Ceres Sustainability News Feed

Investors Press Oil Companies to Better Disclose Oil Spill Plans

Thu, 05 Aug 2010 15:35:00 GMT

Investors Send Letters to 27 Oil/Gas Companies and 26 Insurance Companies; Seek Responses by Nov. 1

August 5, 2010

Download Sample Letters Listen to the Press Conference

BOSTON - In the wake of significant financial losses from the BP oil spill and in response to a proliferation of deepwater offshore drilling worldwide, more than 50 U.S. and other global investors have sent letters to major energy companies asking them to disclose information regarding their risk oversight measures, including spill prevention and response plans, for their own offshore oil operations around the world.

The letters, sent to CEOs at 27 oil and gas companies, were signed by 58 global investors with collective assets totaling more than $2.5 trillion, including the New York State Comptroller, California State Treasurer, Florida State Board of Administration and the UK-based Local Authority Pension Fund Authority Forum.

Utilities Must Use Clean Energy, Energy Efficiency to Compete in 21st Century

Thu, 08 Jul 2010 15:30:00 GMT

Climate Change, Emerging Renewable Technologies, Carbon Costs and Volatile Fossil Fuel Prices Driving New Business Models

Download the report

July 8, 2010

BOSTON – The most successful utilities in the 21st Century will be very different from those of the 20th Century. To remain competitive, U.S. utilities will need to provide cleaner, low-carbon electricity while enabling customers to better manage and reduce their energy use. Achieving this will require significant changes to the traditional utility business model.

That’s the core finding of Ceres’ new report The 21st Century Electric Utility: Positioning for a Low-Carbon Future, authored by Navigant Consulting. The report examines major trends reshaping the electric power sector, which is responsible for 40 percent of all U.S. greenhouse gas emissions. The report also examines the implications for investors and utilities’ business strategies going forward.

Investors Achieve Record Results on Climate Change

Wed, 07 Jul 2010 15:25:00 GMT

’10 Highlights: Record Number of Resolutions; Strong Company Actions on Coal Ash Disposal, Palm Oil; Record High Voting Support

July 7, 2010

BOSTON—Investors filed an unprecedented number of shareholder resolutions in 2010 pressing companies to boost their attention to the risks and opportunities posed by climate change. Key results were achieved, including majority votes at coal mining company Massey Energy (53.1%) and water infrastructure services company Layne Christensen (60.3%).

Investors filed a record 101 climate and energy-related resolutions with 88 U.S. and Canadian companies, which is nearly 50 percent higher than last year.

A record 51 resolutions were withdrawn after the companies agreed to positive climate change and energy-related commitments. A resolution with Ohio-based FirstEnergy was withdrawn after the company committed to use dry coal ash storage, and a resolution with Procter & Gamble was withdrawn after the company agreed to report on the percentage of sustainably sourced palm oil procured on an annual basis, beginning next year. Traditional palm oil production frequently involves burning large areas of rainforest and is a major contributor to global greenhouse gas (GHG) emissions.

Sixteen of the 42 resolutions that went to a vote achieved 30 percent or greater support, nearly three times the number that achieved that level of support in 2009.

Canada's Oil Sands Face Significant Financial and Environmental Risks

Mon, 17 May 2010 17:51:15 GMT

New Report: Canada's Oil Sands Face Significant Financial and Environmental Risks as Great as Those in BP Spill

Long-Term Growth Plans on Collision Course With New Regulations, Climate Change

Download "Canada's Oil Sands: Shrinking Window of Opportunity"

May 17, 2010

BOSTON - While public attention is focused on widespread environmental and financial damage from the Gulf of Mexico oil spill, a new Ceres report released today shows that the environmental and financial risks of producing oil in Canada's vast oil sands region may be even greater.

Alberta’s oil sands are already the world's largest energy project—with $200 billion in funds committed from the world’s leading oil producers, including BP, ExxonMobil and Shell. However, these producers face numerous environmental, production and distribution challenges that will grow as the oil sands industry pushes to boost production amid tighter regulations and resource constraints, concludes the Ceres-commissioned report authored by RiskMetrics Group. Oil sands companies in Alberta are already producing 1.3 million barrels a day, and their goal is to triple production by 2030.

"The risks for companies involved in developing Canada's oil sands are arguably greater than those in the Gulf of Mexico," said Ceres president Mindy Lubber, whose group commissioned the report, Canada's Oil Sands: Shrinking Window of Opportunity. "The energy-and water-intensive nature of oil sands, combined with climate change regulations, permitting obstacles and other challenges, are a recipe for diminishing revenues and returns if not properly managed."

The report recommends that oil sands companies move quickly to examine and respond to these multiple challenges facing the industry and that investors press the companies for such action, too. Investors have already filed shareholder resolutions on the oil sands topic with Royal Dutch Shell, ExxonMobil, BP and ConocoPhillips. The Shell resolution will be voted on at tomorrow's annual corporate meeting in London. ExxonMobil’s shareholder resolution is up for a vote on May 26.

