New Report from Ceres and Mercer Highlights Efficiency’s Importance for Both Real Estate Investing and Climate Change; Flags Potential Risks to Portfolios that Don’t Embrace Efficiency

Much is said about pollution from cars and industrial smokestacks, but 38 percent of all carbon emissions in America come from powering our buildings, and much of that energy is wasted.

But a new report, “Energy Efficiency in Real Estate Portfolios: Opportunities for Investors,” says that proven, existing efficiency technologies in everything from lighting to climate control and more can unlock the untapped reserves of efficiency gains buried in many real estate holdings. Those gains would be a boon to real estate investors’ bottom lines – both direct property owners like large pension funds and smaller investors who primarily hold real estate securities – even as they make our buildings far less power-hungry and a big part of America’s efforts to combat climate change.

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BOSTON – Ceres and the Association of Chartered Certified Accountants (ACCA) today announced the shortlist of candidate reports for the Ceres-ACCA North American Sustainability Reporting Awards for 2009. Of the 92 sustainability reports received, 14 were selected for further consideration by the judges’ panel that meets next month. The final winners will be announced at the Ceres Annual Conference at the Boston Seaport Hotel on May 5-6th.

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COPENHAGEN - Leading U.S. businesses praised U.S. Secretary of State Hillary Clinton’s announcement today that “the United States is prepared to work with other countries toward a goal of jointly mobilizing $100 billion a year by 2020 to address the climate change needs of developing countries.”

Her announcement comes two days after 30 leading U.S. businesses, including Nike, The North Face, Microsoft, Dow Chemical, Duke Energy, Seventh Generation, GroSolar, Timberland and others, sent a letter to President Obama urging him to secure a comprehensive climate agreement with strong greenhouse gas reduction targets and “strong finance provisions, with a substantial commitment of new long-term finance from developed nations, including the United States.” The letter also underscored that “such provisions also should consist of a structure for the long term and should leverage private sector investments.”

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Priced on the amount a vehicle is driven during the policy term, PAYD has the potential to save consumers an average $270 per vehicle insured, according to a 2008 report by The Brookings Institution. If deployed in all 50 states, PAYD could also achieve a 4% reduction in total U.S. greenhouse gas emissions, which contribute to global climate change. Transportation emissions currently account for nearly one-third of total U.S. greenhouse gas emissions.

A dozen states identify PAYD as an effective strategy for reducing greenhouse gas emissions, with Arizona, Colorado, Maryland, Maine, Minnesota, New Hampshire, New Mexico, North Carolina, Pennsylvania, Rhode Island, Virginia and Vermont all including it in their state climate action plans.

Read more...

As world leaders prepare to meet in Copenhagen to strike a global deal on climate change, member companies of Business for Innovative Climate & Energy Policy (BICEP), along with seven major power companies, expressed concern today about the delay in passing U.S. climate and energy legislation and applauded ongoing efforts by Senators Kerry, Graham and Lieberman to create a new bipartisan bill. The letter, which included the statement below, was delivered this morning to Senate leaders Harry Reid and Mitch McConnell:

“While we are pleased with the action the House of Representatives took earlier this year, we have concerns about the potential delay in moving legislation forward in the Senate.   We view the latest bipartisan discussions by Senators Kerry, Graham, and Lieberman as critical to action, and we write to offer our complete support.”

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That's the conclusion of Lines in the Sands, a comprehensive new benchmarking report announced today by the Sustainable Investing team at Northwest & Ethical Investments L.P. that analyzed ESG policies and practices of 13 publicly-traded U.S., Canadian and other international companies with major oil sands operations in Northern Alberta. The US investor coalition Ceres and the National Union of Public and General Employees supported the research on how companies are handling environmental and social impacts from the project producing more than 1.3 million barrels of oil a day, much of it for use in the United States.

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BOSTON (Nov. 23) – It’s impossible for investors to adequately assess the risk to their investment money if companies don’t tell them how much climate change and its impacts might affect their financial performance.

That’s the simple truth behind a supplemental petition submitted to the Securities and Exchange Commission today by a broad coalition of 20 institutional investors. The petition asks the SEC to provide interpretive guidance outlining climate-related 'material risks' - such as new regulations, physical impacts, new economic and business opportunities and other climate-related trends - that companies should be disclosing to investors.

Read more...

The new members were announced as the U.S. Senate considers a comprehensive climate and energy legislation and as world leaders prepare to meet in Copenhagen next month to negotiate a new international agreement on climate change.

“These companies know that there is no distinction between what is good for business and what is good for the environment,” said Lubber, whose group helps coordinate BICEP. “We welcome these new BICEP members and look forward to their contributions in achieving strong Congressional action to catalyze a clean energy economy.”

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October 5, 2009 - More than 150 businesses from more than 30 states are launching the next phase of their efforts to pass comprehensive energy and climate legislation. In one of the most diverse business gatherings of its kind in support of climate legislation, the group will come to the Nation’s Capital on October 6th and 7th, to advocate for comprehensive climate and energy policies to create more than 1.7 million new jobs, cut carbon pollution, restore America’s competitiveness and provide for our economic and national security.

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Amid growing pressure on developing countries to join an international climate treaty later this year, a new Ceres report released today shows that emerging market banks are beginning to integrate climate change considerations into lending and other business decision-making, but that significantly more attention is needed.

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The world’s largest global investors issued a joint call today for strong action this year from U.S. and international policy makers. Investors released the statement at the International Investor Forum on Climate Change.

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Ceres and the Association of Chartered Certified Accountants (ACCA) are now calling for submissions to the Ceres-ACCA North American Awards for Sustainability Reporting 2009. Deadline for submissions is October 23, 2009. Submit your application online here.

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Investors engaging with U.S. and Canadian companies on the financial risks and opportunities from climate change achieved major breakthroughs in the 2009 proxy season, including a first-ever majority vote (51.2 percent) with IDACORP, an electric utility in Idaho, asking it to establish greenhouse gas (GHG) reduction goals.

