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Corporate Social Responsibility
News
11.15.2007 - 10:45am ET
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Investors Seek Strong Environmental Measures in Energy Bill
(CSRwire) WASHINGTON, DC - November 15, 2007 - More than two-dozen leading investors,
who manage retirement funds for millions of Americans, today sent a letter
to Congress urging passage of a national energy bill that includes strong
measures for expanding clean energy, reducing oil dependence and curbing
global warming pollution.
The letter, sent to Senate and House leaders as they are negotiating a
compromise measure, recommends specific language to improve energy
efficiency, accelerate renewable energy and boost vehicle fuel economy
standards. The investors collectively manage more than $1.4 trillion in
assets.
"We call on Congress to pass an Energy Bill that realigns national
policies and incentives to stimulate the rapid deployment of clean
technologies," wrote the 29 investors and asset managers, many of whom are
part of the Investor Network on Climate Risk (INCR), an alliance of U.S.
and European investors focused on addressing the risks and opportunities
posed by climate change. "The federal clean energy policies we support
are critical first steps in addressing one of the greatest risks facing
investors, the threat of global climate change."
The letter was signed by many of the nation's largest institutional
investors, including state treasurers and comptrollers overseeing pension
funds in California, Connecticut, Michigan, New Jersey, New York, New York
City, North Carolina and Oregon. London-based F&C Asset Management also
signed the letter, which was coordinated by Ceres and Calvert Group
Ltd.
In sending the letter, investors sent a strong message that regulatory
uncertainty and the lack of federal regulations to spur clean energy is
discouraging investment in low-carbon, climate-friendly technologies that
will flourish in the years ahead. The letter noted that renewable energy
investments hit a record $100 billion in 2006, with a growing portion of
those investments taking place in China, India and Brazil.
"Every year the U.S. fails to enact strong federal energy policies is a
missed opportunity to spur much-needed investments that will create jobs,
lessen our dependence on fossil fuels, capitalize on our global
technological advantages and reduce carbon emissions at the same time,"
wrote the investors.
The letter was sent to Senate Majority Leader Harry Reid, Senate Minority
Leader Mitch McConnell, Speaker of the House Nancy Pelosi and House
Minority Leader John Boehner. Each chamber has approved an energy bill
that tackles portions of what the investors are seeking, but neither
covers all three of the priorities highlighted in the letter.
The letter requests:
A strong renewable electricity standard that would boost
production of wind, biomass, geothermal and solar energy across the
country.
Strong energy efficiency incentives and standards, which would
achieve the easiest, most cost effective reductions in greenhouse gas
emissions. The American Council for an Energy Efficient Economy (ACEEE)
estimates that standards for lighting alone could reduce global warming
pollution by 100 million metric tons in 2030, while saving consumers and
businesses billions of dollars.
Increased fuel economy standards through strong Corporate
Average Fuel Economy (CAFE) regulations, which have not been significant
raised since the mid-1970s. According to a new Citigroup report, a 35 mile
per gallon fleet by 2020 in the United States is not only feasible but
could generate profit growth for automakers, including US automakers.
"A weak energy bill will continue our reliance on outdated, high-polluting
technologies that will be less competitive as the global economy shifts to
low-carbon technologies," said Mindy S. Lubber, president of Ceres and
director of the INCR. "A strong energy bill will accelerate investments in
clean energy technologies that hold great promise for investors and their
beneficiaries."
List of 30 signers:
California State Teachers Retirement System (CalSTRS)
California Public Employees Retirement System (CalPERS)
California State Controller
California State Treasurer
Connecticut State Treasurer
Municipal Employees Retirement System of Michigan
North Carolina State Treasurer
New York State Comptroller
New Jersey State Investment Council
New York City Comptroller
Oregon State Treasurer
Vermont State Treasurer
Rhode Island State Treasurer
Calvert Group, Ltd.
F&C Asset Management
Domini Social Investments
Trillium
Green Century
Pax World Management Corp
Ethical Funds
Tri-State Coalition for Responsible Investment
Winslow Management Company
Walden Asset Management (a division of Boston Trust)
Boston Common Asset Management, LLC
Vermont Community Foundation
As You Sow Foundation
Krull & Company
Province of St. Joseph of the Capuchin Order
Unitarian Universalist Association
Ceres
About Ceres:
Ceres is a leading coalition of investors, environmental groups and other
public interest organizations working with companies to address
sustainability challenges such as climate change. Ceres also directs the
Investor Network on Climate Risk. For more information, visit http://www.ceres.org and
http://www.incr.com
About Calvert:
Calvert is one of the nation's largest socially responsible mutual fund
firms with approximately $16 billion in assets under management. Calvert
offers 41 funds that allow individual and institutional investors to
pursue a broad range of investment objectives within a single fund family.
Calvert launched the Calvert Social Index(R), a benchmark for measuring the
performance of large, U.S.-based socially responsible companies. In
addition to its equity funds, Calvert has an extensive lineup of tax-free
and taxable fixed income investments. For more information on Calvert,
click on www.calvert.com.
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