Excerpt from: EHS Industry Solutions
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| August 22, 2007 | | Investors are voting for action against climate change - and the oil and gas industry is listening. | The oil and gas industry is taking action against climate change - and who is responsible? Their investors! In the 2007 proxy season 43 climate-related shareholder resolutions were filed with U.S. companies. And for the first time, 7 resolutions were filed requesting that companies set specific GHG reduction targets. Here are some of the results: Conoco Phillips: - Announced its support for federal policy making it mandatory to reduce GHG emissions
- Committed $300 million for low-carbon research, including alternative fuels
- Committed to set a GHG reduction target
Anadarko Petroleum Corp: - Pledged to set a GHG reduction target by June 2008
TXU Corp: - New climate change policy was included with in the terms of the proposed acquisition of TXU by private equity firms Kohlberg Kravis Roberts & Co. and TPG Inc.
- Exploring renewable energy sources
- Creating an independent sustainable energy advisory board
“It’s clear from these results that growing investor pressure is prompting more US companies to tackle climate change more aggressively,” said Mindy S. Lubber, president of Ceres, a national coalition of investors and environmental groups that helped coordinate the shareholder filings. By Cassandra Darwin
cdarwin@enviance.com | | |
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