Read the full story.

Lauralee Martin of Jones Lang LaSalle teams up with Ceres president Mindy Lubber in this special to Roll Call. 

Corporate supporters of the American Clean Energy and Security Act believe the establishment of a market for renewable energy credits is necessary to address the threat of climate change and to avoid other problems associated with oil and coal. Critics say it will drive up electric rates as power companies pass through the increased cost of generating renewable energy to their customers.

But this debate on one aspect of the bill ignores its overarching intent and misses a big opportunity that ACES presents to U.S. businesses. If the bill is about promoting renewable energy, it is even more about catalyzing energy efficiency, a goal likely to save companies far more money than cap-and-trade will cost them. If ACES makes a kilowatt-hour cost more, it also offers ways for companies to use fewer of them. So, while electricity rates may increase modestly, the actual bills that businesses pay will go down.

Read more..

Ceres president Mindy Lubber blogs on Huffington Post about the world's first Carbon Counter unveiled in New York City today and why honest accounting of environmental costs of doing business are crucial to solving the climate crisis.

Read blog here.

New Report: Major Mutual Funds Increase Support for Shareholder Resolutions on Climate Change

Fund Giants Fidelity, American Funds and Vanguard Lag Rest of Industry in Failing to Support Any Climate Resolutions in 2008

BOSTON – A growing number of investors are pressuring companies whose stock they own to boost their attention to the business risks and opportunities posed by climate change. So they’re increasing the number of shareholder resolutions aimed at moving companies in that direction – and major mutual funds increasingly are voting with them, according to a new Ceres report. More

Studies Show Global Companies Still Failing to Report Strategies and Potential Impacts from Climate Change

WASHINGTON DC - Climate change-related disclosure continues to be weak or altogether nonexistent in SEC filings of global companies with the most at stake in preparing for a low-carbon global economy, according to two major studies released today by Ceres, Environmental Defense Fund (EDF) and the Center for Energy and Environmental Security (CEES). The reports’ findings highlight the need for the Securities and Exchange Commission (SEC) to respond to repeated investor requests for formal guidance on climate-related disclosure companies should be providing in securities filings. Read more and download reports...

Ceres president, Mindy Lubber blogs in today's Huffington Post about climate naysayers and why their refrain of "regulation is bad for business" isn't true when it comes to climate change.

"Aesop got it wrong. In "The Boy Who Cried Wolf," the townsfolk stopped believing repeated false alarms of danger. But in real life, we seem to jump time after time at the same shrill cries.

The alarmists, again, are the entrenched industry and the well-heeled national Chamber of Commerce warning of the dangers of tougher energy and environmental regulations. Rather than join forward-thinking business leaders in meeting our challenges, these special interests fall back on their old refrain that tougher regulations will hurt business and thus the country."

Read more...

BICEP, Business for Innovative Climate & Energy Policy, and Ceres, a coalition of investors and other public interest groups working to address sustainability challenges, released a joint statement supporting the climate bill recently passed by committee but urge strengthening. More

Thousands of small business owners merge with BICEP, USCAP and other global businesses in calling for bold clean energy policies in 2009. MoveOn.org announced that nearly 10,000 small business leaders nationwide signed a statement urging the U.S. Chamber of Commerce to support strong climate and energy policies such as the Waxman-Markey bill now before the House. More

As another hurricane season approaches and government leaders debate U.S. climate policy, a first-ever coalition of leading insurers, public officials, risk experts, builders and conservation groups today announced a bold blueprint of policy changes and common sense actions that could reduce economic losses from future storms and rising sea levels by as much as half along U.S. coastlines. More

This is a landmark bill that is a great first step in tackling America's energy and climate challenges in a comprehensive fashion  - a strategy that Ceres has advocated from the beginning. Chairman Waxman has laid out a path that brings together energy efficiency, renewable energy and cutting greenhouse gas pollution for the first time. More

The National Association of Insurance Commissioners (NAIC) today approved a groundbreaking mandatory requirement that insurance companies disclose to regulators and investors the financial risks they face from climate change, as well as actions the companies are taking to respond to those risks. More

Ceres announced today the kickoff of a special year-long program to celebrate its 20th anniversary with the release of Ceres 20•20, a bold plan with four key pillars and ambitious goals designed to move businesses, investors and policymakers towards a sustainable global economy over the next decade. More

Global climate change is exacerbating water scarcity problems around the world, yet few businesses and investors are paying attention to this growing financial threat, according to a report issued today by Ceres and the Pacific Institute.

The report, Water Scarcity & Climate Change: Growing Risks for Businesses and Investors, concludes that climate change will exacerbate these growing water risks – especially as the world population grows by 50 million people every year. Already, China, India and the western U.S. are seeing growth limited by reduced water supplies from shrinking glaciers and melting snowcaps that sustain key rivers. Meanwhile, agricultural and power plant production have been cut back due to more frequent and more intense heat waves and droughts in large parts of Australia, California and the southeast U.S.

Read the press release

Download the report

U.S. Companies Face Record Global Warming Resolutions Amid Growing Support in Washington for Clean Energy and Mandatory CO2 Limits

Boston—Leading U.S. investors today named nine companies to a Climate Watch List, citing concerns that the firms are lagging behind their industry peers and are potentially undermining their long-term competitiveness in responding to the business challenges from global climate change. Investors filed shareholder resolutions with eight of the nine companies—and 49 other businesses—aimed at improving their focus and attention to the financial risks and opportunities from climate change.

The Climate Watch companies include influential coal companies, oil and power producers and other businesses that investors believe are not adequately dealing with climate-related business impacts, whether from physical changes, emerging climate regulations or growing global demand for low-carbon technologies and services. Two of the oil companies were targeted for extensive investments in Canada’s oil sands region, where carbon-intensive extraction technologies are being used to produce more than one million barrels of oil each day.

