/PRNewswire/ -- 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, who collectively manage more than $1.9 trillion in assets. 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 and Consol Energy; Oil & Gas: Ultra Petroleum, ExxonMobil, Chevron, and *Canadian Natural Resources; Automotive: General Motors; and Home building: Standard Pacific.
* Resolutions were filed in previous years, but not in 2009. See explanation below in paragraph on the company.
"Companies in every industry, especially energy sectors, must assess and mitigate climate change risks," said New York City Comptroller William Thompson Jr., whose office oversees $115 billion in pension fund assets and filed resolutions with electric power and coal companies. "Investors require full and transparent disclosure of the actions companies are taking to address the risks and opportunities of climate change, so that they can make informed investment decisions."
"These climate watch companies are ignoring a major business trend that will influence their competitive positioning for years to come," added Mindy S. Lubber, president of Ceres, a coalition of investors and environmental groups. "Given the political shift in Washington, all companies should be minimizing climate risks and maximizing clean energy opportunities. Companies that miss this trend are setting themselves up to fail in the 21st century low-carbon economy."
Investors announcing the Climate Watch List said the ongoing economic recession should not delay substantive business efforts to address rising global temperatures.
"Despite the unrelenting poor economic news, we know that taking care of our environment is also taking care of the world's economy," said Jack Ehnes, Chief Executive Officer of the California State Teachers' Retirement System (CalSTRS), the nation's second largest public pension fund which own shares in virtually all of the companies targeted with shareholder resolutions. "We can't be distracted by short-term concerns at the expense of meaningful action to mitigate the impacts of climate change."
The Climate Watch List includes two oil companies, Canadian Natural Resources Ltd. and Chevron, for their extensive involvement in Canada's oil sands extraction project, a carbon-intensive undertaking that has attracted billions of dollars of investment and will be a key topic during President Obama's visit tomorrow with Canada's Prime Minister in Ottawa.
"Extraction of oil from oil sands is a risky proposition and will likely in the long term be a disaster for both investors and inhabitants of an increasingly warming planet," said Margaret Weber, ICCR Board Chair and Adrian Dominican Sisters Coordinator of Corporate Responsibility. "Faith-based investors are mindful of the high externalized costs of oil sands to indigenous communities, to the boreal forest, to watersheds and to our children."
The Climate Watch companies are as follows:
* Chevron: Chevron is named to the Climate Watch List for its extensive investments in Alberta, Canada's oil sands, and for resisting shareholder requests to disclose potential financial risks associated with the carbon-intensive project that encompasses millions of acres. Greenhouse gas emissions associated with oil sands development is three times higher than conventional oil extraction and refining according to the investors. Chevron owns 20 percent of a major oil sands extraction effort, the Athabasca Oil Sands Project, and is the operator at a large proposed oil sands project at Ells River, yet its public disclosure of potential financial exposure from climate regulations and other project risks pales in comparison to Shell and Suncor. The resolution outlines key risks from the project and asks that the company report on environmental damage resulting from its expanding oil sands operation.
* CONSOL Energy: Given that coal combustion accounts for about one-third of all greenhouse gas (GHG) emissions in the U.S. and given the growing regulatory momentum to reduce emissions from power plants, the New York City Pension Funds filed a resolution with the Pittsburgh-based company requesting a report on how the company is responding to growing regulatory and competitive pressure to significantly reduce GHG emissions. CONSOL is the nation's largest bituminous coal producer.
* ExxonMobil: ExxonMobil has been unresponsive to investor requests for a decade regarding strategies intended to meet growing demand for diversified clean energy sources. Four climate resolutions filed this year request that: the board develop comprehensive GHG emission reduction goals: that it report on the impact of climate change on emerging markets and on U.S. leadership in achieving energy independence; and that it disclose its plans for developing for renewable energy. The resolutions were filed by the: Tri-State Coalition for Responsible Investment, Jessie Smith Noyes Foundation and Reynolds Foundation, Province of St. Joseph of the Capuchin Order, and Neva Goodwin.