While just over half of U.S. oil comes from overseas countries like Venezuela and Saudi Arabia, the fastest growing source is from two North American regions – the Gulf of Mexico and Canada's vast oil sands region. Oil production from these two areas has grown to three million barrels a day in recent years, supplying more than 15 percent of total U.S. oil needs.

While deepwater oil production in the Gulf has huge environmental risks that are obvious today, this report concludes that long-term risks from development in Canada’s oil sands region are arguably greater. Many of these risks stem from already-high financial costs and the environmental impacts of transforming highly viscous bitumen into synthetic crude oil – a process that requires vast amounts of energy and water.

“Investors need to question whether this is a wise use of resources,” says Doug Cogan, a report co-author and director of climate risk management for RiskMetrics Group. “The oil sands process takes natural gas—the cleanest-burning and lowest-carbon fossil fuel—to turn one of the dirtiest and highest-carbon fuels into a saleable product. Large volumes of freshwater are also consumed in the process, and end up in toxic tailings ponds. It’s like the Gulf of Mexico spill, but playing out in slow motion. From a climate and ecological perspective, we’re really no better off.”

"This report makes clear that oil sands companies must do more to analyze the far-reaching risks from current and future production in Alberta," said Jack Ehnes, chief executive officer of the California State Teachers' Retirement System (CalSTRS), the nation's second largest public pension fund. "With nearly $1.9 billion invested in the equity securities of BP, Shell, Exxon and ConocoPhillips combined, we have quite of teachers' money at stake here. We need to ensure these companies are properly recognizing and managing oil sand risks."

The Ceres/RiskMetrics report examines how new carbon-reducing and land reclamation regulations, climate change and other environmental and social issues could create additional cost- and profit-margin constraints on future oil sands production.

Among the report's key findings:

Shrinking profit margin: The costs of producing oil sands - already the world's most expensive source of new oil - are rising and will continue to do so due to the onset of carbon pricing, higher input commodity prices, and rising costs for water treatment and land reclamation. As a result, global oil prices will need to remain high - possibly approaching $100 per barrel - to ensure a competitive rate of return on $120 billion in planned expansion projects. Oil sand operators must also be mindful that if global oil prices get too high, between $120 and $150 a barrel, it will likely reduce global oil demand and shift markets in favor of alternative fuels.

Vulnerability to changes in U.S. Markets: Presently, the vast majority of of the 1.3 million barrels being produced every day flows to the United States. Long-term access to this market is jeopardized, however, by emerging low-carbon fuel standards in the U.S. that will require a lower carbon intensity in transportation fuels. These fuel standards, already adopted in California, will put carbon-intensive oil sands fuel at a distinct disadvantage because oil sands output will likely have to be mixed with next-generation biofuels that are not yet being produced on a commercial scale.

Other Distribution Obstacles: Transporting expanded oil sands production west to China and other Asian markets is another alternative. However, there is strong opposition to building pipelines to Canada's West Coast from Aboriginal communities who have significant rights under the Canadian constitution.

Water and Other Resource Constraints: Oil sands production is highly water intensive, with up to four barrels of freshwater consumed for every barrel of oil produced from surface mining extraction. Water withdrawals from the Athabasca River watershed are already restricted during winter months to protect fish habitat. If oil sands production volume grows according to companies' estimates, some oil sands mining operations could exceed their wintertime allowances as early as 2014, causing possible production interruptions. Climate change may also exacerbate this situation; glaciers feeding into the Athabasca River watershed are already shrinking.

Growing Land Reclamation Costs/Liability: After 40 years of production, no oil sand companies have yet fully reclaimed the extensive tailings ponds used for holding polluted wastewater. This is because the fine tailings in these ponds take decades to settle out. These tailing ponds, already covering an area the size of Washington D.C., pose risks of contaminating adjoining lands and water resources, and present health problems in downstream communities. Alberta's Directive 74 requires oil sands miners to speed up remediation of existing ponds – an order that creates especially large liabilities for the industry's legacy miners such as Suncor and Syncrude.

The report calls on oil sands companies to take a cautious, incremental approach to oil sands expansion that fully analyzes and plans for managing these multiple risks before making additional major investments.

The report specifically recommends that oil sands producers:

Review the lasting impact of their proposed development plans and pursue more pro-active, incremental strategies to manage environmental and social risks;
Provide guidance for assumed oil, natural gas and carbon prices in future production forecasts.
Do a better job of articulating to community groups and other stakeholders their strategies for land use planning, water management and carbon mitigation;
Disclose information from these more detailed evaluations to investors;
Develop stronger ties with the U.S. biofuels industry both for speeding up development of advanced biofuel capacity and sharing existing infrastructure, such as oil sands pipelines that already feed into the U.S. Midwest.

