I write a lot about venture capital being committed to clean technology. This post is about cleantech capital with a twist: the $100 million that Dow Chemical is devoting toward internal investments in clean technology.
The money, which will be spread out over multiple projects, will be granted toward Dow business units or divisions that make the best cases that their investments will reduce energy consumption or that they will address the giant chemical, plastics and agroscience company's greenhouse gas emissions.
As of the time the company's press release about the project was released, there were more than 60 projects looking for funding.
The proposed projects could have a potential savings of $500 million along with a reduction of 400,000 metric tons of carbon dioxide emissions.
I love the idea that these units have to compete for that money, because I think competition makes humans work toward goals more aggressively. What's more, it will force those working on sustainability efforts to focus more closely on the bottom line impact.
This post was originally published on Smartplanet.com