* General Motors: Investors have a long, unsuccessful history of filing shareholder resolutions with General Motors and engaging with the company on climate-related business strategies. The resolution filed by the Tri-State Coalition for Responsible Investment asks General Motors to set GHG reduction goals from its products and operations, as other U.S. and foreign automakers have already done. The resolution cites GM's ongoing litigation to stop California's clean car standards from being adopted and its lackluster response compared to Ford in developing a business model that accounts for climate change.
* Massey Energy: The Virginia-based coal company continues to resist shareholder resolutions requesting the company to develop and disclose a strategy for responding to climate change. Thirty percent of shareholders voted in favor of the resolution last year. Given that coal combustion accounts for about one-third of all GHG emissions in the U.S., the New York City Pension Funds filed a resolution, for the third consecutive year, requesting a report on how the company is responding to growing regulatory and competitive pressure to reduce GHG emissions. Massey is the nation's 4th largest coal producer.
* Standard Pacific: Unlike other leading homebuilders, Standard Pacific has opposed shareholder requests the past three years to disclose its strategies and performance on energy efficiency and other climate-related issues. The resolution filed by the Nathan Cummings Foundation asks the CA-based homebuilder to adopt quantitative goals for boosting energy efficiency and reducing greenhouse gas (GHG) emissions from its products and operations. Homebuilders have an important role in mitigating climate change because 40 percent of GHGs come from building energy use, and building energy efficiency is one of the most cost effective means of reducing global warming pollution.
* Canadian Natural Resources Ltd: One of the largest and most established producers currently active in Canada's oil sands, the Calgary-based company has refused to date to meet with investors on the issue of climate change, and, unlike other oil companies, it has not made any renewable energy investments. Ethical Funds filed a resolution with Canadian Natural Resources in 2007 requesting that it disclose its climate risks, but the company has not responded to the resolution. CNQ is the only oil company opposing the recommendations of the Government of Alberta's Cumulative Environmental Management Association Multi-stakeholder process. (http://www.cemaonline.ca/)
* Southern: The nation's largest electric power producer, which emits more than 160 million tons of CO2 emissions a year, has balked at shareholder resolutions the past several years asking it to set GHG reduction targets. In filing the resolution, the Sisters of Charity of St. Elizabeth cited the company for its adequate climate risk disclosure, but weak action to mitigate that exposure by reducing GHG emissions. Thirty-seven percent of the company's industry peers, including American Electric Power, Duke Energy and Exelon, disclosed absolute GHG reductions targets in the Carbon Disclosure Project's most recent annual survey released in 2008. Atlanta-based Southern opposes mandatory federal limits to reduce GHG emissions.
* Ultra Petroleum: Houston-based Ultra has resisted shareholder requests the past three years to disclose its strategies for addressing climate change, despite relatively strong shareholder voting support. While Ultra has a relatively small market capitalization (about $5 billion), its resistance to acknowledging climate change risks puts it out of step with its peers. The resolution filed by the Nathan Cummings Foundation asks the company to report on its plans to address climate change.
In addition to the Climate Watch companies, investors filed resolutions with the following other businesses. The list of investors filing resolutions with each of the companies can be found at http://www.ceres.org/resolutions or http://www.iccr.org/.
Auto/Transportation: Avis/Budget, Hertz
Banks: Ameriprise, Citigroup, Fifth Third Bancorp, State Street
Building and Big Box Companies: Bed, Bath & Beyond, Boston Properties, General Growth, Home Depot, Las Vegas Sands, Lennar, Pulte Homes, Ryland
Coal: Alpha Natural Resources, Foundation Coal, International Coal
Electric Power: Dominion, Dynegy, Idacorp, Mirant, NV Energy (formerly Sierra Pacific)
Forestry: International Paper, Meredith, RR Donnelly
Oil & Gas: ConocoPhillips, Haliburton, Noble Energy, Oneok, Range Resources, South Jersey Industries, Spectra
Other S&P 500 Companies: Apple, Aqua America, Assurant, Broadcom, Denbury Resources, Dover Corporation, Flowserve, Kadant, MetLife, Middleby, Novell, SanDisk, Southwest Airlines, St. Jude, Stryker, Valmont.