“All oil is getting dirtier and harder to produce,” said Bob Walker, vice president of sustainability at Northwest and Ethical Investment in Canada. “With Chinese investment and demand set to grow outside the U.S., oil sands production is likely to grow. Investors need to be aware of the environmental and social risks and engage oil sands companies to improve disclosure, operational performance and to make technological investments to reduce environmental and social impacts.”

“We recognize that oil companies will continue to invest in the oil sands,” continued Lubber, “but they shouldn’t do so blindly. Investors need assurances that the risks outlined in this report are being taken into account. This includes the fact that carbon will be regulated, that water will be increasingly scarce, that tailings ponds need to be cleaned up, and that doing all this will be expensive. Companies need to build solutions in up front or they shouldn’t be building these projects at all.”

The full report is available at http://www.ceres.org/oilsandsreport and http://riskmetrics.com

About Ceres
Ceres is leading coalition of investors, environmental groups and other public interest groups working with companies to address sustainability challenges such as climate change. Ceres also directs the Investor Network on Climate Risk, a network of 90 institutional investors with $10 trillion of collective assets focused on the business impacts of climate change.

About RiskMetrics Group
RiskMetrics is a leading provider of risk management and corporate governance services. Its ESG Analytics Group analyzes cutting edge issues like climate change, water and ecosystem services that support the global economy.

Ceres Statement on Gulf of Mexico Oil Spill

Wed, 05 May 2010 14:25:22 GMT

Ceres President Issues Statement at Annual Conference Condemning Gulf of Mexico Oil Spill; Calls for Policy Actions to Reduce Dependence on Oil and other Fossil Fuels

May 5, 2010

BOSTON - The following statement was issued this morning by Ceres president Mindy S. Lubber on the opening day of Ceres annual conference, "Roadmap for a Sustainable Future," May 5 and 6 at the Renaissance Boston Waterfront Hotel. Ceres was launched in 1989 in the wake of the Exxon Valdez oil spill in Alaska.

"As the Gulf Coast community braces for what may be one of the biggest environmental disasters the United States has ever faced, it’s time for our great nation to forge a new path toward a cleaner energy future.

The oil spill is so out of control that it could make the Exxon Valdez oil spill – the event that sparked the launch of Ceres 21 years ago – seem like a walk at the beach.

It could well decimate one of the world’s most valuable fisheries and seafood resources, worth well over $1 billion a year, not to mention multi-billion dollar tourism and recreation industries in Florida and other Gulf Coast states. It will throw thousands of workers into the ranks of the jobless in a region still recovering from the devastating impact of Hurricane Katrina.

Our fossil fuel dependence is increasingly and dangerously unsustainable, economically as well as environmentally, and has enormous social and environmental costs not accounted for in the price of a barrel of crude.

If we fail to address these challenges today, we will unquestionably face dire consequences to our prosperity, our environment, our national security and our competitive standing in the world. The time of kicking the can down the road is long gone.

Action is needed – today – to limit carbon pollution and build a new economy based on clean energy. Delay will leave America further behind as other nations are surging forward to retool their own economies.

Our leaders must act. The solutions are win-win. The time is now.

Beyond new regulations to increase the safety of offshore oil drilling, we call on policy makers to take the following actions to put this country on a clean energy path:

Enact national climate and energy legislation that sets strict limits on carbon emissions from oil and other fossil fuels and encourages clean, low-carbon energy sources.
Eliminate billions of dollars in financial incentives and tax breaks for the oil industry while increasing investment in a new clean energy infrastructure.
Expedite the development of clean energy resources, including, wind, solar, biomass, and distributed generation to ultimately move to a non-petroleum based economy.

Given that two-thirds of the petroleum used in this country powers transportation, we also call on policy makers to take the following actions related to transportation fuel:

Protect state and EPA authority to regulate transportation emissions. • Support the development of low carbon fuel standards.
Support the development of low carbon fuels, including second-generation biofuels and advanced vehicle technologies such as electric vehicles.
Increase transportation efficiency with improved land use, increased public transit, and pedestrian and cycling support.

Hidden risks of another sort took our economy into a prolonged recession in recent years. The enormous hidden risks of America's fossil-fuel dependence can no longer be ignored. America's gradual but certain glide path away from these fuels must begin today. The price of inaction grows every day we wait.

About Ceres
Ceres is the largest national coalition of investors, environmental groups and other public interest organizations working with companies to address sustainability challenges such as climate change. Ceres also directs theInvestor Network on Climate Risk, a network of 90 institutional investors with collective assets totaling nearly $10 trillion focused on the business impacts of climate change. For details, visit http://www.ceres.org.

Target Joins BICEP Business Coalition Advocating Strong Energy and Climate Policy

Wed, 05 May 2010 14:20:17 GMT

“Participating in solution-oriented dialogue with partners like BICEP” is key to influencing meaningful climate legislation and regulation, says Target VP.

