The December 15 rollout of the Obama energy team spurred Andrew Revkin, author of the New York Times's Dot Earth blog, to question leaders in environment, policy and economics on whether the global climate change challenge could best be addressed as a regulatory problem (cap and trade) or a technology challenge (carbon sequestration, non-polluting fuels). The answers, from an impressive roster of luminaries ranging from Princeton's Robert Socolow (the progenitor of the "climate wedge" method of addressing global warming-reducing emissions through a variety of available approaches, each approach being a "wedge") to experts from the Natural Resources Defense Council, the Brookings Institution, and the Council on Foreign Relations, make insightful reading.

The consensus of the experts consulted by Revkin is that binding caps on CO2 emissions — with permissible emissions declining steadily over time — should be partnered with technology development to produce steady and meaningful reductions in greenhouse gases. The dominant view was that immediate caps should be achievable to be credible, but that caps should ramp up over time to reduce CO2 levels significantly.

With respect to financing technology development, Revkin's experts recommend a combination of private capital and government R&D expenditures. Michael Levi of the Council on Foreign Relations makes a telling point: The Obama administration's economic team will have to join Stephen Chu, Carol Browner and their green team colleagues at the table in creating an energy plan that offers sufficient economic muscle.

Which brings me to John Floegel, an investment manager and entrepreneur from Summit, New Jersey and his friend, H.B. Mertz, a small business owner from McMurray, Pennsylvania. John and H.B. became friends while in law school. They've gone on to raise their families and have grown increasingly concerned about energy independence because of, as John puts it, "concern for the opportunities we will leave our kids." John posted in the comments section of my November 20 column, asking if I'd be interested in taking a look at their financing plan for an alternative energy economy. I bit.

What John and H.B. have come up with is the idea of Renew America Bonds, in essence, a 30-year, zero-coupon U.S. government bond, principal redeemable at maturity or convertible to a payout based on the long-term performance of America's clean energy economy. It's an interesting concept, and I like the idea of introducing a U.S. savings bond (I'd issue a number of maturities and call it the U.S. Green Bond) to raise proceeds for energy R&D, much as earlier generations invested in America. John has included his contact information in his post to my earlier blog, if you want more details on the Floegel/Mertz Renew America Bonds plan.

What would you do to jumpstart a new, green economy? Write to me at greenstimulus@malachitellc.com. I'll share the best ideas in future posts.

Leanne Tobias is founder and principal of Malachite LLC, an advisory firm that specializes in the development, leasing, management, financing and certification of sustainable or green real estate on a global basis.