Green Century Joins Investors with $3 Trillion Urging Congress to Pass Strong Energy and Climate Change Legislation to Boost Economy
Green Century Calls for Energy Efficiency & Renewable Energy Standards, National Cap on Carbon Pollution Among Other Policies
WASHINGTON D.C.-- Echoing the same energy and climate change policies that President Obama trumpeted in his speech to Congress Tuesday night, Green Century Capital Management, Inc. ("Green Century") joined a group of 35 investors with over $3 trillion in assets Wednesday calling on Congressional leaders to pass strong legislation to advance a clean energy, low-carbon economy and U.S. competitiveness. Green Century administers the no-load environmentally responsible Green Century Funds.
In a letter delivered Wednesday morning to House and Senate leaders and the Obama Administration, Green Century and other U.S. investors specifically called for adoption of the following policies: a strong national Energy Efficiency Resource Standard; a national Renewable Portfolio Standard (also called a Renewable Electricity Standard); a mandatory national climate policy to reduce greenhouse gas emissions economy-wide; and a low-carbon fuel standard and other transportation policies to lower oil use and greenhouse gas emissions. Green Century advocates a Renewable Electricity Standard mandating that 25% of the nation's electricity comes from renewable energy by 2025.
Coordinated by Ceres and its Investor Network on Climate Risk, the letter was also signed by leading pension funds such as the California Public Employees' Retirement System (CalPERS), the California State Teachers' Retirement System (CalSTRS); large asset managers including BlackRock and Deutsche Asset Management; nine state treasurers; three state/city comptrollers; two labor pension funds -- SEIU Master Trust and UNITE HERE -- as well as other investors (see full list of signers below).
The letter states that strong energy and climate action is "essential" for long-term economic prosperity and that the costs of inaction could be "economically debilitating." "We are convinced that building our nation's low-carbon energy infrastructure is an important part of the solution to our current economic crisis. Delaying action on these policies will deny US families and businesses access to low-cost clean power, reduce our nation's energy security, and require more stringent, costly solutions to address climate change in the future," states the letter.
"Strong national climate and energy legislation will send clear market signals to the business community-- creating new industries, putting people back to work, and helping move American companies to the forefront of global competitiveness on clean energy," said Mindy S. Lubber, President of Ceres and the Director of the Investor Network on Climate Risk, an alliance of 77 investors with approximately $7 trillion in assets. "An energy efficiency resource standard is a critical component of such legislation and is equally as important as a renewable energy standard," she added. Ms. Lubber served as Green Century's founding president from 1991 to 1995.
Calling energy efficiency and conservation the "fastest, easiest, and cheapest ways to significantly reduce greenhouse gas emissions and improve the bottom line of companies," the letter urges passage of a national Energy Efficiency Resource Standard (EERS) that would set national energy savings targets and save utility customers up to $144 billion by 2020, according to estimates provided by the American Council for an Energy Efficient Economy. Green Century is pushing for an EERS that requires utilities to achieve energy savings of 15% of electricity sales and 10% of natural gas sales by 2020.
The letter assigns high importance to sending a signal to the markets that greenhouse gas emissions will carry a price. "National climate legislation acting in harmony with the market will facilitate greater investment in clean technologies and other climate change solutions and will enable the US to not only compete globally, but to lead," it states.
Stressing the need to extend clean energy policies to the transportation sector, the letter urges legislators to: adopt a national low-carbon fuel standard, support expansion of public transit and legislation to promote the reduction of vehicle miles traveled, adopt performance-based incentives to stimulate the development of new technologies and adopt maximum feasible fuel economy standards.
About Green Century:
Green Century Capital Management, Inc. (Green Century) is the administrator of the Green Century Funds, a family of environmentally responsible mutual funds. Green Century was founded by non-profit environmental advocacy organizations and is wholly owned by non-profit advocacy groups. For more information, visit http://www.greencentury.com
Ceres is a 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 group of 77 institutional investors and financial firms focused on the business impacts of climate change. For details, visit http://www.ceres.org or http://www.incr.com
Signatories to the letter are as follows:
PENSION FUNDS, LABOR, STATE TREASURERS, STATE/CITY COMPTROLLERS
California Public Employees' Retirement System
California State Controller
California State Teachers' Retirement System
California State Treasurer
Connecticut State Treasurer
Florida Chief Financial Officer
Illinois State Board of Investment
Maine State Treasurer
Maryland State Treasurer
Massachusetts State Treasurer
New York City Comptroller
New York City Employees' Retirement System
New York State Comptroller
North Carolina State Treasurer
Oregon State Treasurer
Rhode Island General Treasurer
SEIU Master Trust
Vermont State Treasurer
FINANCIAL SERVICES FIRMS, ASSET MANAGERS & OTHER LEADERS IN INVESTING
Boston Common Asset Management
Calvert Asset Management Company
Deutsche Asset Management
F & C Asset Management
Friends' Fiduciary Corporation
Green Century Capital Management
Local Authority Pension Fund Forum
Pax World Funds
Trillium Asset Management
Tri-State Coalition for Responsible Investment
Unitarian Universalist Association
Walden Asset Management
Winslow Asset Management
You should consider the Funds' investment objectives, risks, charges, and expenses carefully before investing. For a prospectus that contains this and other information about the Funds, call 1-800-93-GREEN, visit www.greencentury.com or email firstname.lastname@example.org. Please read the prospectus carefully before investing.
Distributed by UMB Distribution Services, LLC 2/09
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