The resolutions are among a record 63 global warming resolutions filed with 56 U.S. companies and one Canadian company as part of the 2009 proxy season. The resolutions, seeking greater disclosure from companies on their financial exposure and response strategies to climate-related business trends, were filed by some of the nation’s largest public pension funds, as well as labor, foundation, religious and other institutional shareholders. The shareholder filings are coordinated by the Ceres investor coalition and the Interfaith Center on Corporate Responsibility (ICCR), a group of faith-based investors.

The Climate Watch companies include:

Electric Power: Southern

Coal: Massey Energy, Consol Energy

Oil & Gas: Ultra Petroleum, ExxonMobil, Chevron, Canadian Natural Resources*

Automotive: General Motors

Home building: Standard Pacific

Read entire news story here.

Read Ceres President Mindy Lubber's latest submission to Harvard Business Review's Leading Green Blog.

"Robyn Meredith's The Elephant and the Dragon is a fascinating read on India and China's rapid rise as global economic juggernauts and what it means for America's future.

Meredith doesn't split hairs in her advice to U.S. CEOs and policy-makers: stop whining about losing jobs to Asia and concentrate on restoring America's competitiveness with new technologies that will spur new industries and jobs.

The economic stimulus legislation being debated in Congress is a golden opportunity to put Meredith's words into action, especially in staking out America's leadership in driving energy efficiency and the emerging clean energy global economy."

Read entire blog by visiting Harvard Business Review's Leading Green Blog.

Investors Urge Congress to Support Energy Efficiency and Clean Energy in Economic Stimulus Bill

January 26, 2009

WASHINGTON D.C.—A group of 44 investors managing over $1.7 trillion in assets called on Congressional leaders today to include significant funding for energy efficiency, clean energy and clean transportation in the economic stimulus bill being debated this week on Congress.

In a letter delivered this morning to House and Senate leaders and the Obama administration, U.S. and European investors called for longer-term green economic incentives, including extending the renewable energy Production Tax Credit five or more years; providing substantial funding for energy efficiency programs, such as retrofitting buildings; and modernizing the aging and inefficient electric power grid.

Read entire press release and download letter here.

For more on the importance of a green stimulus bill, please read Ceres' blog in the Harvard Business Review and listen to NPR's story on Morning Edition featuring Ceres Director of Investor Programs Chris Fox.

IBM, Tesco and Dell Receive Top Scores in First-Ever Ranking of Consumer & Tech Companies on Climate Change Strategies

Nike and Wal-Mart Post Highest Scores in Apparel and Retail Sectors

Download the report at www.ceres.org/governancereport (pdf)

December 11, 2008

BOSTON - While progress is being made, consumer and technology companies still have more to do in confronting the business challenges posed by climate change, according to a report issued today by the Ceres investor coalition and authored by RiskMetrics Group that analyzes climate change governance practices at 63 of the world's largest retail, pharmaceutical, technology, apparel and other consumer-facing companies.

With millions of customers and massive operations and supply chains, consumer and technology companies face broad impacts from climate change, whether from higher energy costs due to emerging climate regulations or growing global demand for products that use less energy and contribute fewer greenhouse gas (GHG) emissions.

The Ceres report found that select companies in various consumer and technology sectors are responding to the risks and opportunities presented by climate change, primarily by setting GHG emissions reduction targets, boosting energy efficiency efforts, expanding renewable energy purchases and integrating climate factors into product design. But the report found that many other companies are still largely ignoring climate change, especially at the board and CEO level. For example, only 11 of the 63 companies have their boards receive climate-specific updates from management, only seven of the CEOs among these firms have taken leadership roles on climate change initiatives and none of the companies have linked C-suite executive compensation directly to climate-related performance.

The mixed performance was evident in the report's final scores. Using a 100-point scale, the three highest scoring companies were IBM, UK-based grocery retailer Tesco and Dell, with 79, 78 and 77 points, respectively. More than half of the 63 companies scored under 50 points, with a median score of 38 points.

"Many companies, especially technology and pharmaceutical firms, are doing a better job of integrating climate change into their business strategies," said Mindy S. Lubber, president of Ceres, which published the report, Corporate Governance and Climate Change: Consumer and Technology Companies. "But the overall responses among these companies are very spotty, especially in the restaurant, real estate and travel & leisure sectors where climate change is barely on their radar. With or without a recession, climate change is a core business issue that all consumer and tech companies should be focused on.”

The report uses a "Climate Change Governance Framework" to evaluate how 48 US companies and 15 non-US companies are addressing climate change through board of director oversight, management execution, public disclosure, GHG emissions accounting and strategic planning and performance.  Some of the largest global companies in 11 consumer and technology sectors were evaluated using a 100-point scoring system based on this framework.

The 11 industry sectors included in the report are:  Apparel, Beverages, Big Box Retailers, Grocery & Drug Retailers, Personal & Household Goods, Pharmaceuticals, Real Estate, Restaurants, Semiconductors, Technology and Travel & Leisure. The report took six months to complete and uses data from securities filings, company reports, company websites, third-party questionnaires and direct company communications.

Leading institutional investors requested the report to elevate their understanding of which consumer and technology companies have the best management systems in place to address climate risks before they become liabilities and which companies are pursuing strategic opportunities with their customers and suppliers. The investors are part of the Investor Network on Climate Risk (INCR), an alliance of 75 institutional investors coordinated by Ceres.

“Green strategies that save energy and fight global warming have broad consumer appeal and political support,” said Doug Cogan, Director of Climate Risk Management for RiskMetrics Group, which authored the report.  “Companies that seize the initiative can gain market share, build investor confidence and insulate themselves against future energy shocks and climate change regulations.  It’s simply smart business to employ these governance practices today.”

 “There is a strong link between sound reporting and management of climate- and energy-related challenges, and the long-term financial viability of companies we invest in,” added Anne Stausboll, interim chief investment officer at the California Public Employees Retirement System (CalPERS), the nation’s largest public pension fund with $181 billion in assets under management and an INCR member.

