Next X Prize: A $10 Billion Renewable Energy 401(k) Corporate Challenge?
First Company or Corporate team to Generate $10 billion in Renewable Energy Investment via Retirement Plans Could be the Winner of a Proposed New X Prize. Adding a renewable energy sector fund to 401(k) retirement plans will: 1)generate a significant number of new jobs 2)create a healthy economy, 3)increase clean energy production, 4)lower energy costs and combat climate change. The renewable sector currently employs 116,000 people and generates $19 billion dollars in annual revenues.
Boulder, CO (PRWEB) November 11, 2008 -- The X Prize Foundation, creator of the Ansari X Prize for suborbital spaceflight, has launched a contest to design a new X Prize that will boost renewable energy production. A unique entry format requires contestants to pitch their X Prize contest idea via a two minute video (http://www.TheRenewableEnergyInitiative.org) posted to YouTube.
Ken Beitel, a computer systems analyst and documentary film producer ("Grizzlies of the Canadian Rockies" Discovery Channel), has entered the contest and is proposing that the next X Prize be a $10 billion corporate challenge focusing on renewable energy investment. The first round of judging for the contest to design the next X Prize closes Friday (November 14, 2008).
"It will be outstanding for employees to have the opportunity to invest in renewable energy," explains contest entrant Ken Beitel, "Renewable energy is clean, cost effective, fast to build, and is ready to create a significant number of new jobs." The renewable sector currently employs 116,000 people and generates $19 billion dollars in annual revenues.
Set against the spectacular backdrop of Colorado National Monument during a desert sunset, the video includes majestic shots of wind turbines and a huge solar power plant. During the video, Beitel explains how retirement plan investment could play a major role in increasing renewable energy production.
The renewable energy sector is also expected to experience rapid expansion under President Elect Barack Obama who backs federal investment in renewable energy, along with regulatory and tax support for clean electricity and alternative fuels. The Obama administration plans to invest $15 billion annually in renewable energy, and sees the industry as a key source of new American jobs. This year in Colorado, Vestas, one of the world's largest wind turbine manufactures, has opened 2 new manufacturing plants that will employ more than 1,300 people.
Beitel acknowledges the tough economic times: "While $10 billion dollars sounds like a lot of retirement dollars to invest in renewable energy, in reality it is only about 1/3 of 1% of the roughly $2.7 trillion dollars in US 401(k) plans."
The proposed "Invest Renewable" X Prize will encourage Fortune 500 and smaller companies in the US and Canada to add a renewable energy sector investment option, such as the Calvert, Guinness Atkinson or Firsthand alternative energy fund to retirement plans. The first company or team of companies to generate $10 billion in renewable energy investment through their corporate retirement plans will split the $10 million X Prize amongst employees who have chosen to invest in renewables.
Ken Beitel is optimistic about his contest entry designing the next X Prize, "The 'Invest Renewable' X Prize will make it possible for employees to invest in the renewable energy sector which will help create a healthy economy and lower energy costs."
The "Invest Renewable" X Prize contest entry can be viewed at http://www.TheRenewableEnergyInitiative.org or http://www.youtube.com/xprize
For more information or to schedule an interview, please contact:
Ken Beitel at 720 436-2465.
Contest video can be used for B-Roll. Stills and video can be downloaded at http://www.TheRenewableEnergyInitiative.org
Courtesy credit GE for use of wind turbine or solar production plant video/stills
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