a SEF Alliance publication

Why Clean Energy Public Investment

Makes Economic Sense -
The Evidence Base
EXECUTIVE SUMMARY
Copyright
Copyright Management Informaton Services, Inc. (MISI) and the United Natons Environment Pro-
gramme (UNEP) on behalf of the UNEP Sustainable Energy Finance Initatve Public Finance Alliance (SEF
Alliance) 2009. This publicaton is the copyright of MISI and UNEP. No porton of this document may be
photocopied, reproduced, scanned into an electric system or transmited, forwarded or distributed in any
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Disclaimer
United Natons Environment Programme: The designatons employed and the presentaton of the material in
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vironment Programme concerning the legal status of any country, territory, city or area or of its authorites,
or concerning delimitaton of its fronters or boundaries. Moreover, the views expressed do not necessarily
represent the decision of the stated policy of the United Natons Environment Programme, nor does citng of
trade names or commercial processes consttute endorsement.
SEF Alliance members: This report was prepared as the result of work sponsored by the SEF Alliance member
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ments. The SEF Alliance member organisatons, their employees, their governments, their contractors and
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SEF Alliance Members
a UNEP SEF Alliance publicaton
prepared by
Management Informaton Services, Inc.







!"#$% %'() *+,#*%

1hls ls a publlcaLlon of Lhe unL SLl Alllance, an lnLernaLlonal coallLlon of publlc and
publlcly-backed clean energy fundlng organlsaLlons. 1he SLl Alllance began operaLlng ln
!anuary 2008 under Lhe remlL of Lhe SusLalnable Lnergy llnance lnlLlaLlve (SLll) of Lhe
unlLed naLlons LnvlronmenL rogramme (unL). ln 2009, member organlsaLlons lnclude
Lhe uk Carbon 1rusL, SusLalnable uevelopmenL 1echnology Canada (Su1C), SlLra, Lhe llnnlsh
lnnovaLlon lund, and SusLalnable Lnergy lreland (SLl). 1he Alllance ls governed dlrecLly by
lLs members, and lLs acLlvlLles are currenLly funded by Lhe member organlsaLlons and by
unL.

ln response Lo Lhe global economlc downLurn, SLl Alllance members ldenLlfed Lhe economlc
lmpacL of publlc clean energy lnvesLmenL as an area of hlgh lnLeresL for speclallsed research.
ln parLlcular, prellmlnary research lndlcaLed LhaL counLercycllcal lnvesLmenL ln susLalnable
energy could be a sound response Lo global economlc recesslon. 1he SLl Alllance Lherefore
commlssloned Lhls reporL from ManagemenL lnformaLlon Servlces, lnc. (MlSl), an
lnLernaLlonally recognlsed economlc research and managemenL consulLlng flrm, ln order Lo
assess Lhe evldence base and provlde a comprehenslve analysls of why and how clean
energy publlc lnvesLmenL makes economlc sense.




1hls ls Lhe LxecuLlve Summary of Lhe unL SLl Alllance reporL, 'Why Clean
Lnergy ubllc lnvesLmenL Makes Lconomlc Sense - 1he Lvldence 8ase'.
1o download a copy of Lhe full reporL, vlslL:
hLLp://www.sefalllance.org/engllsh/publlcaLlons.hLml


















!-./#01+23+4+/%)

MlSl ls graLeful Lo members and sLaff of Lhe unL SLl Alllance for asslsLance LhroughouL Lhe
course of Lhls pro[ecL and for commenLs and suggesLlons on earller drafLs of Lhe reporL. ln
parLlcular, we appreclaLe Lhe conLrlbuLlons of Lhe followlng lndlvlduals: MaLLhew kennedy
wlLh SusLalnable Lnergy lreland, uavld Parrls kolada wlLh SusLalnable uevelopmenL
1echnology Canada, Saml 1uhkanen wlLh SlLra, Lhe llnnlsh lnnovaLlon lund, uavld vlncenL
wlLh Lhe Carbon 1rusL, Lrlc usher wlLh Lhe unlLed naLlons LnvlronmenL rogramme, !amle
8rown wlLh Lhe SLl Alllance SecreLarlaL, laLma 8en ladhl wlLh Lhe unlLed naLlons
LnvlronmenL rogramme, and !avler Carcla Monge wlLh Lhe Chllean Lconomlc uevelopmenL
Agency (CC8lC).