Canadian Companies: Great-West Life & Annuity
In addition to the 63 climate resolutions, approximately 14 other resolutions were filed (or are likely to be filed) asking companies to provide a sustainability report to investors, which should include information about how the company is managing climate risk, among other social, environmental and governance issues. In total, there are approximately 30 sustainability resolutions expected to be filed this year -- 16 of the resolutions were sufficiently focused on climate change to be included in the number of climate resolutions filed. More information about these resolutions is available from Rob Berridge at Ceres, 617-247-0700 x117 (berridge@ceres.org).
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Wednesday, February 18, 2009
Southern, Massey Energy and Chevron Among Nine 'Climate Watch' Companies Targeted By Investors
Friday, January 9, 2009
Efficiency and Conservation Key to Meeting Rising Energy Demand, Southern Company CEO Says
Energy efficiency and conservation will play an increasingly important role in meeting rising energy demand, said Southern Company (NYSE:SO) Chairman, President and CEO David M. Ratcliffe during the National Association of Regulators and Utility Commissioner's Anybody Can Serve, So Let's Conserve energy efficiency campaign launch. Ratcliffe also noted that along with efficiency and conservation as first choices, a diverse portfolio of generation resources including renewables, new nuclear and advanced coal technologies would be crucial in meeting customers' electricity needs......More
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Monday, December 15, 2008
Southern Company and NFWF Award New Conservation Grants
/PRNewswire-FirstCall/ -- Southern Company and the National Fish and Wildlife Foundation today announced that four additional grants have been awarded to conservation and natural resource agencies through the Power of Flight and Longleaf Legacy partnership programs. The Power of Flight program protects birds through habitat and species restoration and environmental education. Longleaf Legacy supports restoration of longleaf pine forests, home to many endangered species like the red-cockaded woodpecker.
"Southern Company is proud to partner with the National Fish and Wildlife Foundation for the sixth consecutive year to award much needed grants to these leading organizations," said Chris Hobson, Southern Company's senior vice president for research and environmental affairs. "The awards will help further the great work being done to conserve and protect the environment and restore bird populations and habitats throughout the Southeast."
Since 2002, Southern Company and the National Fish and Wildlife Foundation have contributed more than $7.8 million through 80 grants to the Power of Flight and Longleaf Legacy programs. In addition, grant recipients have contributed more than $41 million in matching funds, resulting in an on-the-ground conservation impact of more than $49 million since the program's inception.
"With each year that passes, our partnership with Southern Company grows stronger, the projects funded under the Power of Flight and Longleaf Legacy programs become more meaningful, and the impact of those projects on the ground results in greater benefits to birds and longleaf pine habitats," said Jeff Trandahl, National Fish and Wildlife Foundation's executive director. "The people and natural resources of the Southeastern United States are indeed fortunate that Southern Company and their affiliated operating companies are such responsible corporate stewards of our lands and waters, and the fish and wildlife that inhabit them."
Through these two programs, more than 160,000 acres of longleaf pine and other critical habitat on public and private lands will be restored or enhanced to the benefit of bird populations across the Southeast.
Two grants were awarded under the Power of Flight program:
-- Project Orianne - to restore or improve 10,000 acres of longleaf pine habitat within the Apalachicola and Conecuh National Forests to create and enhance habitat for declining bird populations, such as red-cockaded woodpeckers and Bachmann's sparrow, and other species of concern, such as the gopher tortoise and indigo snake. This project will build on the existing infrastructure and expertise of the Forest Service by providing additional funding to implement land management practices within large tracts of contiguous forests on federal lands.
-- Quail Unlimited - to continue to address the goals of the Northern Bobwhite Conservation Initiative through improved forest land management of 1,607 acres on both public and private lands. The habitat restoration and enhancement will take place in the Bankhead and Talladega National Forests in Alabama, at J. Strom Thurmond Lake in Georgia, and on private lands in the 15-county target area of the Georgia Department of Natural Resources Bobwhite Quail Initiative.
