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By Stefanie Olsen, 16 November 2006 08:50

NEWS

If scientific predictions are correct, Silicon Valley could be under water within a half a century. Green tech may be the life raft.

That was the caution and promise offered at an executive panel at the TechNet Innovation Summit held at Stanford University, California. Sun Microsystems' chairman Scott McNealy, Bloom Energy CEO KR Sridhar and tech investment guru John Doerr spoke about the dangers of global warming and potential remedies to the problem.

For Doerr, much can be solved if the US government takes the lead. "Our country needs a new energy policy," he said.

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Ready with advice, Doerr outlined a four-point policy that he believes President Bush should adopt come January. That policy includes a mandatory goal for all organisations to reduce emissions of greenhouse gases by 25 per cent by 2010; the adoption of renewable sources of energy such as solar and wind; a lesser dependence on oil by invigorating the bio-fuels industry; and investing in technology that can remove existing carbon dioxide from the atmosphere.

McNealy's solution to the energy consumption problem was entirely more personal. Half of Sun's employees work from home, which helps reduce the energy generated by driving, McNealy said. And technology helps encourage energy-reducing activities through activities such as online shopping, remote banking and distance learning, he said.

He added: "There are lots of individual things we can do. I only shave once a week."

Both McNealy and Doerr, who's known for investments in Google, Amazon.com and Sun, referred to themselves as "raging capitalists" during the panel, as a way to highlight the view that being green can save costs and ultimately prove profitable.

Doerr said: "This is the biggest economic opportunity of this century."

Take Bloom Energy, which is developing fuel cell technology in the energy market that's worth more than a trillion dollars.

Sridhar said his venture aims to distribute energy production much like distributed computing, putting it in the individual's hands in order to boost efficiency of the whole network. For example, a home-use fuel cell working with a solar panel could produce enough energy to refuel your car, he said.

Sridhar added: "It will come down to the way we distribute [energy] and consume."

Doerr, whose venture capital firm Kleiner Perkins Caufield & Byers last year created a $100m fund dedicated to green technologies, said that although public policy is key, he believes small companies and entrepreneurs will lead innovation in this arena. Oil companies, he said, spend roughly one per cent of their revenue on research and development.

He added: "[The author] Margaret Mead said 'never underestimate the power of a small group to change the world'. I believe that's what will happen with green technology."

Stefanie Olsen writes for CNET News.com