BOSTON (May 5) –Business for Innovative Climate & Energy Policy (BICEP), a coalition of major American businesses that has been pushing hard over the past 18 months for passage of comprehensive energy independence and climate legislation in the U.S., announced today that Target Corporation has joined the coalition.

The announcement came in Boston at the opening of the Ceres national conference, with more than 600 people in attendance. The BICEP coalition is coordinated by Ceres, a nationwide network of investors and public interest groups working with companies and investors to address sustainability challenges.

Target, with more than 350,000 employees and $65 billion in annual revenues, becomes the 18th BICEP member and joins consumer giants Best Buy, Symantec, eBay, Nike, Starbucks, Timberland and Seventh Generation among the coalition’s members.

“With legislation to address our nation’s energy and climate change needs under consideration in the Senate, there couldn’t be a timelier moment to welcome such a prominent business voice to BICEP,” Ceres President Mindy Lubber said in her opening conference remarks this morning. “America’s businesses know that tackling energy independence and climate change now is the key to America’s 21st Century global competitiveness, and a good way as well to jump start growth as we struggle out of trying economic times.”

Target has long worked to minimize its environmental impact and has publicly reported its carbon emissions since 2003. The retailer is committed to setting and announcing a carbon reduction goal this year. Target takes active steps to incorporate sustainability into its business practices by designing, building and remodeling its stores to constantly improve on energy efficiencies; offering environmentally friendly products with streamlined packaging and implementing smart transportation practices; and through programs like recycling stations in every store and giving customers 5 cents back for each reusable bag used during purchase.

“Since we opened our first store in 1962, Target has invested in the health and sustainability of our communities,” said Tony Heredia, Vice President of Corporate Risk and Responsibility. “At Target, we join our guests, team members and partners in making environmental commitments we all can keep. Participating in solution-oriented dialogue with partners like BICEP member companies and policymakers is how we will influence meaningful legislation and regulation that will impact climate change and improve our communities.”

The U.S. House passed comprehensive energy and climate legislation last June, and a bipartisan Senate coalition headed by Republican Lindsey Graham of South Carolina, Democrat John Kerry of Massachusetts and Independent Joseph Lieberman of Connecticut is considering similar legislation for the Senate. The Obama administration has also been active in pushing for a comprehensive bill this year.

More about BICEP’s nine core principles for energy independence and climate policy can be found at: http://www.ceres.org/bicep

The BICEP coalition is coordinated by Ceres, which also directs the Investor Network on Climate Risk, a network of more than 90 institutional investors with nearly $10 trillion under management focused on addressing the financial risks and investment opportunities posed by climate change.

About Target
Minneapolis-based Target Corporation (NYSE:TGT) serves guests at 1,740 stores nationwide and at Target.com. Target is committed to providing a fun and convenient shopping experience with access to unique and highly differentiated products at affordable prices. Since 1946, the corporation has given 5 percent of its income through community grants and programs like Take Charge of Education. Today, that giving equals more than $3 million a week.

Forging the Roadmap to Sustainability: 2010 Joan Bavaria Awards

Tue, 04 May 2010 14:12:00 GMT

2010 Joan Bavaria Awards Go to Tim Smith and Center for Political Accountability

BOSTON—Investment advocate Tim Smith of Walden Asset Management in Boston and the Center for Public Accountability in Washington D.C. were honored last night by Ceres and Trillium Asset Management as this year’s winners of the third annual Joan Bavaria Awards for Building Sustainability into the Capital Markets. The announcement was made at the opening reception of the Ceres annual conference, which runs today and tomorrow, May 5-6, at the Renaissance Boston Waterfront Hotel.

The Joan Bavaria awards are awarded annually to two leaders who work to move capital markets toward a system that balances economic prosperity with social and environmental concerns. Bavaria, a pioneer of social investing who died in 2008, founded Ceres and Trillium Asset Management.

“Tim Smith and the Center for Public Accountability clearly exemplify the spirit of both these awards and we’re delighted to be honoring them for their work in shifting the capital markets towards Joan Bavaria’s vision of achieving a sustainable global economy that protects the planet and its people,” said Ceres President Mindy Lubber.

Smith received the Bavaria Award for Impact. Smith—senior vice president at Walden Asset Management, a leading responsible investment firm, has been dedicated to advancing the field of socially responsible investment, including pioneering work in the religious community on corporate responsibility for 40 years. He is former executive director of the Interfaith Center on Corporate Responsibility, and he also served five years as chair of the Social Investment Forum. Early in his career he was a renowned anti-apartheid activist. Smith has led groundbreaking shareholder engagements with some of the largest global corporations, including Nestle and General Motors, and carries on this commitment today by leading the environmental, social and governance group at Walden Asset Management in Boston.

“Conscientious shareowners have played an increasingly important role over the last 4 decades, pressing, prodding and encouraging companies to put issues like climate change, human rights, diversity and increased transparency into the middle of their business decisions,” said Smith. “Happily these voices are now having a clear and demonstrable impact on company decision-making. It is amazing to see the evolution of this work and sobering to see how much still needs to be done.”

