A couple of days ago I participated in a New York breakfast meeting of NDN, a Democratic think tank from DC, and was updated on both the probably of passage of cliamte change legislation in the Senate as well the political dimension of the Millenial Generation. Climate change legislation is a matter of 60 votes, we now have 45 definite so the next 6 months are horse trading to get the necessary votes for passage and also to prevent a Republican filibuster.

While the passage of the Waxman/Markey bill last Friday is a great step forward in the development of US carbon markets, it should not be forgotten that we are only halfway to the finish line. The US Senate needs to develop either companion legislation or approve its own version of climate change and energy package. I am very hopeful that this will occur in the next 6 months so that President Obama can go to the global climate meetings in Copenhagen with a firm platform for the US.

To make the change on energy and environment that President Obama wants will require intellectual capital. I am just starting to see the inflow of that talent into the federal service. During the past 2 weeks, two very capable young people have joined the Department of Energy's international office in very senior positions. In discussions yesterday morning with one of these political appointees, I asked if he needed talented young people. He said, of course, as we have to staff up his office. Yesterday, senior officials at EPA were confirmed by the Senate. They will now begin hiring too.

After almost a year, we are proud to announce that our educational arm, The Global Change Foundation Inc, is now a fully functioning entity that can open a bank account and accept contributions. Peter Fusaro signed the legal papers yesterday. In coming months, the Foundation will be launched with a golf outing to kick off fund raising. Also, a major company will be dedicating some of its profits to the Foundation.

Changing financial times and new alliances have given rise to an innovative eco-artistic gathering, The Green Salon, held monthly at Klavierhaus on piano row on West 58th Street. The Salon is enjoying a growing an audience and meeting a need for New Yorkers looking for a meaningful way to relax, learn and meet one another after work and before dinner and all for a modest contribution at the door.

Lately, I have been inundated with resumes from graduating seniors, grad students and people in career transition. It saddens me that there are not many green jobs available for these able and anxious people. But the bitter reality is that there is no green economy. It is a concept that will take time to implement. When I tell young people, that energy projects typically take four, seven or ten years to implement. There is usually a collective groan. Managing expectations on green is not well thought out by many.

The emerging US carbon regime will create a carbon currency that can be manifested in many ways. For one thing, carbon can become an economic indicator for efficiency along the company supply chain. And because no one was collecting carbon emissions data in 1990, the baseline of both the Kyoto Protocol and California’s AB 32, there are many opportunities to create and deploy carbon planning tools. Thus construction of the baseline will be through financial statements such as 10K and 10Q.

I just gave an extensive interview today to the Wall Street Journal on "Carbon Trading." There is going to be a tremendous pick up in interest and activity in these markets as the Waxman/Markey bill makes it way through the House. This is the new legislation that will drive greenhouse gas markets in the US. The Obama Administration supports the bill although it is trying to be impartial. But the Senate seems unable to get its act together now.

Here are some short video intervarls from the recent Summit. We will be posting more materials from the Summit in coming weeks.