The report finds evidence that many U.S. and European companies are responding to climate change, with technology, pharmaceutical and semiconductor firms leading the way. IT companies such as IBM, Dell and Intel were especially strong in product and service innovation, particularly in regard to making their operations, data centers and product lines substantially more energy efficient. IBM's energy conservation programs saved the company nearly $20 million in 2007 alone.

A handful of apparel companies and retail chains also received high marks, although average scores in both sectors were disappointingly low. Tesco and Wal-Mart stood out for their performance on energy efficiency, green product promotion and supply change management. Nike's strong board governance systems and product design innovations were also noteworthy.
The report concludes that more action is needed to align company strategies with GHG reductions that scientists say are needed to avoid dangerous impacts from climate change. In this regard, the report recommends that companies:

• elevate climate change as a governance priority for board members and CEOs
• link the company's largest compensation packages – those of the CEO and other senior executives – to GHG reduction targets or other climate performance measures
• set company-wide energy efficiency goals and mandate energy efficiency evaluations for all major capital investments
• boost attention to supply chain management by including supply chain GHG emissions – emissions that result from raw material extraction, production, transport and packaging – in emissions inventories and setting emission standards for suppliers
• set renewable energy purchase targets
• expand programs to educate, empower and reward employees for climate-related initiatives. 

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 global climate change. Ceres also directs the Investor Network on Climate Risk, an alliance of 75 institutional investors focused on the business impacts from climate change. For more information, visit http://www.ceres.org and http://www.incr.com.

About RiskMetrics Group
RiskMetrics Group is a leading provider of risk management and corporate governance products and services to participants in the global financial markets. By bringing transparency, expertise and access to the financial markets, RiskMetrics Group helps investors better understand and manage the risks associated with their financial holdings. Our solutions address a broad spectrum of risk across our clients’ financial assets. Headquartered in New York with 19 global offices, RiskMetrics Group serves some of the most prestigious institutions and corporations worldwide. For more information, please visit: http://www.riskmetrics.com.

Ceres President Mindy Lubber's latest entry on Harvard Business Review's Leading Green Blog.

Would it surprise you to learn that Starbucks is a leading advocate for action on climate change?

Think about it. Starbucks' success hinges on a robust coffee crop, which needs certain growing conditions. But the company is seeing the imprint of climate change on coffee growing regions around the world. Global rainfall and harvest patterns are shifting--hurting farming communities and shrinking the availability of arable land.

"The way we see it," says Ben Packard, Starbucks VP of Global Sustainability, "addressing climate change will help companies like ours reduce operating costs and mitigate future economic instability due to extreme weather conditions, agricultural loss and the very real human costs they bring."

Read entire post here. 

Five leading U.S. corporations joined with Ceres today to announce the launch of a new business coalition calling for strong U.S. climate and energy legislation in early 2009 to spur the clean energy economy and reduce global warming pollution. The group’s key principles include stimulating renewable energy, promoting energy efficiency and green jobs, requiring 100 percent auction of carbon allowances, and limiting new coal-fired power plants to those that capture and store carbon emissions.

The founding members of Business for Innovative Climate and Energy Policy (BICEP) are Levi Strauss & Co., Nike, Starbucks, Sun Microsystems and The Timberland Company.

Read the full press release...

Visit the BICEP website...

In a joint Statement sent to Heads of
State and climate negotiators, investors called for a strong, binding
framework to succeed the Kyoto Protocol, warning that clear and
long-term policy signals are essential if investors are to allocate the
huge amounts of private capital required to fund the transition to a
low-carbon economy.

The Statement was sent by some of the
world’s largest asset managers and pension funds, collectively
representing $6.4 trillion in assets. It was co-ordinated by three
leading investor groups on climate change (the US-based Investor
Network on Climate Risk (INCR), the European Institutional Investors
Group on Climate Change (IIGCC), and the Investors Group on Climate
Change (IGCC) in Australia and New Zealand).

Read the full press release and download the investor letter here.

With
an election victory behind him, the spotlight moves to the first 100
days of Barack Obama's presidential administration.

President-elect Barack Obama has
said the environment is going to be one of his top priorities. And with
a changed political landscape on Capitol Hill, just how much will he
accomplish?

Host Steve Curwood and Washington correspondent Jeff Young talk with
three green policy experts - Van Jones, author of “The Green Collar
Economy,” Mindy Lubber president of Ceres, and James Gustave Speth,
Dean of the School of Forestry & Environmental Studies at Yale -
about what President Obama should take on in his first 100 days in
office.

Listen to the story here.

 A Post-Election Note from Ceres President Mindy Lubber:
Achieving a Sustainable Global Economy

The election of Barack Obama and a strengthened Democratic Congress is a pivotal opportunity for the nation to reset its course.  We must accept the offer made last night by the president-elect to “join in the work of remaking the nation.” And we must hold our new leaders to their promise to reform the instruments of our society to assure a future that is livable, safe and just for everyone.

At Ceres, we intend to continue to work toward a world where commerce will advance the health of our planet and its people. Our mission is to encourage capital markets to value sustainability, to steer decisions in favor of our collective effort to support and maintain global prosperity and human well being.  We are uniquely poised to pursue this work by using the very levers of the economy: an investor network controlling $7 trillion, a group of more than 100 companies that believe as we do, and a diverse coalition of environmental and non-governmental organizations.

Read the full post...

THE CLOUDY SPECTER OF CLIMATE
change is lined with green: growing acceptance of environmental
challenges is making commodity-linked "cleantech" investing a hot spot
-- and long-view investors might want to pay heed.

According to HSBC's assessment,
annual revenue for the 390 companies in the climate-change sector have
already reached $300 billion.

Still loosely defined, cleantech
revolves around carbon-management and conservation themes. Some
cleantech segments, like plant-based biofuels, are already familiar to
commodity investors. But in November, the nearly four-year-old Chicago
Climate Futures Exchange will offer futures and options contracts based
on the Dow Jones Sustainability World and Sustainability North America
indexes. "The climate-change challenge isn't going away," says Jack
Robinson, president and founder of Winslow Management, which runs a
pair of green mutual funds.