“Tim Smith is a pioneer who was present at the creation of the socially responsible investment movement,” said Bob Massie, last year’s Bavaria Award winner and former Ceres executive director, who presented Smith with the Award. “He was there before anyone knew about either socially responsible investing or shareholder engagement, and he started his first engagements with companies on the issue of South Africa 40 years ago.”

The Center for Political Accountability (CPA) was the winner of the 2010 Bavaria Innovation Award. CPA President Bruce Freed accepted the award on behalf of the non-profit and non-partisan organization, which brings transparency and accountability to corporate political spending.

“Investors have long observed with great frustration the disproportionate influence of corporations in the political process,” said Cheryl Smith, president of Trillium Asset Management Corp., “CPA has been groundbreaking in advancing how corporate political contributions are brought into the light.”

Since it’s inception in late 2003, CPA’s work has successfully moved half of the companies in the trend-setting S&P 100, and 75 companies in the broader S&P 500, to adopt disclosure and board oversight policies for political spending. The recognition of CPA’s work is particularly timely in light of the Supreme Court’s recent Citizens United decision that opened the door for potentially unlimited corporate political spending.

“We are honored to receive a Bavaria Award for the Center's groundbreaking work on political disclosure and accountability," Freed said. "Seven years ago, political disclosure was not on the radar screen of companies. Today, leading companies consider it a corporate governance standard.”

Nominations for the 2011 Bavaria Awards are now being accepted via the Ceres website at www.ceres.org/bavaria_awards.

About Trillium
Now in its 27th year, Trillium is the oldest and largest independent investment advisor focused exclusively on sustainable and responsible investing. Trillium has close to $1 billion under management with offices in Boston, Durham, and San Francisco.

About Ceres
Ceres is the 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, a network of over 90 institutional investors with collective assets totaling nearly $10 trillion.

New Report Delivers Sustainability Roadmap for Companies

Thu, 11 Mar 2010 15:56:00 GMT

BOSTON – Companies must make immediate and meaningful social and environmental improvements if they are to win in the resource-constrained 21st century.

That’s the message of a new Ceres report outlining the urgency, vision and competitive advantages for companies that fully embrace sustainability in their business as energy prices rise, water supplies are increasingly contested and the world’s population grows.

"Sustainability performance is fundamental for business success in the 21st century,” said Mindy S. Lubber, president of the investor coalition Ceres, which published the report, The 21st Century Corporation: The Ceres Roadmap for Sustainability. “If businesses deepen their efforts to solve social and environmental threats, it will position them to innovate and compete in the fast-changing, resource-constrained global economy. It is no longer enough for companies to have special projects or initiatives. Comprehensive sustainability strategies are expected.”

Learn more and download the report

Best Buy Joins BICEP Coalition

Wed, 24 Feb 2010 15:16:00 GMT

Best Buy, a U.S.-based global retailer of consumer electronics, has joined Business for Innovative Climate and Energy Policy (BICEP), a coalition of major consumer companies advocating for strong U.S. climate and energy policy.

Best Buy has been an innovative leader among electronics retailers in sustainability and energy conservation. In addition to committing to lower its operational greenhouse gas (GHG) emissions through energy efficiency initiatives and renewable energy technologies, Best Buy has been helping consumers reduce their own energy footprint by offering more efficient products and packaging options, educating customers on using products more efficiently and offering an in-store recycling program for used electronics.

Largest Companies Fall Short in Managing, Disclosing Water Scarcity Risks

Thu, 11 Feb 2010 16:40:00 GMT

Despite growing water-scarcity risks in many parts of the world, the vast majority of leading companies in water-intensive industries have weak management and disclosure of water-related risks and opportunities, according to a first-ever report issued today by the Ceres investor coalition, the financial services firm UBS and financial data provider Bloomberg.

The report evaluates and ranks water disclosure practices of 100 publicly traded companies in eight key sectors exposed to water-related risks. The report shows that many companies are not including material water risks and performance data in their financial filings, nor are they providing local-level water data, particularly in the context of facilities in water-stressed regions. Moreover, none of the 100 companies are providing comprehensive water data on their supply chains, an especially glaring omission given that the vast majority of many corporations' water footprint is in the supply chain.

Energy Efficiency Measures Can Enhance Value of Real Estate Portfolios

Mon, 21 Dec 2009 16:22:00 GMT

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.

Finalists Chosen for Ceres-ACCA Sustainability Reporting Awards

Thu, 17 Dec 2009 21:55:09 GMT

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.

U.S Businesses Praise Announcement by Secretary Clinton

Thu, 17 Dec 2009 21:53:15 GMT

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.”

