Investors ask Fossil Fuel Companies to Disclose their Plans to Address Climate Change Risk
In a first of its kind effort, agroup of 70 investorsmanaging more than $3 trillion of collective assets, have written to In order to achieve the international goal of limiting global warming to 2ËšC, the world will need to live within a set carbon budget, and a significant portion of proven global fossil fuel reserves will need to be left in the ground.
However, according to the Unburnable Carbon report, in 2012 alone, the 200 largest publicly traded fossil fuel companies collectively spent an estimated $674 billion on finding and developing new reserves – some of which may never be utilized.
Ceres and the Carbon Tracker Initiative, with support from the Global Investor Coalition on Climate Change have launched the Carbon Asset Risk initiative to highlight the opportunity to redirect capital to renewable energy, rather than waste it on high carbon assets that could become stranded.
“Demand for coal has been falling in key markets. Climate policy and economic changes in Asia mean this trend could soon become permanent. Analysts tell us that demand for oil could weaken too before long,” said Craig Mackenzie, Head of Sustainability at Scottish Widows Investment Partnership, one of Europe’s largest asset management companies. “Companies must plan properly for the risk of falling demand by stress-testing new investments to minimize the risk our clients’ capital is wasted on non-performing projects.”
Investors have requested detailed responses before their annual shareholder meetings in early 2014 and as of October 23, investors had received preliminary responses from 30 companies. Detailed answers to the investors’ questions will come in follow-up responses.
Ceres is Participating in the Skoll Social Entrepreneurs Challenge
The Skoll Foundation, one of Ceres’ strongest partners, and The Huffington Post have launched the Social Entrepreneurs Challenge on CrowdRise! The challenge will provide Ceres with an innovative platform to raise funds and has the potential to leverage up to $1 million in dedicated prize money through daily and weekly challenges and matching donations from the Skoll Foundation.
The Social Entrepreneurs Challenge provides a great opportunity for us to share our unique approach to social entrepreneurship: making the economic case that addressing climate change, water scarcity and other sustainability threats will not only protect the planet, but will create a more stable, prosperous global economy for generations to come.
Click here to learn more about the Challenge and how you can help us succeed!
The Climate Declaration hits Broadway
The Climate Declaration, now signed by more than 700 companies and thousands of individuals, is up in lights in Times Square.
The Climate Declaration caught the attention of CBS, which offered to air a 15-second ad on their Jumbotron in Times Square, showcasing the Climate Declaration and our message that “tackling climate change is one of America’s greatest economic opportunities (and it’s simply the right thing to do).”
Our 15-second clip will be broadcast in Times Square 18 times per day for 82 days. That’s more than 1400 showings in one of the most highly trafficked spots in the country, providing a huge opportunity to raise visibility and build support from businesses and individuals for strong climate action in the U.S.
If you’re in Times Square in the next couple of months, view the ad on the CBS Jumbotron. Or you can watch the clip on our site.
Learn more and sign the Climate Declaration.
A Visit to Campbell to See How They’re Addressing Water Risks
Last month, Ceres’ Water team visited a Campbell Soup processing plant and two nearby farms operated by Dave Viguie and Dustin Timothy, who together grow 1,700 acres of tomatoes for the company. They toured the facilities and learned how Campbell and its 50 independent growers are they preparing for a drier future.
Read the blog post on National Geographic.
Watch the video.
Ceres member company Jones Lang LaSalle has recently published its 2012 Sustainability Report “Moving toward a more sustainable enterprise”.
Dell recently released its new 2020 Legacy of Good Plan: a set of goals Dell aims to achieve by 2020. Included among these is a goal to reduce the energy intensity of its product portfolio by 80 percent – a first among its industry – and a commitment to waste-free packaging through the use of sustainably sourced, 100 percent recyclable or compostable materials. Further, Dell articulated an aspirational “10×20 goal”, which states that the company will generate 10 times more benefits from its technology than it takes to make and use it. Dell lays out its aspirations and goals as well as the steps it will take to achieve these in the 2020 Legacy of Good Plan.
Investor Network on Climate Risk (INCR)
21st Century Investor Webinar: Fiduciary Duty
Join Ceres for the 21st Century Investor Blueprint webinar to learn about the role of fiduciary duty in sustainable investing. Guest speakers include Keith Johnson from Reinhard Boerner Van Deuren, Catherine LaMarr, General Counsel at the Office of the Connecticut Treasurer, and Ian Lanoff at Groom Law Group.
Business for Innovative Climate & Energy Policy (BICEP)
BICEP Companies Go To the Hill
This week, BICEP brought member companies to Washington, DC to push policymakers toward meaningful climate and energy solutions. Through meetings with White House officials and Members of Congress on both sides of the aisle, BICEP delivered its economic message for tackling climate change.
For more about BICEP, visit www.ceres.org/bicep.