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LxecuLlve Summary

1here ls a growlng lnLeresL ln many naLlons ln uslng green" spendlng programs
(renewable energy, energy efflclency, envlronmenLal lnlLlaLlves, eLc.) as economlc
sLlmulus and [ob creaLlon programs. neverLheless, Lhere remalns subsLanLlal
conLroversy and uncerLalnLy abouL Lhe deslrablllLy and effecLlveness of such
lnlLlaLlves, and Lhe followlng quesLlons musL be addressed:

1. uo green programs faclllLaLe economlc growLh and [ob creaLlon?
2. uo green programs creaLe more or fewer [obs Lhan oLher Lypes of
economlc sLlmulus programs, per dollar of spendlng?
3. Pow do Lhe sLlmulus effecLs of green spendlng programs compare
Lo Lhose of Lax cuLs?
4. WhaL barrlers are lnhlblLlng Lhe rapld growLh of green energy?
3. WhaL are Lhe mosL effecLlve lncenLlves for renewable energy and
energy efflclency programs?
6. WhaL lnformaLlon ls requlred Lo lnform pollcy-makers and elecLed
offlclals as Lo Lhe beneflLs of green sLlmulus programs?

We address Lhese and relaLed quesLlons, and our ma[or flndlngs are summarlzed
below.




Issue 1: Do Green rograms Iac|||tate Lconom|c Growth and Iob Creat|on?

1hls ls a Llmely and lmporLanL lssue:

1here has been subsLanLlal conLroversy over Lhe years as Lo wheLher green
programs acL as a drlver or a drag on naLlons' economles and [ob markeLs.
1he currenL severe worldwlde economlc recesslon makes lL lmperaLlve Lo
deLermlne lf such lnvesLmenLs are fosLerlng economlc recovery and [ob
growLh.
Many naLlons are rapldly lncreaslng Lhelr lnvesLmenLs ln green sLlmulus
programs and lL ls lmporLanL Lo know wheLher Lhese lnvesLmenLs are
compaLlble wlLh economlc growLh and [ob creaLlon.

1he answer to th|s quest|on |s "es." We flnd LhaL green programs faclllLaLe
economlc growLh and [ob creaLlon. CovernmenL lnvesLmenLs ln Lhese programs
sLlmulaLe economlc growLh and [ob creaLlon as well as provldlng varlous oLher
economlc and envlronmenLal beneflLs. We Lhus conclude LhaL Lhere ls a sLrong
poslLlve relaLlonshlp beLween clean energy/energy efflclency/envlronmenLal
lnvesLmenLs and economlc prosperlLy and [ob growLh. lor example:

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llgure Lx-1 shows LhaL Lhe relaLlonshlp beLween economlc efflclency and
economlc prosperlLy ls poslLlve, Lhe more energy efflclenL Lhe economy, Lhe
more prosperous lL ls.
llgure Lx-2 shows Lhe neL [ob creaLlon ln Lhe uSA sLaLe of Callfornla over Lhe
pasL Lhree decades from lnvesLmenLs ln green energy programs - LoLal [ob
galns ln excess of Lhe [obs losL ln Lhe fossll fuel lndusLrles and Lhe carbon
fuel supply chaln. 8y 2007, annual neL [ob creaLlon LoLalled nearly 430,000
ln Lhe sLaLe.









1hus, lnvesLmenLs ln clean energy and energy efflclency programs lncrease Cu,
lncomes, and [obs, reduce polluLlon and greenhouse gas (CPC) emlsslons, save
energy, reduce energy cosLs, and reduce energy prlce flucLuaLlons. lurLher, Lhe
relaLlonshlp beLween l) clean energy, energy efflclency, and envlronmenLal
programs and ll) economlc growLh and [ob creaLlon ls poslLlve, noL negaLlve.


GOVERNMENT INVESTMENTS IN GREEN
PROGRAMS ARE GOOD FOR THE ECONOMY:
THEY STIMULATE ECONOMIC GROWTH AND
CREATE JOBS
I|gure Lk-1:
Lnergy Lfflclency and Lconomlc rosperlLy - 2006

Source: LurosLaL and ManagemenL lnformaLlon
Servlces, lnc., 2009
I|gure Lk-2:
neL !ob CrowLh ln Callfornla 8esulLlng lrom Creen
rogram lnvesLmenLs



Source: unlverslLy Cf Callfornla and ManagemenL lnformaLlon
Servlces, lnc., 2009


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Issue 2: Do Green rograms Create More Iobs 1han Cther 1ypes of Lconom|c
St|mu|us rograms, er Do||ar of Spend|ng?