Groups Unveil Performance Standard for Pay-As-You-Drive Auto Insurance

Wed, 09 Dec 2009 16:55:00 GMT

Ceres and a diverse group of transportation and environmental organizations unveiled a proposed performance standard to rate Pay-As-You-Drive (PAYD) auto insurance policies in the U.S., which save consumers money when they reduce their vehicle travel.

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.

BICEP Companies Call on Senate for Leadership on Climate & Energy

Fri, 04 Dec 2009 19:06:00 GMT

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.”

Canada’s Oil Sands: More Questions Than Answers For Investors

Mon, 30 Nov 2009 15:39:00 GMT

Oil and gas companies spending billions of dollars per year to extract petroleum from Canada’s oil sands region are doing a poor job disclosing to investors on environmental, social and governance (ESG) issues that could threaten the companies’ long-term financial performance.

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.

Investors Call for SEC to Require Disclosure of Climate Risks

Mon, 23 Nov 2009 15:45:29 GMT

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.

Ben and Jerry’s, Eileen Fisher and Stonyfield Farm Join BICEP Coalition

Wed, 18 Nov 2009 18:55:53 GMT

Ceres president Mindy Lubber announced today that three new companies – Ben & Jerry’s, Eileen Fisher and Stonyfield Farm– have joined the business coalition, Business for Innovative Climate and Energy Policy (BICEP) that is calling for strong climate and energy legislation from Congress in 2009.

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.”

Ceres Applauds SEC Decision Allowing Financial Risks in Environmental and Social Resolutions

Wed, 28 Oct 2009 17:52:00 GMT

Ceres president Mindy Lubber praises the Securities and Exchange Commission for its decision yesterday to allow shareholder resolutions seeking information from companies on the financial risks they face from social and environmental issues including climate change. Read more...

150+ Companies Lobby Washington in Support of Climate Legislation

Mon, 05 Oct 2009 16:07:00 GMT

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.

Two-Thirds of Banks Acknowledge Business Risks from Climate Change

Thu, 17 Sep 2009 14:39:00 GMT

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.

World Investors Calls for Strong Global Climate Change Treaty

Wed, 16 Sep 2009 14:41:00 GMT

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.

Call for Submissions: Ceres-ACCA 2009 Sustainability Reporting Awards

Fri, 11 Sep 2009 15:01:56 GMT

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.

Investors Achieve Major Commitments on Climate Change

Tue, 25 Aug 2009 16:31:00 GMT

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.

Climate Legislation: Catalyst for Energy Efficiency

Fri, 31 Jul 2009 20:44:00 GMT

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.

Climate Follies: Bankrolling Dirty Power in Developing Countries

Wed, 15 Jul 2009 14:06:03 GMT

Ceres President Mindy Lubber blogs about the World Bank's role in building new coal power plants in India and China as the world tries to garner a global climate deal to reduce carbon emissions. Read blog

Ceres & BICEP Praise House Passage of Landmark Climate and Energy Bill

Sat, 27 Jun 2009 00:02:00 GMT

“One of the Most Important Votes of Our Era;” Goal as Legislation’s Journey Continues is an Even Stronger Bill Based in Sound Science. Read More

Business Leaders Lend Support for Climate and Energy Bill

Thu, 25 Jun 2009 12:48:00 GMT

CEOs from a dozen electric power, technology and consumer companies are visiting the nation's capital today to push the business case for strong climate and clean energy legislation before a key House vote on the Waxman/Markey bill. Read more...

Closing the Climate Change Accounting Loophole

Thu, 18 Jun 2009 20:07:25 GMT

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.

Major Mutual Funds Increase Support for Shareholder Resolutions

Thu, 04 Jun 2009 18:07:05 GMT

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

Investors Call on SEC to Take Steps to Improve Company Disclosure

Wed, 03 Jun 2009 16:46:55 GMT

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...

Don't Believe the Doomsayers of Climate Legislation

Fri, 29 May 2009 17:44:30 GMT

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."

Ceres & BICEP Support Waxman-Markey; Seek to Strengthen It

Fri, 22 May 2009 20:21:00 GMT

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

Small Businesses Join Major Companies in Pushing for Climate Bill

Wed, 13 May 2009 20:18:00 GMT

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

Call for Bold Action to Protect America’s Coastlines

Thu, 23 Apr 2009 20:10:00 GMT

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

Ceres Hails “Landmark” Waxman-Markey Bill

Tue, 31 Mar 2009 20:05:00 GMT

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

Regulators Require Insurers to Disclose Climate Change Risks

Tue, 17 Mar 2009 20:02:00 GMT

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 Launches New Sustainability Agenda "Ceres 20•20"

Mon, 09 Mar 2009 19:59:00 GMT

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

Report Warns about Water Scarcity Impacts from Climate Change

Thu, 26 Feb 2009 18:58:11 GMT

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

Chevron Among Nine 'Climate Watch' Companies Targeted by Investors

Wed, 18 Feb 2009 21:10:00 GMT

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.

