The canyons of Wall Street have been swept clean of liquidity, but the valleys of northern California are still flush with environmentally and financially green ideas, Jon Gertner writes in the New York Times' Sunday magazine. Despite market madness, venture capitalists have seen little slowdown in their businesses, which are raising millions of dollars to fund “green tech” investments.
“I don’t expect the credit crunch will change that,” said one VC. One firm, allied with Al Gore and Colin Powell, says it can bolster energy innovation better than governments. But some say green tech focuses on the wrong kind of green: Critics contend that it has “nothing to do with whether or not you can make money on it.”
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