1he answer to th|s quest|on |s "es." We flnd LhaL governmenL spendlng on green
sLlmulus programs ls, dollar for dollar, more effecLlve ln creaLlng [obs as ls
equlvalenL spendlng on more LradlLlonal alLernaLlves, such as road consLrucLlon or
fossll fuel energy programs. 1hese flndlngs are summarlzed ln llgure Lx-3, whlch
lllusLraLes Lhe relaLlve [ob creaLlon of dlfferenL Lypes of governmenL spendlng
programs. lor example, lL shows LhaL per dollar of spendlng:

hoLovolLalcs creaLe more Lhan 30 percenL more [obs Lhan hlghway
consLrucLlon.
8lomass creaLes nearly Lwlce as many [obs as does healLh care.
lnsulaLlon programs creaLe nearly Lhree Llmes as many [obs as munlclpal
lnfrasLrucLure.
Mass LranslL creaLes more Lhan four Llmes as many [obs as uLlllLy programs.


More generally, Lhls flgure shows LhaL:

lnvesLmenLs ln green sLlmulus and lnfrasLrucLure programs usually generaLe,
per dollar of expendlLure, more [obs Lhan mosL alLernaLlves.
lnvesLmenLs ln energy efflclency programs are especlally beneflclal and cosL
effecLlve, and ofLen have negaLlve neL economlc cosLs.
Clean energy programs are powerful [ob creaLors, buL Lhe [ob creaLlon effecLs
depend lmporLanLly on Lhe speclflc clean energy program and Lechnology.
I|gure Lk-3: Iobs Generated er 8||||on Do||ars
of Lxpend|ture on Se|ected rograms
(bllllon consLanL 2008 u.S. dollars)


Source: ManagemenL lnformaLlon Servlces, lnc., 2009








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We Lhus conclude LhaL green sLlmulus programs can acL as expedlLlous and
effecLlve [ob creaLlon mechanlsms.


Issue 3. Do the St|mu|us Lffects of Green Spend|ng rograms nave Greater
Impacts 1han 1ax Cuts?

1he answer to th|s quest|on |s "es." Creen sLlmulus programs generaLe
abouL Lhree or four Llmes as many [obs, per dollar, as do Lax cuLs. 1hls ls
lllusLraLed ln llgure Lx-3 and emphaslzed ln llgure Lx-4. llgure Lx-4 shows
LhaL, per bllllon dollars:
SmarL grld lnvesLmenLs creaLe 30
percenL more [obs Lhan Lax cuLs.
Wlnd programs creaLe 60 percenL
more [obs Lhan Lax cuLs.
hoLovolLalcs creaLes nearly
Lwlce as many [obs as Lax cuLs.
WaLer conservaLlon programs
creaLe more Lhan Lwlce as many
[obs as Lax cuLs.
Mass LranslL creaLes nearly Lhree
Llmes as many [obs as Lax cuLs.
8lomass creaLes nearly Lhree
Llmes as many [obs as Lax cuLs.
lnsulaLlon programs creaLe more
Lhan Lhree Llmes as many [obs as
Lax cuLs.











GREEN STIMULUS SPENDING CREATES
MORE JOBS, PER DOLLAR, THAN MOST
OTHER PROGRAMS

GREEN STIMULUS PROGRAMS GENERATE 3
TO 4 TIMES AS MANY JOBS, PER DOLLAR, AS
DO TAX CUTS



I|gure Lk-4: Iobs Generated er 8||||on Do||ars of
Lxpend|ture on 1ax Cuts and Se|ected Green rograms
(bllllon consLanL 2008 u.S. dollars)



Source: Management Information Services, Inc., 2009.


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Issue 4. What 8arr|ers are Inh|b|t|ng kap|d Growth of Green Lnergy?

Subs|d|es, taxat|on, and other po||c|es favour|ng convent|ona| energy are a
wor|dw|de prob|em and a||ow foss|| and nuc|ear energy to be so|d at
art|f|c|a||y |ow pr|ces. 1h|s |s the most ser|ous barr|er |nh|b|t|ng the rap|d
growth of green energy.