For Long-Term Stimulus, Invest in Green Energy

Tue, 27 Jan 2009 17:25:31 GMT

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.

Nation's Largest Investors Call for 'Green Recovery'

Tue, 27 Jan 2009 17:20:25 GMT

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.

New Report: Corporate Governance and Climate Change

Thu, 11 Dec 2008 19:52:14 GMT

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

Company Scores by
Industry Sector

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.

From Starbucks to Nike, Business Asks for Green Legislation

Fri, 05 Dec 2008 18:52:35 GMT

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 Major Companies Call for Action on Climate

Wed, 19 Nov 2008 17:25:35 GMT

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...

World Investors Warn: New Climate Deal Must Be Binding

Tue, 11 Nov 2008 15:16:41 GMT

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

More than 130 leading investors, representing assets worth $6.4 trillion, today warned world leaders that any global agreement on climate change must be strong and binding to guarantee necessary financing for global emissions reduction and adaptation efforts, and that the financial crisis should not delay efforts to address rising global temperatures.

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.

Living on Earth Interview: The First 100 Days

Tue, 11 Nov 2008 15:12:21 GMT

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.

After the Election: Achieving a Sustainable Economy

Thu, 06 Nov 2008 03:10:05 GMT

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...

Barron's: Blue Skies for Green Trading

Wed, 29 Oct 2008 01:03:12 GMT

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.

Ceres Receives Social Justice Award

Wed, 29 Oct 2008 00:56:59 GMT

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.

Investors Call on SEC to Require Better Disclosure

Thu, 23 Oct 2008 17:48:57 GMT

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.

How to Cure Our Short-Term Thinking

Tue, 14 Oct 2008 21:25:51 GMT

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."

Coalition Tells Next President: Prioritize Energy Efficiency

Tue, 16 Sep 2008 20:14:05 GMT

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

The Hill Blog: The Slippery Slope of Oil Sands

Fri, 12 Sep 2008 16:27:18 GMT

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.

Investors Call on SEC to Expand Climate Reporting Requirements

Tue, 09 Sep 2008 16:45:33 GMT

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.

Investors Achieve Major Commitments on Climate Change

Wed, 20 Aug 2008 12:25:50 GMT

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.

Can Canada's Oil Sands Solve the Energy Crisis?

Wed, 13 Aug 2008 18:28:16 GMT

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 Joins Ceres’ Network of Companies

Tue, 05 Aug 2008 15:46:44 GMT

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.

Climate Change: Investors' Next Global Mega-Trend?

Fri, 01 Aug 2008 15:04:16 GMT

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.

Investors with $1.5 Trillion in Assets Call on Congress to Extend Renewable Energy and Energy Efficiency Tax Credits

Tue, 29 Jul 2008 17:20:46 GMT

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.

Jones Lang LaSalle Joins Ceres’ Network of Companies

Mon, 28 Jul 2008 21:01:50 GMT

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.

Investors Praise Language in Senate Funding Bill Urging the SEC to Issue Guidance on Corporate Climate Risk Disclosure

Tue, 22 Jul 2008 17:19:16 GMT

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.

Video: The Financial Sector's Reaction to Climate Change

Tue, 22 Jul 2008 17:17:30 GMT

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

Investors, Environmental Groups Push the SEC to Require Full Corporate Climate Risk Disclosure

Wed, 18 Jun 2008 14:04:15 GMT

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

Ceres President Mindy Lubber speaks at UN General Assembly

Thu, 12 Jun 2008 20:37:09 GMT

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

Investors Managing $2.3 Trillion Call on Congress to Tackle Global Climate Change

Wed, 11 Jun 2008 19:49:18 GMT

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

Ceres and Heinz Center Launch Resilient Coasts Initiative

Wed, 11 Jun 2008 19:33:06 GMT

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

Ceres Report: Mutual Fund Industry Opposition to Climate Change Resolutions Begins to Thaw

Wed, 11 Jun 2008 19:30:42 GMT

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.

New Report Lays Out Potential Implications of Global Warming Carbon Allowance Proposals on Consumers and Power Companies

Wed, 11 Jun 2008 19:30:03 GMT

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 Interviews Ceres President Mindy Lubber

Thu, 17 Apr 2008 19:36:55 GMT

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

Ceres Sustainability News Feed

Investors Press Oil Companies to Better Disclose Oil Spill Plans

Investors Send Letters to 27 Oil/Gas Companies and 26 Insurance Companies; Seek Responses by Nov. 1

Utilities Must Use Clean Energy, Energy Efficiency to Compete in 21st Century

Climate Change, Emerging Renewable Technologies, Carbon Costs and Volatile Fossil Fuel Prices Driving New Business Models

Investors Achieve Record Results on Climate Change

’10 Highlights: Record Number of Resolutions; Strong Company Actions on Coal Ash Disposal, Palm Oil; Record High Voting Support

