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attempt to attract additional funding, investors are more interested in turning a profit than doing the environmentally correct thing.
They have suggested that we compromise our beliefs for the sake of additional profit. By seeking new venture funding we are forced into a position of giving up a large portion of our company and decision authority in order to acquire funds to sustain our growth.
The most important thing the federal government can do today for startup "green companies"
" would be
fund and offer my aforementioned incentives. For without these incentives, I'm afraid that the majority of industry will continue to proceed down the wrong path. One that is dictated by cheapest means of producing a product without regard for the cost or the downstream problems that it will create. At that time, you, I and our children will be consumed with trying to right this wrong.
right this wrong. An actual travesty when you consider that today we have the ability to significantly lessen this amount by enacting the proper legislation. By waiting until tomorrow, I wonder just how many more millions, billions and trillions we will be adding to our national debt. And how many more young entrepreneurial "green" companies will die and fall by the wayside because we wouldn't compromise our belief's and we didn't have the funds to sustain our future. The choice is your's. Lets do the right thing!
Mr. VALENTINE. Thank you, sir.
Mr. KLEE. Before I begin, Mr. Chairman, I would like to request that two reports that we've brought be added to the official record of this hearing. One is a summary of the Yorktown project that we conducted with EPA, and the second is a legal analysis of opportunities for flexibility and innovation under current Federal environmental laws.
Mr. VALENTINE. Without objection, so ordered. [The reports follow:]
The Honorable Tim Valentine
Dear Mr. Chairman:
Comments for the Public Record on National Initiatives in Green Technologies Stimulating Creativity.
With reference to the Committee hearing on Green Technologies held on October 5, 1993, Amoco Corporation requests that the enclosed written statement be included in the hearing record. Amoco has recently completed a joint study with the EPA to evaluate pollution prevention opportunities at Amoco's Yorktown, Virginia refinery, which we believe provides insights for legislative and regulatory policy affecting environmental management and environmental technology innovation. Our statement highlights the findings of this study as it relates to specific concerns of stimulating innovative environmental strategies and technologies. Amoco and outside counsel also conducted a legal analysis of federal environmental laws to identify opportunities for innovation and flexibility. Summaries of both reports are attached to this statement.
If there are questions or clarification about this written statement, please contact Karen St. John at (202) 857-5311 or Howard Klee at (312) 856-2320.
Howard Klee, Jr.