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April 11, 2005
Members of Congress
Re: Venture Capitalists and Investors Support Federal Global Warming Policy
As leaders in the venture capital and investment community we urge the federal government to take immediate steps to reduce U.S. global warming pollution in order to encourage innovation, secure the country's competitiveness in the 21st century global economy, and put us on a path to protecting the Earth's climate.
The venture capital community has created tens of thousands of new companies in the United States. We thrive by supplying capital to the best and most innovative entrepreneurs in the country, who shape the future through technology and business innovations. These entrepreneurs keep the United States competitive in the world market by challenging the established players and business-as-usual practices -- and by seeing opportunity, not threat, in a changing world marketplace.
We believe that to continue to encourage and stimulate the entrepreneurial spirit that makes the U.S. a world economic leader, the United States must set limits on global warming pollution.
The United States should be in the vanguard of the new global market for climate friendly technologies. Our businesses are second to none in developing advanced products when the market conditions reward these investments. A federal limit on global warming pollution, specifically carbon dioxide from energy and manufacturing, is the policy step needed to promote innovation and growth in the clean technology, manufacturing, and energy sectors and keep United States businesses competitive in a carbon-conscious global marketplace.
The United States' lack of policy market signal is compromising the nation's competitiveness, resulting in lost opportunity. Without a signal to reduce global warming pollution, American businesses continue to make long-term capital investments that commit us to ever increasing greenhouse gas emissions while discouraging the development and deployment of competitive new technologies. New buildings, transportation systems, and power and industrial plants are being designed and built today without regard for the need to reduce global warming pollution. Meanwhile we are already seeing German, Japanese, and others' innovation and patents in photovoltaics, auto technology, wind and efficient buildings.
Every year that passes without a U.S. policy commits us to unacceptable economic and environmental risks. These large capital outlays are committing us to a future of unacceptable risks to the American economy from global warming. Every year that passes without a US carbon emission policy increases the difficulty and cost of averting the threats of economic and environmental disruption posed by climate change.
The U.S. produces more global warming emissions than any other nation. The country's emissions of global warming pollution now exceed 7 billion metric tons of CO2 equivalent gases -- a growth of 14% from 1990 levels. Yet, the U.S. has no plan in place to deal with the threats that global climate change pose to the health of the nation's and the world's economy and environment.
The United States has a history of regarding challenge as opportunity, analyzing the facts and encouraging decisive action and deployment of our best minds to the task at hand. We have led the world in invention, and are poised to do it again.
We urge Congress to take swift and strategic action to reduce global warming pollution, encourage innovation in American business, and promote U.S. leadership.
The Following have electronically signed this alert:
Clifford Adams (New York) Managing Director, Coady Diemar Partners Jim Anderson Foundation Capital Greer Arthur G.M. Arthur and Company LLC Jay Baldwin (Massachusetts) Partner, Wind River Capital Partners, LLC Lisa Bicker (California) President, Cleantech San Diego Jonathan Bloch (California) Partner, Manatt, Phelps & Phillips, LLP Matt Cheney (California) CEO, CleanPath Ventures LLC Tom Cole (California) CEO, Consuming, Inc. Bud Colligan Accel Partners Christine Comaford (California) Venture Partner, Novus Ventures Michael Cuddehe (New York) President, Seven Trust Advisors Bo Cutter Warburg Pincus LLC Tim Dattels (California) Managing Director, Newbridge