A governmenL's energy pollcles have a crlLlcal lmpacL on clean energy
developmenL, and legacy energy pollcy, regulaLlons, and subsldles are one of
Lhe key deLermlnanLs of Lhe success of clean energy lnlLlaLlves and
achlevemenL of deslred green energy goals. uue Lo legacy subsldles for
convenLlonal energy sources, large subsldles for clean energy may be
requlred for many years Lo offseL Lhe embedded subsldles en[oyed by
compeLlng energy sources. lurLher, Lhese clean energy subsldles may have
Lo be larger and remaln ln place longer Lhan mosL analysLs and pollcy-
makers reallze.










lor example, as summarlzed ln llgure Lx-3, ln Lhe uSA Lhe largesL
beneflclarles of federal governmenL energy lncenLlves have been oll, gas,
coal, and nuclear energy, recelvlng nearly all lncenLlves and subsldles
provlded. Cf Lhe $723 bllllon (2006 dollars) ln governmenL subsldles,
renewables recelved only slx percenL ($44 bllllon). 1hls slLuaLlon ls Lrue ln
many oLher naLlons, and Lhe hlsLorlcal legacy - and Lhe paLLern LhaL
conLlnues - place clean energy aL a serlous economlc dlsadvanLage ln Lhe
markeLplace. lurLher, lL wlll Lake decades of revlsed energy lncenLlves
pollcles Lo remedy Lhese markeL dlsLorLlons.


CONVENTIONAL ENERGY SUBSIDIES ARE
THE MOST SERIOUS BARRIER TO THE
GROWTH OF GREEN ENERGY


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I|gure S: Compar|son of USA Government Incent|ves for Lnergy Deve|opment, 19S0-2006


Source: ManagemenL lnformaLlon Servlces, lnc., 2009.



Issue S: What are the Most Lffect|ve Incent|ves for kenewab|e Lnergy and
Lnergy Lff|c|ency rograms?

C|ean energy |ncent|ves must be coord|nated, comp|ementary, and
cons|stent, and |t |s the ent|re portfo||o of |ncent|ves that |s cr|t|ca|. Clean
energy lncenLlves musL be complemenLary and relnforclng, and musL be
coordlnaLed among federal, reglonal, and local governmenLs, and even Lhe
largesL flnanclal lncenLlves wlll noL be effecLlve unless approprlaLe,
complemenLary regulaLory and lnsLlLuLlonal lncenLlves pollcles are also ln
place. 1hus, Lo be effecLlve, flnanclal lncenLlves for clean energy musL be
accompanled by complemenLary lnsLlLuLlonal and regulaLory pollcles.

lL ls also lmporLanL LhaL clean energy lncenLlves be conslsLenL and predlcLable,
and lack of Lhese aLLrlbuLes wlll negaLe Lhe lncenLlves' effecLs. 1he lmporLance
of conslsLency ls lllusLraLed ln llgure Lx-6, whlch lllusLraLes Lhe lnconslsLenL
lmpacL of Lhe uSA federal renewable energy producLlon Lax credlL (8L1C) --
whlch provldes a 2.1 /kWh lncenLlve (lndexed Lo lnflaLlon) for Lhe producLlon
of elecLrlclLy from uLlllLy-scale wlnd Lurblnes.
1
1hls flgure shows LhaL, noL only
has 8L1C been crlLlcal ln lncenLlvlzlng Lhe u.S. wlnd lndusLry, buL - even more
lmporLanL -- lnconslsLency and unpredlcLablllLy ln clean energy lncenLlves

1
Slnce Lhe average u.S. elecLrlclLy prlce ls abouL 10.3 /kWh (all secLors), 8L1C represenLs an
(lndexed) elecLrlclLy producLlon subsldy of more Lhan 20 percenL. lL ls Lhe mosL lmporLanL u.S.
federal renewable elecLrlclLy lncenLlve and has been crlLlcal ln promoLlng wlnd generaLlon ln Lhe u.S.

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pollcles can be devasLaLlng Lo Lhe
developmenL of clean energy
Lechnologles. 1hus, Lo be mosL
effecLlve, clean energy flnanclal
lncenLlves musL be conslsLenL,
predlcLable, and rellable.

llnanclal lncenLlves musL be
carefully deslgned and
lmplemenLed. 1he approprlaLe
lncenLlve slze wlll depend on Lhe
conLexL of Lhe respecLlve markeL,
whlch wlll make lL unlque Lo each
naLlon and [urlsdlcLlon, and well-
deslgned flscal lncenLlves
programs can play an lmporLanL
role ln lncreaslng markeL peneLraLlon of clean energy lf lmplemenLed as parL of
an lncenLlve porLfollo. PlsLorlcally, Lax lncenLlves have been awarded based on
capaclLy, however, Lhe llLeraLure suggesLs LhaL Lhey may be more effecLlve lf
Lhey are producLlon-based, and clean energy flnanclal lncenLlves based on
producLlon are more effecLlve Lhan Lhose based on capaclLy.

