Colorado Senate and House Introduce Bold Measure to Massively Increase Renewable Energy Investment
DENVER – Feb. 22, 2010 – Colorado companies encouraged to add a renewable energy funds to their 401(k)/403(b) and other retirement plans.
A new business friendly, designed to spur investment in the fast growing renewable energy industry is set for introduction in the Colorado General Assembly today. Sponsored by Senator Linda Newell and Rep. Joe Rice, the “Renewable Energy: Freedom to Choose” resolution encourages every company in Colorado with a 401(k), 403(b) or other employee directed retirement plan to add a publicly traded renewable energy sector fund. By providing employees with the freedom to invest in clean energy, this first-in-the nation initiative is expected to generate more than $1 billion in renewable energy investment over three years. More than 500,000 Coloradans have a 401(k) plan.
Senator Linda Newell, a human resources professional prior to becoming a Senator, is a clean energy advocate.
"Increased investment in renewable energy will strengthen Colorado’s economy, create jobs and build a healthy environment. Adding a renewable energy choice to 401(k) plans creates a win-win for both the employer and the employee."Following passage, Colorado employees could soon have an additional investment choice in their 401(k) plan; namely one of the existing publicly traded funds on the market comprised of wind, solar and other renewable companies. Known as Colorado’s Renewable Investment Strategy (RIS), the measure demonstrates the state’s leadership in the renewable energy production and clean energy finance sectors.
Recently returned from his fourth tour in Iraq, co-sponsor Rep Joe Rice was proud to lead the introduction of the "Freedom to Choose” resolution in the Colorado House. “What makes America and Colorado strong is our diversity and willingness to work together. Adding diversity to America’s energy supply just makes sense. Increased renewable energy investment means more Colorado jobs."
The resolution has earned praise from Colorado’s business community. Ken Beitel, spokesperson for the South Metro Chamber of Commerce, Renewable Energy Task Force explains, "Colorado is a leader in renewable energy production. We're 11th in wind and 2nd in solar resources. By being the first state in the country to encourage widespread renewable energy investment, we are bringing more renewable energy jobs to Colorado.
In order to assist human resource professionals and CFOs, financial providers, and plan providers in the process of adding a renewable energy investment choice, the leaders of the 9-month resolution campaign have formed a new educational non-profit to increase renewable energy investment and use of electric vehicles powered by renewable energy.
Communications Director of The Renewable Energy Initiative, Elizabeth Helvey, explains, “HR Directors can contact their plan provider to add a renewable energy choice to their 401(k) plan for zero or minimal cost. While not all 401(k) plan providers offer a renewable choice yet, many are quickly ramping up to do so in order gain new customers."
Companies wanting information on adding a renewable fund to their 401(k) can contact their retirement plan provider or The Renewable Energy Initiative at www.therenewableenergyinitiative.orgM
Contact:
- Jack Wylie, Colorado Senate Majority Assistant Press Secretary (303) 866-3005
- Katie Reinisch, Communications Director, House Majority Office (303) 866-2774
- Elizabeth Helvey, Communications Director, Renewable Energy Initiative 303.250.1065
The Colorado Senate and House measure is part of a campaign to provide the 50 million Americans with 401(k) plans the freedom and the opportunity to invest in the renewable energy sector. This will generate more than $150 billion in new investment which will increase clean energy production, drive innovation and speed adoption of renewable technologies. It is anticipated that other states will follow Colorado’s lead and pass their own Renewable Energy Investment Strategy (RIS).