Two grants were awarded under the Longleaf Legacy program:
-- Okefenokee National Wildlife Refuge - to support conservation of 870 acres of land burned during wildfires in 2007 and plant approximately 170,000 longleaf seedlings over 400 acres. This project will support the expansion of red-cockaded woodpecker clusters on the refuge and is also part of a larger multi-agency effort to establish a half-mile longleaf pine conservation and fire resilient zone around the Okefenokee and Pinhook Swamps in southeast Georgia.
-- Auburn University - to develop a geospatial mapping and decision support tool to guide on-the-ground longleaf conservation efforts across its historical range. The tool will identify where restoration and management activities should be focused to best meet objectives for ecosystem restoration; species conservation (threatened and endangered species, migratory birds); and the need to manage longleaf habitats to maintain their structure, function, and diversity. This project will expand on the tool developed by the East Gulf Coastal Plain Joint Venture through a previous grant.
Visit www.southerncompany.com/planetpower to view fact sheets on the Power of Flight and Longleaf Legacy programs or to see a complete listing of awards granted.
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Tuesday, August 12, 2008
Southern Company CEO David Ratcliffe to Guest Host CNBC's Squawk Box Aug. 13
PRNewswire-FirstCall/ -- Southern Company Chairman, President and Chief Executive Officer David M. Ratcliffe will be the guest host on CNBC's Squawk Box television program from 7-9 a.m. Eastern Daylight Time Aug. 13. The general theme for Ratcliffe's two-hour appearance will be energy and the economy. Ratcliffe's guests will include Lee Thomas, CEO of Rayonier Inc., and Larkin Martin, managing partner of Martin Farms, who both also serve as directors of the Federal Reserve Bank of Atlanta.
Anchored by CNBC's Joe Kernen, Becky Quick and Carl Quintanilla, Squawk Box is the network's signature morning program. The popular pre-market morning news and talk program features leaders in business and politics.
Wednesday, July 23, 2008
Southern Company and Environmental Partners Award Wetland Restoration Grants Through Five Star Program
PRNewswire-FirstCall/ -- Southern Company, the U.S. Environmental Protection Agency, National Fish and Wildlife Foundation, National Association of Counties and Wildlife Habitat Council announced today that 10 new wetland, riparian and coastal conservation grants have been awarded in the Southeast through the Five Star Restoration Program.
This year, Southern Company provided $246,000 in grants and, combined with partner matching funds, a total of nearly $532,000 will benefit projects in Alabama, Florida, Georgia and Mississippi. Since 2006, Southern Company has contributed $621,000 through 33 grants, resulting in an on-the-ground conservation impact of $1.89 million.
"EPA's Five Star Restoration Grant Program will help promote conservation and environmental stewardship in these communities," said Jimmy Palmer, EPA Regional Administrator. "Community-based projects, such as these, improve environmental awareness among local residents and create lasting relationships for protecting and sustaining wetlands, streams and coasts."
The Five Star Restoration Program is a national initiative providing financial and technical support to wetland, riparian and coastal habitat restoration projects. It brings together citizen groups, corporations, students, landowners, youth conservations corps, and local, state and federal government agencies to build diverse partnerships and foster local natural resource stewardship through education, outreach and training activities. In 2006, Southern Company pledged $1.2 million over five years to fund community-based, wetland and streamside restoration across its four-state service territory. Additionally, Southern Company collaborates with the program partners to select the projects each year and distribute funds to grantees.
"As Five Star Restoration's lead corporate sponsor for the Southern region, Southern Company has committed five years of matching funds for projects in our region," said Chris Hobson, senior vice president of research and environmental affairs for Southern Company. "Wetlands are among the most productive ecosystems in the world, providing habitat for reptiles, fish, waterfowl, mammals, plants and more. Grassroots efforts through this program will make a significant contribution to our environmental landscape and underscore the importance of healthy wetlands environments in the communities we serve."
