Who Needs CO2 Caps when Shame Will Do?
A group of investors today named a builder and eight other 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.
by Denis Du Bois
February 20, 2009
February 20, 2009
Investors filed shareholder resolutions with a total of 57 businesses, aimed at improving the companies' focus and attention to the financial risks and opportunities from climate change.
The Climate Watch List isn't limited to coal and oil companies, although those dominate the widely publicized shame list. California homebuilder Standard Pacific was singled out for not responding to requests for energy efficiency measures.
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 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.Ceres: Nine 'Climate Watch' Companies Targeted by Investors