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Days after Pres. George Bush said high oil prices mean US has to spend more on ‘renewables,’ Carlyle Group announced new fund to profit from US renewable mandates-Feb 2006

December 21, 2013

2/22/06, “Carlyle Group To Invest in Renewables,” desmogblog, Gelbspan

Just days after President George W. Bush announced the U.S. would invest more in R&D for renewable energy technologies, one of  the  world’s largest investment firms, the Carlyle Group, said it would substantially boost its stake in renewables. Coincidentally, former President George H. W. Bush was a special consultant to the Carlyle Group for 10 years before his retirement two years ago.

2/22/2006, “Carlyle eyes renewable energy, predicts IPOs,” Reuters, Frankfurt

The Carlyle Group is set to boost its investment in the renewable energy sector as demand from U.S. state entities is rising, the firm’s founder and managing director, David Rubenstein, said on Wednesday.

We intend to be much more active in the wind, power, solar energy, biomass and geothermal areas,” Rubenstein said.

“We think it’s an extremely attractive area in which to invest, particularly because many states in the U.S. now require that utilities buy a certain percentage of their energy from solar, biomass, geothermal or wind power sources, he told Reuters at a private equity conference in Frankfurt where he also predicted that some buyout firms would go public within the next several years.

To meet the energy demand, Carlyle, one of the world’s largest private equity firms, is raising a fund that will invest in renewable energy infrastructure, sources familiar with the matter said.

Carlyle declined to comment on the fund. Rubenstein did, however, say the firm was set to launch a hedge fund within the next several weeks after announcing the move last year.

Soaring oil prices have prompted state and federal governments to explore alternative sources.

U.S. President George Bush in his State of the Union address outlined details of a federal initiative to provide a 22 percent increase in clean-energy research. The U.S. government’s 2007 budget includes $44 million for wind energy research, a $5 million increase from the year before.”


2/21/2006, “Bush Says High Oil Prices Make Other Sources Viable (Update2),” Bloomberg, Brendan Murray

“President George W. Bush said the rising cost of crude oil is making the development of energy from agricultural waste and other alternative sources economically viable.

Higher oil prices over the last year are acting “like hidden taxes” on U.S. consumers that can be removed only by developing alternatives to imported petroleum.

“In order for us to achieve this national goal of becoming less dependent on foreign sources of oil, we’ve got to spend money” on research, Bush said at the National Renewable Energy Laboratory, an Energy Department research facility in Golden, Colorado, involved in investigating solar power and agricultural waste and hydrogen as usable power sources.

A former Texas oilman, Bush visited three states in two days this week touting the benefits of gasoline-electric hybrid vehicles, the future of solar energy, electricity generated by wind and expanding nuclear power. He’s seeking to address public concerns about rising oil prices, which are up about 20 percent from a year ago, by focusing on efforts to develop alternatives to gasoline power.”…


In 2010 Bush says he “fully believes” in electric cars:

5/25/2010, “Bush on Wind, Oil and a Happy Retirement, NY Times Green blog, Kate Galbraith

“As Texas governor, Mr. Bush signed the 1999 renewable portfolio standard that set Texas on a path to leadership in the wind industry. It now leads the nation by far in wind power, with nearly three times as much installed capacity as the next closest state, Iowa….

These days, the former president said, “The overall trend in my judgment is that new technologies will find new ways to power our lives. I fully believe that hybrid plug-ins will be a transition to electric cars, he said, and that new ways to generate electricity will be needed.”…


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