Canada's Oil Sands Face Significant Financial and Environmental Risks

New Report: Canada's Oil Sands Face Significant Financial and Environmental Risks as Great as Those in BP Spill

Long-Term Growth Plans on Collision Course With New Regulations, Climate Change

Ceres Statement on Gulf of Mexico Oil Spill

Ceres President Issues Statement at Annual Conference Condemning Gulf of Mexico Oil Spill; Calls for Policy Actions to Reduce Dependence on Oil and other Fossil Fuels

Target Joins BICEP Business Coalition Advocating Strong Energy and Climate Policy

Forging the Roadmap to Sustainability: 2010 Joan Bavaria Awards

2010 Joan Bavaria Awards Go to Tim Smith and Center for Political Accountability

New Report Delivers Sustainability Roadmap for Companies

Best Buy Joins BICEP Coalition

Largest Companies Fall Short in Managing, Disclosing Water Scarcity Risks

Energy Efficiency Measures Can Enhance Value of Real Estate Portfolios

Finalists Chosen for Ceres-ACCA Sustainability Reporting Awards

U.S Businesses Praise Announcement by Secretary Clinton

Groups Unveil Performance Standard for Pay-As-You-Drive Auto Insurance

BICEP Companies Call on Senate for Leadership on Climate & Energy

Canada’s Oil Sands: More Questions Than Answers For Investors

Investors Call for SEC to Require Disclosure of Climate Risks

Ben and Jerry’s, Eileen Fisher and Stonyfield Farm Join BICEP Coalition

Ceres Applauds SEC Decision Allowing Financial Risks in Environmental and Social Resolutions

150+ Companies Lobby Washington in Support of Climate Legislation

Two-Thirds of Banks Acknowledge Business Risks from Climate Change

World Investors Calls for Strong Global Climate Change Treaty

Call for Submissions: Ceres-ACCA 2009 Sustainability Reporting Awards

Investors Achieve Major Commitments on Climate Change

Climate Legislation: Catalyst for Energy Efficiency

Climate Follies: Bankrolling Dirty Power in Developing Countries

Ceres & BICEP Praise House Passage of Landmark Climate and Energy Bill

Business Leaders Lend Support for Climate and Energy Bill

Closing the Climate Change Accounting Loophole

Major Mutual Funds Increase Support for Shareholder Resolutions

Investors Call on SEC to Take Steps to Improve Company Disclosure

Don't Believe the Doomsayers of Climate Legislation

Ceres & BICEP Support Waxman-Markey; Seek to Strengthen It

Small Businesses Join Major Companies in Pushing for Climate Bill

Call for Bold Action to Protect America’s Coastlines

Ceres Hails “Landmark” Waxman-Markey Bill

Regulators Require Insurers to Disclose Climate Change Risks

Ceres Launches New Sustainability Agenda "Ceres 20•20"

Report Warns about Water Scarcity Impacts from Climate Change

Chevron Among Nine 'Climate Watch' Companies Targeted by Investors

For Long-Term Stimulus, Invest in Green Energy

Nation's Largest Investors Call for 'Green Recovery'

New Report: Corporate Governance and Climate Change

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

Company Scores by Industry Sector

From Starbucks to Nike, Business Asks for Green Legislation

Five Major Companies Call for Action on Climate

World Investors Warn: New Climate Deal Must Be Binding

Living on Earth Interview: The First 100 Days

After the Election: Achieving a Sustainable Economy

Barron's: Blue Skies for Green Trading

Ceres Receives Social Justice Award

Investors Call on SEC to Require Better Disclosure

How to Cure Our Short-Term Thinking

Coalition Tells Next President: Prioritize Energy Efficiency

The Hill Blog: The Slippery Slope of Oil Sands

Investors Call on SEC to Expand Climate Reporting Requirements

Investors Achieve Major Commitments on Climate Change

Can Canada's Oil Sands Solve the Energy Crisis?

Exelon Joins Ceres’ Network of Companies

Climate Change: Investors' Next Global Mega-Trend?

Investors with $1.5 Trillion in Assets Call on Congress to Extend Renewable Energy and Energy Efficiency Tax Credits

Jones Lang LaSalle Joins Ceres’ Network of Companies

Investors Praise Language in Senate Funding Bill Urging the SEC to Issue Guidance on Corporate Climate Risk Disclosure

Video: The Financial Sector's Reaction to Climate Change

Investors, Environmental Groups Push the SEC to Require Full Corporate Climate Risk Disclosure

Ceres President Mindy Lubber speaks at UN General Assembly

Investors Managing $2.3 Trillion Call on Congress to Tackle Global Climate Change

Ceres and Heinz Center Launch Resilient Coasts Initiative

Ceres Report: Mutual Fund Industry Opposition to Climate Change Resolutions Begins to Thaw

New Report Lays Out Potential Implications of Global Warming Carbon Allowance Proposals on Consumers and Power Companies

Company Scores by
Industry Sector