Capital Matt Davis (California) Mateva Capital, LLC Rob Day (Massachusetts) John Dean Tuputele Ventures Reid Dennis (California) Managing Director, Institutional Venture Partners Mike Dierks (California) Chief Operating Officer, Crossbow Technology Inc. Mark Donohue Founding Partner, Expansion Capital Partners, LLC Ted Driscoll (California) Director, Digital Healthcare Lead, Claremont Creek Ventures Ira Ehrenpreis (California) General Partner, Technology Partners Bob Epstein (California) Co-founder, Sybase, New Resource Bank, Environmental Entrepreneurs Chris Eyre (California) Managing Director, Legacy Venture Jesse Fink (Connecticut) Private Investor, Marshall Street Management Nancy Floyd (California) Founder and Managing Director, Nth Power Tod Francis (California) Founding Partner, Shasta Ventures Michio Fujimura Managing Director, ATA Ventures Greg Gallo (California) Partner, DLA Piper US LLP Rob Gifford (Massachusetts) Principal, AEW Capital Management, LP
Dan Goldman (Massachusetts) Co-Founder and Managing Partner, Clean Energy Venture Group Bill Green (California) Senior Managing Director, Macquarie Capital Funds Inc Garrett Gruener (California) Co-founder and Director, Alta Partners Maurice Gunderson (California) Russell Hall (California) Managing Director, Legacy Venture Bob Hambrecht (California) Self-Employed John Harper (Massachusetts) Principal, Birch Tree Capital, LLC Jim Heath (New Mexico) Founding General Partner, Entegrity Partners, LP Jill Tate Higgins (California) General Partner, Lakeside Enterprises Russell Hirsch Managing Director, Prospect Venture Partners Chris Hollenbeck (California) Managing Director, Granite Ventures David Hornik (California) August Capital Wende Hutton Venture Partner, Canaan Partners Cathie Johnson Asset Management Company Sam Kingsland (California) Managing Director, Granite Ventures David Ladd Mayfield Nicole Lederer (California) Co-Founder, Environmental Entrepreneurs Tony Lent (New York) Managing Director, Wolfensohn Fund Management David Liddle (California) General Partner, USVP Paul Maeder (Massachusetts) Founder & Managing General Partner, Highland Capital Partners Joe Mandato Managing Director, De Novo Ventures Tim McAdam (California) Technology Crossover Ventures Charles McDermott (Massachusetts) Rockport Capital Partners Jim McDermott (California) Managing Partner, U.S. Renewables Group Eliot Merrill (New York) Principal, The Carlyle Group Steven Merrill (California) General Partner, Merco Ventures George Miller Peter Morris General Partner, New Enterprise Associates Kathy Murphy (California) CFO and Administrative Partner, Trinity Ventures Gib Myers (California) Partner Emeritus, Mayfield Fund and Founder/board of the Entrepreneurs Foundation
Patricia Nakache (California) General Partner, Trinity Ventures Tim Newell (California) Senior Advisor, US Renewables Group Larry Orr (California) Managing Partner, Trinity Ventures Alex Osadzinski (North Carolina) Vic Parker (California) Managing Director Sunil Paul (California) Co-Founder, Managing Director, Spring Ventures Molly Pieroni Partner, JatoTech Ventures Ariel Poler Odeo Inc. Diana Propper de Callejon (New York) General Partner, Expansion Capital Partners Ruthann Quindlen (California) Institutional Venture Partners David Roux Co-Founder and Managing Director, Silver Lake Partners Alan Salzman (California) Founding Partner, Vantage Point Venture Partners Stu Schuster (California) Novus Ventures Jeanne Sullivan (New York) Co-chair and Founder, StarVest Partners Gus Tai (California) General Partner, Trinity Ventures Immanuel Thangaraj Managing Director, Essex Woodlands Health Ventures Pete Thomas Managing Director, ATA Ventures Tucker Twitmyer (Pennsylvania) Managin Partner, EnerTech Capital Bill Unger (California) Partner Emeritus, Mayfield Fund Sanjay Wagle Renewable Energy Grants Advisor, U.S. Department of Energy Jay Watkins Managing Director, De Novo Ventures Joy Weiss President and CEO, Dust Networks Bob Williams (California) General Partner, Bay Partners Alexa Willson (New York) Principal, Bessemer Trust Tim Woodward (California) Managing Director, Nth Power Marianne Wu (California) Partner, Mohr, Davidow Ventures Ron Yara General Partner, Tallwood Venture Captial
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