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NEW YORK (AP) â¿¿ A decade ago, large investors in so-called clean technology had a straightforward goal: finance companies that would help eliminate the world's dependence on oil, natural gas and coal.
But as profits from wind, solar, biofuels and other alternatives consistently fell short of expectations â¿¿ and as the fossil fuel business boomed â¿¿ things got complicated. Venture capitalists and other investment funds started stretching the definition of clean technology almost beyond recognition in an effort to make money while clinging to their environmental ideals.
Today, clean technology investment funds are not trying to replace the fossil fuel industry, they're trying to help it by financing companies that can make mining and drilling less dirty. The people running these funds acknowledge the apparent hypocrisy, but defend a more liberal definition of clean technology.
"Oil and gas will be with us for a long time. If we can clean that up we will do the world a great service," says Wal van Lierop, CEO of Chrysalix, a Vancouver, Canada-based venture capital firm founded in 2001.
Chrysalix still backs companies that fit the more traditional definition of clean energy â¿¿ including Bridgelux, which makes more efficient light bulbs, and Agilyx, which turns plastic waste into fuel. But the firm, whose website boasts that it is "100 percent focused on clean energy" is a backer of MineSense, which helps miners operate more efficiently by assessing the quality of ore as it is being scooped. It also supports GlassPoint, which helps drillers extract more oil by using steam generated with solar power.
Environmentalists have mixed feelings. They welcome technologies that reduce the environmental footprint of oil and gas development. But they worry the newfound abundance of oil and natural gas â¿¿ and all the money that can be made helping drillers â¿¿ has distracted clean technology backers from what once seemed to be their main goal: to make oil and gas a thing of the past.