The following grants have been awarded in Georgia for 2008:
-- Conasauga River Alliance - to treat 500 linear feet of collapsing streambank in order to restore riparian integrity to a 3,800-foot segment of Swamp Creek, a tributary to the Conasauga River. The site will be used for an in-field, community-based workshop to showcase actual installation of currently underutilized, ecologically-preferable streambank stabilization techniques to area developers, designers and landowners. Additional project partners include Whitfield County, Georgia Environmental Protection Division, Limestone Valley RC&D Council, D2 Land and Water Resources and private landowners.
-- DeKalb County Parks Department - to restore and protect more than one-half acre of wetlands at the historic Evans Mill site, including 200 linear feet of riparian buffer, along Pole Bridge Creek. Junk automobile parts and other debris will be removed from the project area along with invasive plant species and restored with native plants. The site will serve as a rest/picnic area at the terminus of a nearby multi-use trail and five local schools will be involved. Project partners include DeKalb County Parks and Greenspace - Office and Department of Watershed Management, Salem Middle School, University of Georgia Extension 4H Program and University of Georgia Alumni Association - DeKalb Chapter.
-- Georgia Wildlife Federation - to restore 3.5 acres of wetlands along the Alcovy River at East End Road in Covington. Invasive exotic flora will be removed and replanted with desirable native wetland species. This will be used as a demonstration site to educate the community about the economic and ecological values of healthy riverine ecosystems. Additional project partners include The Conservation Fund, Georgia Future Farmers of America-Future Career and Community Leaders of America, Georgia River Fishing, Newton County Keep Covington-Newton Beautiful, Oxford College of Emory University, Georgia Department of Natural Resources, Georgia Department of Environmental Protection Division, Adopt-A-Stream and Rivers Alive, Georgia Exotic Pest Plant Council, Newton County Extension and Master Gardeners and Air Conditioning Specialists.
-- Chattahoochee RiverWatch, Inc. - to restore 2.2 miles of riparian forest buffer along Lindsey Creek from Macon Road to Bull Creek, a major tributary of the Chattahoochee River watershed. The project will engage the local community in stewardship of their water resources and help produce an education video about the impacts of storm water and non-point source pollution on water quality in the watershed. Additional project partners include Columbus Consolidated Government, Columbus State University Environmental Science Program and Georgia Forestry Commission.
-- Elachee Nature Science Center - to restore 15 acres of riparian forests of the Chicopee Woods by treating exotic invasive plants and restoring the area with diverse native plants. This site will help train volunteers and teach the public and local elementary students about the threat of exotic invasive plants in Georgia and promote local conservation efforts. Additional project partners include Chicopee Woods Area Park Commission, Chicopee Woods Weed Management Area, Georgia Exotic Pest Plant Council and City of Gainesville.
-- Upper Oconee Watershed Network - to restore 800 feet of riparian buffer and streamside wetlands in the Trail Creek Watershed. This effort will be used to teach citizens about the relationship between residential land management and riparian habitat condition, stream health, downstream water quality, and the species that depend on these ecologically valuable corridors. This project will provide local residents with tools to initiate their own backyard wetland habitat improvements and the project will conduct a series of workshops to educate and engage local citizens in watershed health and maintenance. Additional project partners include Oconee River Greenway Commission, Chicopee-Dudley Neighborhood Association, University of Georgia, Athens-Clarke County Departments of Leisure Services, Public Works and Central Services and Athens Garden Club.
The goal of EPA's Wetlands program is to motivate and inspire the Nation to value, protect and restore the ecological integrity of its wetlands and aquatic ecosystems. The Wetlands Program accomplishes this through co-leadership of the Clean Water Act's wetlands regulatory program, and by fostering effective wetlands management in strategic partnerships with states, tribes, local governments and other key partners. EPA's vision is for America to have abundant and healthy wetlands and aquatic ecosystems that sustain biologically diverse plant and animal life, improve water quality, protect communities from flooding and provide recreational opportunities.
