Transcript Bakal Presentation 12.05.08

National Priorities for Climate
and Energy Policy
Dan Bakal, Ceres
Electricity Restructuring Roundtable
December 5, 2008
Ceres is…
 A coalition of 130-plus investors, environmental,
and public interest groups.
 A network of more than 80 companies
representing diverse industries & businesses.
 A leader in bringing companies together with
their stakeholders in a constructive dialogue on
sustainability issues.
 Initiator of the Global Reporting Initiative (GRI),
and the Investor Network on Climate Risk.
Selected coalition members
Selected Ceres companies
The Investor Network on Climate Risk
 Growing five-fold since 2003, now 70 +
members and over $6 trillion in assets
 Acting on their fiduciary duty to manage
risks and capture the opportunities
(e.g. clean energy)
 Climate change is a financial &
corporate governance issue
“Climate change is a topic that should be on the
agenda of every Board of Directors” (Goldman
Sachs)
INCR Members Taking Action
 Seek full disclosure
 Evaluate companies
 Vote relevant proxies
 Engage in dialogue
with companies
 Promote best practices
 Assess investment
managers
 Share information
 Encourage SEC to require
risk disclosure
 Invest in low carbon,
cleantech sector
“Shareowners need information to make informed investment
decisions and assess costs associated with the impact to the
environment.These risks may include operational, market,
liabilities, policy, regulatory, and reputation risk.”-- Rob Feckner,
President of CalPERS
Investors/Businesses for Climate Policy
Alcoa
Allianz SE
BP America
Con Edison
Dupont
Green Mountain Coffee Roasters
National Grid
PG&E
Sun Microsystems
Turner Enterprises
AFSCME
CalPERS
CalSTRS
SEIU Master Trust Fund
UNITE HERE
Boston Common Asset Mgmt.
Calvert
Domini Social Investments
Merrill Lynch
California, Connecticut, Kentucky,
Maine, Maryland, New Jersey, New
York, North Carolina, Oregon, Vermont,
Washington
New York City
65 investors and businesses worth
more than $4 trillion call for:
 National climate policy reduce GHG emissions
60-90% below 1990 levels by 2050
 Realign energy and transportation policy to
stimulate investment in clean technology
 SEC guidance on climate disclosure
For a complete list of companies, see
www.ceres.org
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Sun Microsystems, Starbucks, Nike,
Levi Strauss & Co., Timberland
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BICEP Principles
•
Set GHG targets to at least 25% below 1990 by 2020
and 80% below 1990 by 2050.
•
Establish an economy-wide GHG cap-and-trade that
auctions 100% of allowances, promotes energy
efficiency and accelerates clean energy technologies.
•
Establish aggressive energy efficiency policies to
achieve at least a doubling of our historic rate of
energy efficiency improvement.
•
Encourage clean transportation by promoting fuelefficient vehicles, low-carbon fuels, and transitoriented development.
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BICEP Principles cont’d
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Increase investment in energy efficiency, renewables
and carbon capture and storage technologies while
eliminating subsidies for fossil-fuel industries.
Stimulate job growth through investment in climatebased solutions, especially “green-collar” jobs in lowincome communities and others vulnerable to climate
change’s economic impact.
Adopt a national renewable portfolio standard
requiring 20% renewable energy by 2020, and 30
percent by 2030.
Limit construction of new coal-fired plants to those
that have CCS, create incentives for CCS, and phase
out existing coal-based power plants that do not have
CCS by 2030.