News From Green Century Capital Management
5/22/2008 >> Green Century Funds Joins Investors Managing $2.3 Trillion
Calling on Congress to Tackle Global Climate Change
Group Says Lack of Clear Policy Undermines Long-Term Economic Competitiveness
The Green Century Funds join more than 50 leading investors, including the nation’s largest public pension fund and the world’s largest listed hedge fund, calling 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 (pdf) 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.
In sending the letter, investors sent a strong message that climate policy uncertainty and the lack of federal regulations may be undermining companies’ long-term competitiveness because it is preventing them from making large-scale capital investments in clean energy and other low-carbon technologies and practices. The group of investors was organized by Ceres and the Investor Network on Climate Risk.
The investor letter also calls on Senate leaders to press U.S. regulatory bodies – specifically, the Securities and Exchange Commission (SEC) – to issue specific guidance on what companies should disclose to investors on risks they face from climate change. Investors made the same such request in a petition they filed with the SEC last fall.The letter states: "Left unattended, risks from severe weather, extended droughts, sea-level rise, and other effects of climate change will worsen over time… harming company assets, global investment portfolios, ecosystems, and human lives." Alternately, climate change presents significant economic opportunities for businesses that invest in renewable energy, low-emitting vehicles, and other technologies that save energy and reduce greenhouse gas emissions.
Citing these trends – as well as recent scientific reports concluding that climate change is taking place and that human activities are the primary contributor – investors are calling for the Senate to take the following three actions:
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The Green Century Funds are no-load environmentally responsible mutual funds. The Green Century Funds are administered by Green Century Capital Management (Green Century), an investment advisory firm founded by a partnership of non-profit environmental advocacy organizations in 1991. Green Century’s mission is to provide people who care about a clean, healthy planet the opportunity to use the clout of their investment dollars to encourage environmentally responsible corporate behavior. Green Century believes that shareholder advocacy is a critical component of responsible investing and actively advocates for greater corporate environmental accountability. For more information, visit www.greencentury.com.
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