Fw: [fuelcell-energy] Outing the climate risk
- --------- Forwarded message ----------
From: "janson2997" <janson1997@...>
Date: Mon, 05 Jul 2004 02:37:12 -0000
Subject: [fuelcell-energy] Outing the climate risk
Outing the climate risk
Shareholders compel US power giants to disclose climate risk
assessments and action plans
Two giant US power companies have agreed to submit detailed climate
change reports to a committee of independent directors. They have
committed themselves to report, publicly, both on how badly they are
exposed to risk, and on what they plan to do to reduce their
greenhouse gas emissions.
The announcements, a first for the US electricity industry, represent
a big victory for shareholder activism at American Electric Power and
Cinergy. Both companies acceded to all the demands made in climate
change resolutions filed with their boards of directors, by
shareholders including church-based ethical investment funds. These
include assessing and reporting on the impacts both of existing state
legislation to limit carbon dioxide and other polluting emissions
from power plants, and of proposals currently before the US Congress
to impose federal limits.
Denise Nappier, treasurer of Connecticut Retirement Plans and Trust
Funds, was one of the shareholders who filed the resolutions. She
greeted the landmark agreements as "an important milestone for
shareholders, one that we hope will be emulated by corporate leaders
across this industry, and across many industries", and added: "The
consequences for companies that do not act responsibly and take steps
to assess and mitigate risks posed by climate change can be just as
devastating to shareholders as the corporate scandals of the past few
The resolutions' co-filers included Christian Brothers Investment
Services, Board of Pensions of the Evangelical Lutheran Church in
America, The Pension Boards of the United Church of Christ, and the
United Church Foundation. � Polly Ghazi
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