow and move forward and what are the risks and headwinds they are facing, whether operational or demand-driven. So it is important that you have a good grasp on your business as it is today, how it will evolve and how you are going to pivot in response to changing circumstances.

At the end of the day, Karen stressed, it's a matter of strength: the strength of your business opportunity, the strength of your pitch and ability to influence, and your inner strength: confidence.

Women & Co. is a service of Citibank, N.A., that provides financial content, commentary and related resources intended for informational purposes only. The views expressed in Women & Co. content constitute the judgment of the author(s) as of the publication date and are subject to change without notice. Women & Co. makes no guarantee about the accuracy of information provided by any third party. Women and Company, Women & Co., Citibank, Citi, and Citi with Arc Design are registered service marks of Citigroup Inc.

Citigroup Inc. and its affiliates do not provide tax or legal advice. To the extent that this material or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

INVESTMENT PRODUCTS: NOT FDIC INSURED ? NO BANK GUARANTEE ? MAY LOSE VALUE

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Microsoft pulling free development tools for Windows 8 desktop apps, only lets you ride the Metro for free

Microsoft has instituted a big change with its free Visual Studio 11 Express suite that's leaving some current- and soon-to-be Windows 8 developers up in arms: it's pulling support for creating anything but Metro-native apps. After 11 becomes the norm, desktop developers will need to either cling to Visual Studio 2010 for dear life or fork over the $500 for Visual Studio 11 Professional. Programmers won't have the option of backdoor coding, either, with both the compiler and toolchain being pulled from Windows' framework. The situation doesn't represent the end of the world for some developers -- more established pros don't balk at a $500 price, and third-party tools will likely live on -- but it sets a much higher price of entry for desktop apps developed through the official route, especially if you want to write games using XNA. We've reached out to Microsoft for a response, but for now we'd suggest setting aside five Benjamins if Start screen tiles and app charms aren't your cups of tea.

Microsoft pulling free development tools for Windows 8 desktop apps, only lets you ride the Metro for free originally appeared on Engadget on Thu, 24 May 2012 18:07:00 EDT. Please see our terms for use of feeds.

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Israel, land of Jewish refugees, riled by influx of Africans

Violent riots broke out in Tel Aviv last night as a growing tide of African migrants strains Israel's ideal as a land for refugees.

By Joshua Mitnick,?Correspondent / May 24, 2012

An African migrant drives his car with a shattered window after protesters saw him on their way back from a rally against the flow of African migrants into Israel, in Tel Aviv, Israel, Wednesday, May 23. Hundreds of people gathered in south Tel Aviv Wednesday to protest against the government's handling of the flow of African migrants into Israel.

Ariel Schalit/AP

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In an ironic twist, Israel's most tolerant city erupted in violent riots against African migrants last night, eliciting comparisons with "pogrom" attacks on European Jewish communities in the 19th and 20th centuries.

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Over the past five years, tens of thousands of African refugees have poured into Israel, particularly into Tel Aviv's more conservative working-class southern neighborhoods. Their presence has fueled a growing moral and policy dilemma that pits the Jewish collective memory of refugeedom against present day fears for the state?s economy and Jewish majority.

"Here is Israel, a country of refugees who gathered here from all over the world after having suffered for hundreds of years from racist persecution, discrimination, blind hatred, pogroms and death camps," wrote Shai Golden, a columnist in the Maariv newspaper, today. "Along come the members of the third generation after the restoration of this nation and they are amassing now against other refugees because of their difference, because of the color of their skin, because of their own economic and social distress, and they are behaving exactly the way the members of the host countries that hosted their parents and grandparents behaved."

In the working-class Hatikvah district of Tel Aviv last night, some 1,000 Israeli right-wing protesters carried placards calling for the expulsion of the Africans ? a handful of parliamentarians even called them a "cancer" ? and demonstrators smashed the windows of cars with Africans inside, looted stores, and beat others. Prime Minister Benjamin Netanyahu today condemned the violence and the remarks of the Knesset members, saying that Israel needs to deal with the problem "responsibly."

The African migrants crossing illegally into Israel from Egypt are seeking refuge from oppression back home but have been left in a legal limbo by Israeli authorities who refrain from deporting them but won?t grant work permits or residency status.

"It's hard for the Israeli government because of our Jewish guilty DNA and considerations of public diplomacy to put illegal Africans on planes," says Mitchell Barak, an Israeli public opinion expert. "There is a debate raging here like ones raging elsewhere, like Mexicans in the US. We want to have compassion, but at a certain point our compassion is detrimental to our own well being due to the high numbers" of African migrants, he says.

The municipality estimates there are 60,000 Africans residing in a city with a population of about 400,000. That statistic, plus the growing calls of south Tel Aviv residents for solutions, has added a new dimension to the debate. Residents of these neighborhoods complain that the government has left them on their own to grapple with a lack of security and a rising crime rate.

In recent weeks, an attack in which two Africans were accused of raping an Israeli minor, as well a pair of vigilante attacks on African residences in south Tel Aviv, has kicked up concern about rising tensions.

The frustration of south Tel Aviv residents is compounded by decades of ethnic bitterness among the working-class Middle Eastern Jews toward the liberal and more elite European Jews, who are seen as sympathizing with the Africans and ignoring the distress of local Israelis. ?

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PFT: Don't make too much of what Brady's dad said

Getty Images

Much has been made about the comments from the father of Pats quarterback Tom Brady regarding whether one of the greatest quarterbacks in NFL history would have been permitted to take up football as a youth.? And much of what has been said centers on the possibility that the next generation?s Tom Brady will never play football.

?I would be very hesitant to let him play,? Tom Brady Sr. told Mike Silver of Yahoo! Sports earlier this week, as to the question of whether a 14-year-old version of Tom Brady would be allowed to take up the sport in 2012.

The anti-football crowd gleefully has seized on the observation as a warning that the crop of future elite quarterbacks may be in jeopardy.? The anti-football crowd, however, has ignored the last line of Silver?s article.

?If he were 14 now, and he really wanted to play, in all likelihood I would let him,? Tom Brady Sr. said. ?But it would not be an easy decision, at all.?

At a certain point, it also wouldn?t be Tom Brady Sr.?s decision.

As anyone with a young man in the range of 14-to-17 in the house knows, they can be persistent and assertive and there?s really only so much that can be done to forbid them from playing football.? And even if a parent has the ability and the will to slam the door on an activity in which his or her son desperately wants to engage, the son can always take up the sport in college.

Yes, the road to the NFL may be more challenging at that point.? But no more challenging than going from the 199th pick in the draft to the Hall of Fame.

Besides, there?s a line between shielding kids from harm and putting them in a plastic bubble.? While parents have an obligation to protect their children from obvious hazards like, you know, washing machines, it?s not as if playing football equates to walking on a high wire without a net or juggling three sticks of dynamite with burning fuses.? Yes, playing football presents risk of injury.? It always has.? But the benefits continue to outweigh those risks, even if parent will continue to worry about their sons being injured in any number of ways.

And so, even though some parents may now be more hesitant to let their kids play football, the kids who really want to play ? and the kids who have the ability to play at a high level ? will still find their way onto the field, if not in high school then in college.

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UK's Clegg warns of Greek euro zone exit "chain reaction"

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