lL ls lmporLanL Lo noLe LhaL sLrong flnanclal lncenLlves pollcles and barrler
reducLlon pollcles are boLh requlred, ln Landem, Lo slgnlflcanLly lncrease
clean energy developmenL and, Lo be effecLlve, flnanclal lncenLlves musL be
accompanled by barrler reducLlon pollcles. lL ls Lhe porLfollo of lncenLlves
LhaL ls crlLlcal and Lhere ls a quanLlflable connecLlon beLween Lhe lncenLlves
porLfollo and clean energy developmenL, buL opLlmlzlng Lhe porLfollo ls
essenLlal. lurLher, successful comblnaLlons of flnanclal and regulaLory
pollcles can be serendlplLous as well as planned, and monlLorlng of lncenLlve
effecLs, lnLeracLlons, and feedbacks ls requlred.



THE PORTFOLIO OF CLEAN ENERGY
INCENTIVES
MUST BE COORDINATED, COMPLEMENTARY,
CONSISTENT, AND PREDICTABLE



I|gure Lk-6:

Source: Amerlcan Wlnd Lnergy AssoclaLlon, 2008.








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Issue 6: What Informat|on |s kequ|red to Inform o||cy-Makers and
L|ected Cff|c|a|s as to the 8enef|ts of Green St|mu|us rograms?

We found LhaL clean energy programs have many advanLages ln Lerms of
economlc sLlmulus and neL [ob creaLlon. 1hls ls an lmporLanL flndlng, slnce:

Many governmenLs around Lhe world have embarked on
large green sLlmulus programs Lo sLlmulaLe economlc
recovery and [ob growLh, and lL ls essenLlal Lo assess Lhe
relaLlve effecLlveness of such programs.
8esources are llmlLed, and governmenLs need Lo know Lhe
bang for Lhe buck" of varlous sLlmulus program alLernaLlves.
1he lssue of green sLlmulus spendlng and lLs neL [ob lmpacL
have long been conLroverslal.











1he followlng quesLlons Lhus arlse:

Clven Lhe economlc and [ob advanLages of green energy
programs, why are noL Lhey belng glven more emphasls ln Lhe
currenL economlc sLlmulus programs ln dlfferenL naLlons?
WhaL lnformaLlon ls requlred Lo lnform pollcy-makers and
elecLed offlclals as Lo Lhe beneflLs of green sLlmulus
programs?

Pere we summarlzed Lhe ma[or beneflLs of green sLlmulus programs.
Powever, many dec|s|on-makers are unaware of these benef|ts, and Lhe
followlng lnformaLlon needs Lo be communlcaLed Lo pollcy-makers and
leglslaLors worldwlde:

1. Creen spendlng programs are generally more effecLlve ln creaLlng
[obs and faclllLaLlng economlc growLh Lhan mosL oLher Lypes of
spendlng. 1hus, clean energy programs provlde more economlc
bang for Lhe buck" and represenL ldeal economlc sLlmulus
programs.
2. Clean energy programs are !"# [ob creaLors: Lven recognlzlng Lhe
lnevlLable [ob losses ln Lhe fossll fuel and carbon-lnLenslve secLors,
Lhe neL [ob creaLlon of clean energy programs ls sLrongly poslLlve.
POLICY-MAKERS MUST REALIZE THAT THE
FUTURE IS NOW: BUSINESS AS USUAL IS
NOT A VIABLE OPTION,
AND TIME IS RUNNING OUT


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3. 1ax cuLs can be a useful and pollLlcally aLLracLlve pollcy lnsLrumenL,
however, green sLlmulus programs creaLe Lhree or four Llmes as
many [obs, per dollar, as do Lax cuLs. 1hus, ln Lhe currenL depressed
economlc envlronmenL, green sLlmulus spendlng consLlLuLes Lhe
preferred pollcy alLernaLlve.
4. Long Lerm, hollsLlc flscal and lnsLlLuLlonal governmenL pollcles are
requlred Lo develop clean energy, and Lhese lncenLlves musL be
decades-long ln scale due Lo lmbedded subsldles for convenLlonal
energy.
3. 1he fuLure ls now: 8uslness as usual ls noL a vlable opLlon. Lven wlLh
large lncenLlves and aggresslve lnlLlaLlves, lL wlll Lake many years for
clean energy Lo make slgnlflcanL lnroads ln Lhe markeLplace and Lo
begln Lo dlsplace convenLlonal energy sources. 1lme ls runnlng ouL,
and lL ls Lhus lmperaLlve LhaL an acceleraLed pollcy shlfL Lo green
energy be lnlLlaLed lmmedlaLely.





