Commentary: Time to create "greener wealth"

BEIJING, March 9 (Chinese media) -- Britain's Sunday Times newspaper recently

unveiled its first Green Rich List, featuring the world's top 100 tycoons or

wealthy families who have made either serious investments in green technology

and businesses or hefty financial commitments to environmental causes.

Of the tycoons or wealthy families worth 200 million pounds sterling (290

million U.S. dollars) or more, 35 richest U.S. financiers and entrepreneurs

dominate the list, most of whom are from the Silicon Valley, followed by 17

Chinese, 10 British and 7 German tycoons.

The top two in the list are Warren Buffett, who invested in wind-energy

projects, and Bill Gates, who has funded alternative fuels such as oil from

algae.

In the context of the global economic slump, how come the richest and

smartest financiers and businessmen coincide in focusing on "green industry?"

And is it a cost-effective choice?

The sharp business sense may have been behind their "turn-to-green"

decisions.

Investors with a strategic vision would not only chase profit from mature

industries, but also look forward to the future.

Faced with shrinking nonrenewable resources, rising pollution and increased

extreme climate change, more and more governments and people have realized that

green industry, with the characteristics of high efficiency, low pollution,

waste-recycling and energy-saving, would become the world's leading trend in the

near future.

In other words, those who first acquire updated green technology would gain

the upper hand over their competitors in the future.

Even amid the continuing global financial crisis, the business elites

remain unshaken in their determination. Many IT tycoons are turning to green

investments to explore a new frontier, just like what they did to feed the

then-infant Internet economy several decades ago.

Admittedly, the green investments are also a reflection of the corporate

social responsibility of some global riches.

Fundamental RD of green technology calls for large amounts of

investment, but the outcome is hard to predict, with a relatively high

possibility of failure and making little profit. As a result, many medium-sized

corporations are reluctant to get involved.

Business tycoons like Buffett and Gates are beginning to turn their eyes to

environmental protection and public welfare services. They are willing to make

investments in experimental research, which is a laudable move.

There are 17 Chinese businessmen on the "green list," who are mainly

involved in solar energy and electric-car technology.

Unlike the American businessmen who tend to pursue more advanced

technology, the Chinese tycoons pay much attention to mass production and

application of green technologies.

A report of the United Nations Environment Programme (UNEP) in 2007 showed

that China's solar industry ranked first in the world in terms of size and

scale.

All in all, the vision of these eco-pioneers offers inspiration and

provides us with much food for thought. Firstly, green industry could be a new

path for our economy in the face of a raging global financial crisis.

Second, green industry could reconcile profit seeking and environmental

protection in a harmonious way for the first time in history, thus making

development more sustainable.

Third, in the face of worsening global warming and pollution, actions speak

louder than words. In cooperation with governments and environmental activists,

the business world can be reckoned to be a combat-worthy force. The wealth we

create could be greener than ever before.