GBIC, the Greater Burlington Industrial Corporation, released Wednesday morning its report on The Green Economy and Environmental Enterprise in Vermont. I attended their release ceremony in Montpelier. It was held three minutes by foot from the State House, starting at 8 am, so that legislators could attend before their committees began meeting. It worked. Quite a few legislators, as well as many people who participated in the study, filled the Ethan Allen Room at the Capitol Plaza.

The report, produced by the Snelling Center for Government at the University of Vermont, was the result of conversations that have been happening since last summer with businesses, non-profits, and government representatives. The project began as a way to boost the "Green Economic Sector" in Vermont, with high-wage jobs and entrepreneurial activities. As GBIC's Frank Cioffi introduced the report, however, he recognized that Vermont needs more green jobs just to stay where we are in the present economic climate. "There is going to be more churning in the economy. More people are going to lose their jobs. The world economy is changing, and we need to change right along with it."

Cioffi didn't use the word "sustainability" when talking about what Vermonters are looking for in business, but he echoed a classic definition of the word: "What we found when we went out and talked with Vermonters was what we felt: A very strong entrepreneurial spirit, a deep green ethic, and a widespread commitment to economic growth that focuses on meeting the needs of this generation without compromising the needs of the next generation."

GBIC pointed out that Vermont is a national leader in the captive insurance industry and wondered whether the state could become a national leader in green jobs. It's not so simple, they found. Captive insurance is one type of industry, with one set of regulations that aids them. Green jobs are found throughout the economy, and all businesses need to become greener to remain competitive. But Vermont still has a chance to become a national leader. As Cioffi put it, "In the coming years, there are going to be tremendous financial resources available to the places and the people that embrace green technology and innovation. And no state is in the lead, yet, in green."

Another speaker at Wednesday's event was Ernie Pomerleau, a Chittenden County real estate developer. Pomerleau chaired the Governor's Commission on Climate Change, and he reported a dramatic change in recent years in how businesses see green jobs and green initiatives: "A couple years ago, a real estate developer that was talking about climate change and green economy was sort of an oxymoron. But I watched IBM cut back 10% [on energy use? -ed.] and go on to save $3.5 million. Trey Pecor, who runs LCT [the ferry service Lake Champlain Transportation] said the other day, 'I wasn't too green. I got a million dollar increase in my diesel fuel, and I'm green.' It's a very basic thing. Private industry looks at where the market is going and gets out in front of it.

"I've studied the climate change issue, and all of a sudden I saw it distilled. We get oil from a place that's probably a little unstable. Breathing it is not a good thing. And spending a lot of money for it is not a good thing. So you cut it back, and you can create jobs. It's good for the economy and it's good for jobs."

I don't think the authors of the report are fully aware of the constraints that energy shortages after peak oil are likely to bring to our economic development options, but their thinking is heading in the right direction. Check out the report (PDF) and its recommendations.