llnally, declslon-makers ln all naLlons musL recognlze LhaL green programs
have complemenLary, muLually relnforclng effecLs on varlous pollcy
ob[ecLlves: 1hey are cosL effecLlve, Lhey lncrease energy efflclency and
reduce fuel consumpLlon, and Lhey reduce envlronmenLal polluLanLs and
CPC emlsslons. lor example, llgure Lx-7 lllusLraLes LhaL Lhere are
numerous lnexpenslve, rellable, and efflclenL green energy opLlons, many of
whlch are self-flnanclng, and LhaL clean energy conLrlbuLes Lo Lhe goal of
susLalnable developmenL and also has slgnlflcanL economlc beneflLs.

Creen energy programs reduce CPC emlsslons and save cosLs, and of all
posslble measures Lo abaLe CPC emlsslons, Lhose LhaL use energy more
efflclenLly have Lhe lowesL cosL. lor example, ln Lhe Cerman economy,
Lhere ls conslderable unLapped poLenLlal ln cosL-effecLlve energy efflclency
measures, especlally for Lhe resldenLlal secLor -- almosL 60 mllllon Lons of
CC
2
by 2020. llgure Lx-8 compares a number of CC
2
reducLlon measures for
Lhe resldenLlal secLor ln Lerms of cosL and reducLlon poLenLlal -- Lhe
measures lndlcaLed ln red are cosL-effecLlve.

EVEN WITH LARGE INCENTIVES, IT WILL
TAKE MANY YEARS FOR CLEAN ENERGY TO
MAKE SIGNIFICANT INROADS, AND AN
ACCELERATED POLICY SHIFT TO GREEN
ENERGY MUST BE INITIATED IMMEDIATELY



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I|gure 8: Abatement Costs and otent|a| for the German kes|dent|a| Sector by 2020

Source: 8uslness Lurope, 2007
I|gure 7: Cost Lffect|veness of C|ean Lnergy 1echno|og|es

Source: Lconomlc Commlsslon for Lurope

About the SEF Alliance
The UNEP SEFI Public Finance Alliance, or SEF Alliance, is an internatonal coaliton of
public and publicly-backed sustainable energy fnancing organisatons. Its aim is to improve
the efectveness of member organisatons to fnance and transform clean energy markets
within their own countries, and to assist other governments in establishing similar pro-
grammes.
The 2009 member funds are the U.K. Carbon Trust, Sustainable Development Technology
Canada, SITRA, the Finnish Innovaton Fund, and Sustainable Energy Ireland. Each member
fnances the development of sustainable energy markets in its respectve region, and fnd
managers use this platorm to exchange best practces, pool resources, and launch joint
projects. The SEF Alliance is under the remit of the Sustainable Energy Finance Initatve
(SEFI) of the United Natons Environment Programme (UNEP) but is governed directly by
its members. For more informaton, see www.sefalliance.org.
About MISI
Management Informaton Services, Inc. (MISI) is an economic research frm with exper-
tse on a wide range of complex issues, including renewable energy, energy efciency,
the environment, labour markets, and educaton and training requirements. The MISI
staf ofers expertse in economics, informaton technology, engineering, and fnance,
and includes former senior ofcials from private industry, federal and state government,
and academia. Over the past three decades MISI has conducted extensive proprietary
research, and since 1985 has assisted hundreds of clients, including Fortune 500 compa-
nies, nonproft organisatons and foundatons, trade associatons, academic and research
insttutons, and state and federal government agencies including the White House, the
Natonal Academies of Science, the U.S. Department of Energy, the U.S. Environmental
Protecton Agency, the Department of Defense, NASA, the U.S. General Services Admin-
istraton, the U.S. Energy Informaton Administraton, the American Solar Energy Society,
the Energy Foundaton, the Rockefeller Foundaton, the John Merck Foundaton, the Joyce
Foundaton, and the Ofce of Al Gore.
For more informaton, please visit the MISI web site at www.misi-net.com.
c/o BASE a UNEP Collaboratng Centre
Elisabethenstrasse 22
4052 Basel, Switzerland
+41 61 283 0918
www.sefalliance.org