And the current financial crisis is bolstering the case for green investing.

Read the entire article.

Wainwright Bank awarded its 20th annual Wainwright Bank Social Justice Award to
Ceres and its President, Mindy Lubber. 

"Under Mindy's leadership, Ceres has made enormous strides in aligning
business strategies with sustainable solutions to protect the planet. We add
our voice in acknowledging the important work she and her organization does,"
said Wainwright Bank Co-founder and Co-chairman, Robert Glassman upon
presenting the award. 

Mindy Lubber was a founding board member of Ceres in 1989 and became its
President in 2003. As President she directs the Investor Network on Climate
Risk, a network of 70 institutional investors with collective assets totaling
$7 trillion focused on the business impacts from climate change. Ms. Lubber
was also the Founder, President and CEO of Green Century Capital Management,
an investment firm managing environmentally screened mutual funds, and the
recipient of the Skoll Social Entrepreneur Award.

Read the full article on Marketwatch.

Fourteen of the nation’s largest institutional investors called on the SEC yesterday to require improved corporate climate risk disclosure and address a broader range of environmental, social and governance risks in disclosure requirements. The letter was sent in response to the SEC’s request for public comment on its 21st Century Disclosure Initiative, File No. 4-567, which proposes to modernize the current SEC disclosure system to enhance its usefulness to investors.

Read the full press release and download investor letter here.

Ceres president Mindy Lubber guest-blogs on Harvard Business Review's Leading Green Blog:

   "If we have any doubt about the prevalence - and cost - of "short-termism" in global capital markets, the current economic meltdown is an obvious reminder. But, beyond the $700 billion bailout and other financial band-aids to stop the bleeding, the bigger debate is how to fix the regulatory and corporate governance systems to avoid future calamities -- whether financial or environmental."

Read more...

ABC's Bob Woodruff talks to Ceres president Mindy Lubber about Wall Street and renewable energy.

Click here to watch the interview

Today more than thirty groups issued a call to action for the federal government and states to make energy efficiency a frontline approach to addressing energy supply constraints and reducing global warming emissions.

Download the Press Release and Letter

Mindy Lubber guest blogs on The Hill's Congress Blog about the recent letter sent to the U.S. Securities and Exchange Commission (SEC) by leading investors managing more than $700 billion in assets. The letter asks the SEC to require oil and gas companies to provide better disclosure about their potential liabilities, like oil sands, associated with climate change.

Read Mindy's blog entry on The Hill Blog.

Read the letter sent by investors to the SEC.

A group of investors representing over $700 billion in assets, and environmental organizations, called on the U.S. Securities and Exchange Commission (SEC) yesterday to address climate-related risks in its proposed rule revising oil and gas reporting requirements.

The investors sent a letter to the SEC in response to Modernization of the Oil and Gas Reporting Requirements (Release Nos. 33-8935; 34-58030; File No. S7-15-08), which proposes to expand the categories of oil and gas resources companies may report, including for non-proven reserves such as oil sands.

While praising the SEC for modernizing outdated reporting requirements, the letter asks the commission to allow additional disclosure of non-proven oil and gas reserves only if descriptive and categorical information is required, in addition to the potential liabilities that could be expected, such as from regulatory risks.

The signatories to the letter include the California Public Employees Retirement System, the California State Teachers’ Retirement System, F&C Management Ltd., Ceres and Oil Change International. 

To read the letter and see the full list of signatories, click here.

The Association of Chartered Certified Accountants (ACCA) and Ceres, a U.S. coalition of environmental and investor groups, today called for submissions to the seventh-annual Ceres-ACCA North American Awards for Sustainability Reporting.

The purpose of the awards program is to acknowledge and publicize best practice in reporting on sustainability, environmental and social performance by corporations and organizations and to provide leadership to those companies that are publishing or intend to publish sustainability reports. 

Read the Press Release

More about the Ceres-ACCA Awards

Apply online

Ceres Newsletter - August 2008

To receive the Ceres Newsletter via email, click here.

Hot Off the Press

The Wall Street Journal on 08/11/08: Environmentalism Sprouts Up on Corporate Boards
Amid rising investor worries over global warming and shrinking natural resources, directors are keeping a closer watch on environmental issues. About 25% of Fortune 500 companies now have a board committee overseeing the environment, compared with fewer than 10% five years ago, estimates Mindy Lubber, president of Ceres, a national coalition of activists, investors and others concerned with the environment. Read more

Investors Achieve Major Company Commitments on Climate Change
A record 57 climate-related shareholder resolutions were filed with U.S. and Canadian companies during the 2008 proxy season, of which nearly half were withdrawn after the companies agreed to positive climate-related commitments. This year's proxy season was marked by several major victories, including Ford Motor Co.’s detailed plan for reducing greenhouse gas emissions from its vehicles by 30 percent. Two major homebuilders, Centex and KB Home, also announced major commitments to increase the energy efficiency of the homes they build beginning in 2009.  These actions will dramatically reduce direct and indirect greenhouse gas emissions from the millions of vehicles and homes that the three companies make each year. Read more

Ceres in the Blogosphere:

Can Canada's Oil Sands Solve the Energy Crisis?
There is an enormous oil-extraction project in Alberta, Canada -- an energy-intensive, financially questionable undertaking that oil companies are now treating as the next great oil bonanza. But what about the economic, social and environmental costs? Ceres President Mindy Lubber tackles this burning issue on Harvard Business Review's Leading Green Blog.
Read more

Climate Change: Investors' Next Global Mega-trend?
While U.S. policymakers are running in place on climate change, global investors are moving quickly to make money from its far-reaching risks and opportunities. Ceres President Mindy Lubber blogs on Harvard Business Review's Leading Green Blog about how investment firms are ramping up their global warming research, trading desks, investments strategies and capital. Read more

Ceres Conference

Save the date! We are pleased to announce that the Ceres Conference 2009 will be held April 15 & 16 at The Fairmont San Francisco. Please mark your calendars and plan to join us in California for our annual conference during our 20th anniversary year!

