One Opportunity Green panel focused a topic sure to be on any eco-entrepreneur’s mind: “How will the recession impact the green economy?” This morning, Grist‘s executive editor Russ Walker and UCLA economics professor Matt Kahn dissected the topic via a focused, yet informal dialogue, posing questions to each other while refining each other’s ideas.

The two agreed often, though Matt’s perspective was a tad more sanguine than Russ’. “In this regulatory environment, there’s an opportunity to make money,” enthused Matt, pointing to California’s Global Warming Solutions Act of 2006 (AB32) that mandates the state to reduce emissions to 80% below 1990 levels by 2050. “The silver lining of recession,” according to Matt, is that this less hectic time can allow for businesses to think through their business plans — perhaps with an eye to taking advantage of new environmental policies while rethinking business as usual, especially in light of high gas prices.

On a more glum note, Russ pointed out that gas prices have gone down again — and warned that people could be led to believe that the dip in prices could be related to the push to start offshore drilling. “There’s a huge public education effort that needs to happen,” Russ said.

Both speakers could agree on one thing to be happy about: Obama’s election. Obama’s able to see the interconnections between various goals, like investing in clean energy as an opportunity to create green collar jobs, said Russ, before going on to warn: “We’re not going to see Obama be able to do that unless there’s public support,” especially from businesses and entrepreneurs.

How can we create that coalition? Pointing out that Exxon and other fossil fuel companies know exactly what their profits are now, and what they have to lose in a carbon-regulated economy, Matt suggested that businesses work to “accurately predict what their profits will be in a level playing field environment” in which carbon footprints are part of the cost of business. That knowledge, according to Matt, could help create “a coalition of the willing.”

Matt also encouraged grassroots innovation, arguing that out of 1000 different ideas, 25 or so should be able to succeed — like “independent lottery tickets” for a greener economy.

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