Investors spur action on climate change among oil and gas companies

180304 Resource 107530 107631 205428 1187803477696 1216936753453 Controlled Oil and Gas Investors Demand Action Against Climate Change

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 <a target="_blank" href="http://www.snl.com/interactivex/article.aspx?CDID=A-6439254-12382&Printable=1" title="Investors spur action on climate change among oil and gas companies">43 climate-related shareholder resolutions</a> 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:<ul><li>Announced its support for federal policy making it mandatory to reduce GHG emissions </li><li>Committed $300 million for low-carbon research, including alternative fuels</li><li>Committed to set a GHG reduction target</li></ul>Anadarko Petroleum Corp:<ul><li>Pledged to set a GHG reduction target by June 2008</li></ul>TXU Corp:<ul><li>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.</li><li>Exploring renewable energy sources</li><li>Creating an independent sustainable energy advisory board</li></ul>“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 <a target="_blank" href="http://www.ceres.org/" title="Ceres - Investors and Environmentalists for Sustainable Prosperity">Ceres</a>, a national coalition of investors and environmental groups that helped coordinate the shareholder filings.By Cassandra Darwin <a href="mailto:cdarwin@enviance.com">cdarwin@enviance.com</a> 9 application/xml false climate change gas oil Investors spur action on climate change among oil and gas companies A record 43 climate-related shareholder resolutions were filed with U.S. companies during the 2007 proxy season http://www.snl.com/interactivex/article.aspx?CDID=A-6439254-12382&Printable=1 Investors Achieve Record Results in 2007 in Spurring Corporate Action on Climate Change Investors engaging with US companies on the financial risks and opportunities from climate change had their most successful year ever during the 2007 proxy season. http://www.ceres.org/news/news_item.php?nid=319 Mozilla/5.0 (Windows; U; Windows NT 5.1; en-US; rv:1.8.1.16) Gecko/20080702 Firefox/2.0.0.16 127.0.0.1 127.0.0.1 jwuebben 74.202.198.130 false true false false true 205814 false false true false false false true 107530 blog blogsite/Enviance/web