Online registration will open in October 2008 and we'll be posting updates and agendas as details develop. In the meantime, check out highlights from the Ceres Conference 2008

Ceres Conference Highlighted in Green Lodging News
Realizing the ease, sustainability, and cost-savings of composting after hosting the 2008 Ceres Conference, the Renaissance Boston Waterfront Hotel made it a permanent operation after Ceres prompted the hotel to pilot a composting program. The hotel has already collected more than four tons of food waste for composting since the Ceres Conference was held there in April. Read more

Ceres Engaged in an Environmental Assessment of its 2008 Conference
The MeetGreen calculator, based on Convention Industry Council green guidelines and designed by Meeting Strategies Worldwide, documents and measures the environmental impact of conferences and events. The 2008 Ceres Conference ranked 10th among 46 conferences evaluated. We will use the detailed benchmark report to disclose and improve our environmental performance.

Network Highlights

The Wall Street Journal's Environmental Captial Blog on 08/06/08: Dell's Green Payday: Going Carbon Neutral Helps Bottom Line
Dell (a member of the Ceres Company Network) announced that it reached its goal of becoming 'carbon neutral' five months ahead of schedule. Dell’s reliance on greater energy efficiency and renewable energy is now saving the company $3 million a year. Plenty of big companies, from Wal-Mart and other retailers to airlines to restaurant chains, are discovering that cleaning up operations can clean up the bottom line. Read more

New Ceres Companies

Exelon Joins Ceres' Network of Companies
Exelon, one of the nation’s largest energy companies, has been approved as a Ceres network company. Exelon recognizes a number of key issues in its annual progress report, including climate change, energy efficiency, safety and nuclear issues. Ceres will be working with Exelon to advance its sustainability performance and is well positioned to help with these challenges.
Read more

New Corporate Sustainability Reports
Companies and stakeholders within and outside of the Ceres Coalition utilize corporate sustainability reports as a useful engagement and accountability tool to monitor a company's environmental, social and economic commitments and performance. Every company that joins Ceres is obliged to produce a sustainability or corporate responsibility report and is encouraged to use the GRI Sustainability Reporting Guidelines.

Below are links to sustainability reports recently released by Ceres' companies. 

• Time Warner 
  
• PG&E 

Upcoming Events

Corporate EcoForum: Bridging the Strategy-Execution Gap
September 8-9, 2008 | San Francisco, CA
Ceres President Mindy Lubber will be speaking at this invitation-only annual gathering of senior executives from Global 500 corporations. This unique forum is designed to produce actionable insights based on “real-world” successes that will deliver ROI today and in the future.

SAVE THE DATE! Ceres Briefing Call for Donors & Partners: Spotlight on the 2008 Clinton Global Initiative
Friday, October 3, 2008 | 12:00 - 1:00 PM EDT  
One of four major focus areas at this year's Clinton Global Initiative (CGI) will be climate and energy. Join Ceres President Mindy Lubber as she discusses how Ceres is partnering with world leaders to commit major resources to clean energy, one of the largest economic opportunities of the 21st century. More details to come, so stay tuned.

News Highlights

• Bloomberg on 08/20/08: 'Green Your Company' Say Shareholders Anxious Over Climate Risk
• The Wall Street Journal on 08/11/08: Environmentalism Sprouts Up On Corporate Boards
• Green Lodging News on 08/05/08: Green Meeting Inspired Renaissance Boston Waterfront to Tackle Waste

Boston - Investors engaging with U.S. companies on the financial risks and opportunities from climate change achieved breakthrough results during the 2008 proxy season.  A record 57 climate-related shareholder resolutions were filed with U.S. companies, of which nearly half were withdrawn after the companies agreed to positive climate-related commitments. 

The ’08 proxy season was marked by several major victories, including Ford Motor Co.’s detailed plan for reducing greenhouse gas emissions from its vehicles by 30 percent.  Two major homebuilders, Centex and KB Home, also announced major commitments to increase the energy efficiency of the homes they build beginning in 2009. 

Click here to read the full press release.

Fueled by rising oil prices and declining global oil reserves, US and Canadian oil producers are knocking down millions of acres of Alberta's pristine boreal forest to produce oil from a sticky mud-like substance known as oil sands.

Ceres President, Mindy Lubber blogs about this controversial energy supply on Harvard Business Review's Leading Green Blog. Click here to read the entry and leave your comments.

Exelon, one of the nation’s largest energy companies, has been approved as a Ceres network company. Exelon has an environmental policy and has been producing annual progress reports on environment, safety and community since 2001. Exelon recognizes a number of key issues in its annual progress report, including climate change, energy efficiency, safety and nuclear issues. Ceres will be working with Exelon to advance its sustainability performance and is well positioned to help with these challenges.

Read the entire press release.

While U.S. policymakers are running in place on climate change, global investors are moving quickly to make money from its far-reaching risks and opportunities. One Wall Street firm is calling climate change the "next global mega-trend," after the opening of the Iron Curtain and the Internet revolution. Despite losses from the subprime debacle, European and U.S. investment firms are ramping up their global warming research, trading desks, investments strategies and capital.

Read Mindy Lubber's blog entry on Harvard Business Review's "Leading Green" blog. 

Group says 116,000 jobs at stake in solar and wind power industries alone

July 29, 2008

WASHINGTON DC -- A group of 43 investors managing over $1.5 trillion in assets called on the U.S. Senate today to extend tax credits for renewable energy and energy efficiency projects by at least five years to 2013. The tax credits are set to expire at the end of this year.  Investors sent the letter to Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell in advance of expected Senate debate on the topic this week.

Click here to read more.

Real estate services firm aims to bring energy efficiency, other ‘green’ features to powerful client list

July 28, 2008

BOSTON – Citing the company’s commitment to lead the real estate industry on environmental sustainability and energy efficiency, the Ceres board of directors has approved Jones Lang LaSalle, a financial and professional services firm specializing in real estate services and investment management, as a Ceres network company.  Jones Lang LaSalle is the first real estate-sector firm among more than 70 companies to join Ceres, a leading coalition of investors, environmental groups and public interest organizations working with companies to address sustainability challenges.

Click here to read more.

Episode 6 - July 22, 2008

Do Ask, Do Tell: Mandatory Climate Disclosure and the SEC
The New York City Bar Association's Environmental Law Committee Environmental Law Interview with Ceres staffer Anne Kelly, Director of Ceres Corporate Governance Program

Corporate disclosure of risks and liabilities is something that helps investors make informed decisions about where they put their money. A handful of institutional investors, including CalPERS, CalSTRS, the New York State Comptroller and the Florida State Board of Administration, among others, filed a petition alongside Ceres and the Environmental Defense Fund last September (2007) requesting that the Securities and Exchange Commission (SEC) require companies to disclose risks to their businesses from climate change. The general idea is that once a risk is analyzed and disclosed, that risk will eventually get managed. The SEC petition was recently updated this June (2008).

This podcast is a "repodcast" of an interview done by the New York City Bar Association's Environmental Law Committee Environmental Law Interview with Ceres staffer Anne Kelly, Director of Ceres Corporate Governance Program, on the original SEC petition.

Click here to listen to this episode, or visit www.ceres.org/podcast.

The Ceres Sustainability Podcast is an ongoing conversation with investors, corporations, policy makers and public interest groups about how they are adapting business strategies and financial markets to address the risks and opportunities of climate change and other sustainability issues.

Check out www.ceres.org/podcast every few weeks for new episodes, or subscribe to our podcast using the links below.  

Following repeated calls by investors for the SEC to issue guidance for publicly-traded companies to assess and fully disclose their financial risks from climate change, the Senate Appropriations Committee has approved language in the Financial Services Appropriations bill calling on the SEC to issue such guidance. Click here to read more.

Ceres President Mindy Lubber talks about what the financial sector is doing to tackle climate change. Click here to watch the interview.

To receive the Ceres Newsletter via email, click here to sign up.

Hot Off the Press

The Economist Debate: "Without outside pressure, corporations will not take meaningful action on sustainability."
That is the proposition being debated this week on Economist.com. Ceres President Mindy Lubber takes on Bjorn Stigson, President of the World Business Council for Sustainable Development, to debate the role that outside players have on corporations' sustainability strategies. You can read the online debate, add your own comments and vote for the argument you support by clicking here.

The debate wraps up at the end of the week so be sure to read the arguments and cast your vote soon!

Ceres Addresses United Nations General Assembly
On June 9, Ceres President Mindy Lubber delivered the keynote address at a special session of the United Nations General Assembly for a program on “Global Private Investments and Climate Change.” Watch the UN webcast. (requires RealPlayer)
Read the speech

Investors, Environmental Groups Push the SEC to Require Full Corporate Climate Risk Disclosure
On June 12, a broad coalition of investors and major environmental groups repeated their call to the U.S. Securities and Exchange Commission (SEC) to address the obligations of publicly-traded companies to fully disclose the material financial opportunities and risks from climate change. More

Van Jones and Lance Lindblom talk with the Ceres Sustainability Podcast Team
Ceres recently caught up with with Van Jones, Founder and President of Green for All, about how new technology and energy solutions to the climate crisis can also help solve urban poverty, unemployment, and inequality among America's workforce.

Ceres also spoke with Lance Lindblom of the Nathan Cummings Foundation about shareholder resolutions and their impact on corporate governance and sustainability practices.

You can listen to these new episodes by visiting www.ceres.org/podcast. While you are there, sign up to receive future podcasts as soon as they are released.

Global Reporting Initiative (GRI) 2008 Conference
Ceres President Mindy Lubber participated in the GRI 2008 Conference in May as a speaker in the "Financial Market Views on Sustainability Reporting Today" debate. Other speakers included Connecticut State Treasurer Denise Nappier, James Gifford of Principles for Responsible Investment, Rachel Kyte of International Finance Corporation, and Andrew Howard of Goldman Sachs International. Florida Chief Financial Officer Alex Sink also attended and spoke on the BBC World Debate on "How Accountable is Business?" Watch the debate

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Network Highlights

Innovative Technology Can Help Address Climate Change
This month, Ceres President Mindy Lubber contributed to Microsoft's Environment website with an article about innovative technology solutions -- from the personal desktops to the massive server farms --  that can increase our energy efficiency and lighten our carbon footprint. More

New Ceres Companies
Citing their commitment to improving their social and environmental performance and reporting, Ceres today announced that it has approved four new companies – Brighter Planet, Carbon Credit Corporation, Cone, and credit360.  The newly approved companies are among 80 companies, including over 25 Fortune 500 companies, to be accepted by the Ceres board of directors into the Ceres network.  More 

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Upcoming Events

U.S. Green Building Council's GreenBuild International Conference
November 19-21, 2008 | Boston, MA
Buildings play a critical role in protecting and improving our environment and the health of the people who occupy them. USGBC’s GreenBuild Conference and Expo is an unparalleled opportunity to connect with other green building peers, industry experts, and influential leaders as they share insights on the green building movement and its diverse specialties.
 
Ceres is a GreenBuild Boston Bioregional Partner. Join us at the U.S. Green Building Council’s Greenbuild International Conference and Expo in Boston November 19-21, 2008. For more information about the event, visit www.greenbuildexpo.org.

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News Highlights

• San Francisco Business Times on 06/09/08:  Pension funds throw green weight around (pdf)
  
• Christian Science Monitor on 06/02/08: If the U.S. Regulates Carbon Emissions, Would Your Portfolio Take A Hit? 
  
• The Guardian on 05/25/08:Green business boom is set to face trial by economic downturn
• Environmental Leader on 05/24/08: Supply Chain in Spotlight at Ceres Conference
  
• Environmental Leader on 05/22/08: Big Investors Call On U.S. Congress To Tackle Climate Issues

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Episode 5 - June 23, 2008

Green Power: Building a Green Workforce to Support a Green Economy
An Interview with Van Jones, President of Green for All and director of the Ella Baker Center for Human Rights
It seems everyone is 'going green' these days -- from green investing to green marketing to green consumerism. There's no doubt that we must transition to a cleaner, greener economy if we want to avoid the worst effects of climate change.  But as alternative energies and clean technologies become more popular and prevalent in society, we're going to need a new workforce to build, maintain, and support this new economy. Where will this new workforce come from? And how do we ensure that we have the labor and skills needed to support a new energy future powered by clean technologies?

Ceres recently caught up with Van Jones, President of Green for All and director of the Ella Baker Center for Human Rights, to discuss how new technology and energy solutions to the climate crisis can also help solve urban poverty, unemployment, and inequality in America's workforce.

Click here to listen to this episode. Or visit www.ceres.org/podcast.

For more information about building an inclusive green economy, visit www.greenforall.org.

The Ceres Sustainability Podcast is an ongoing conversation with investors, corporations, policy makers and public interest groups about how they are adapting business strategies and financial markets to address the risks and opportunities of climate change and other sustainability issues.

Check out www.ceres.org/podcast every few weeks for new episodes, or subscribe to our podcast using the links below.  

A broad coalition of investors and major environmental groups today repeated their call to the U.S. Securities and Exchange Commission (SEC) to address the obligations of publicly-traded companies to assess and fully disclose the material economic opportunities and risks from climate change. More

Mindy Lubber of Ceres and Bjorg Stigson of the World Business Council on Sustainable Development debate the role of external pressure on corporate sustainability practices in this week's Economist online debate.

Join the debate and cast your vote online.

Ceres President Mindy Lubber delivered the keynote address on June 9, 2008 at a special session of the United Nations General Assembly for a program on “Global Private Investments and Climate Change.”

Watch the webcast (requires RealPlayer) 

Read her full speech

To listen to previous episodes and subscribe to the Ceres Sustainability Podcast, visit www.ceres.org/podcast.

Episode 4 - May 29, 2008

Viva la Resolution: Shareholders' Role in Corporate Governance and Climate Change
An interview with Lance Lindblom, President and CEO of the Nathan Cummings Foundation

A growing movement of investors are pressing companies to provide more information about "off-balance" sheet issues, such as the impacts of climate change to the corporate bottom-line. Instead of just screening portfolios, or divesting stock, more and more investors in the Socially Responsible Investing (SRI) community are exercising their proxy power by filing and voting on shareholder resolutions that seek to improve corporate governance and sustainability practices while ensuring profits.

Lance Lindblom is President of the Nathan Cummings Foundation (NCF) and a leader in the SRI movement. Lindblom talks to Ceres about how NCF leverages their $500 million foundation endowment to improve corporate accountability.

To listen to this episode, click the play button on the gray bar below.

To listen to previous episodes and subscribe to the Ceres Sustainability Podcast, visit www.ceres.org/podcast.

[Music: Calexico, "Fake Fur" from The Black Light (Quarterstick, 1998) and Brian Eno, "The Big Ship" from Another Green World (E.G. Records, 1975)]

WASHINGTON, DC //May 20, 2008// More than 50 leading investors, including the nation’s largest public pension fund and the world’s largest listed hedge fund, today called on the U.S. Senate to enact strong federal legislation to curb the pollution causing global warming. In advance of the upcoming Senate debate on the Lieberman-Warner climate bill early next month, the group issued a letter today to Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell, calling for a national climate policy to reduce U.S. greenhouse gas emissions by at least 60 to 90 percent below 1990 levels by 2050. The request is similar to reductions that would be achieved under the Lieberman-Warner bill.

The group of investors, organized by Ceres and the Investor Network on Climate Risk (INCR), announced the investor letter at a climate change conference today at the U.S. Chamber of Commerce in Washington. The 52 signers include institutional investors, asset managers, treasurers and controllers such as the California Public Employees’ Retirement System (CalPERS), Deutsche Asset Management, F&C Asset Management, the Man Group (the world’s largest hedge fund), and treasurers and controllers for California, Connecticut, Maryland, New York City, New York, North Carolina, Oregon, Pennsylvania, Rhode Island and Vermont. Read more

Download letter sent to Congress: 2008 INCR Climate Policy Letter

Listen to the Press Conference held May 20, 2008 at 10 AM EDT

On May 7, 2008, Ceres and the Heinz Center announced the launch of the Resilient Coasts Initiative, a first-of-its-kind collaboration of private and public sector groups to find public policy and private market solutions to better protect coastal communities from rising sea levels and other potentially damaging consequences of climate change. More

The mutual fund industry’s previously icy attitude toward climate change shareholder resolutions is beginning to thaw as Wall Street starts to recognize the financial risks and opportunities of global climate change, according to a new Ceres report announced today analyzing the voting records of 1,285 funds of 62 leading mutual fund firms.

The report evaluates CO2 pollution data from the nation's 100 largest electric power companies, providing a first-of-its-kind analysis of the projected financial implications consumers and power companies would see from different carbon allowance scenarios in two existing Senate bills: the Lieberman-Warner Climate Security Act and the Bingaman-Specter Low Carbon Economy Act. The electric power sector accounts for about 40 percent of the nation's CO2 emissions. The report was released by the Ceres investor coalition, the Natural Resources Defense Council and two power companies, PG&E and PSEG. More

Dell's ReGeneration blog recently caught up with Ceres president Mindy Lubber about the ever-changing face of the environmental movement, the role businesses and consumers can play and Ceres’ unique position to partner with them to improve the planet. More