What's green, worth tens of trillions of dollars, and gives corporations a present they can't refuse? Climate Action 100+ (CA100+). A path to a functioning planet, whether they like it or not. And in many cases, increased profits that they have failed to pursue on their own.
The National Legal and Policy Center ("promoting ethics in public life") is no fan of doing anything about Global Warming, or anything Progressive. As you can see from the title, this article is quite slanted. But it does recite actual facts before complaining about them.
Climate Action 100+ [is] an institutional investor-led initiative that in its brief existence has emerged as a force for radical social transformation. The group already has secured commitments from more than 160 corporations worldwide to reduce greenhouse gas emissions to target levels set by the
Paris Climate Change Agreement of 2015, a pact from which President Trump announced withdrawal plans in June 2017. Suppose a company doesn’t want to commit. Well…that could create problems.
That isn't enough, of course, but remember the old saying
Please be patience. The hurrieder I do, the behinder I get.
There is time to push them to levels that will actually work.
Here is the complaint. Feel free to point and laugh.
Comments such as these underscore suspicions that Climate Action affiliates envision a world in which business enterprises either submit to global monitoring or lose a large chunk of working capital. These shareholders represent a real danger to corporate independence. And they are doing nobody any favors by demanding that we treat science as a set of foregone conclusions.
So how do our friends at CA100+ convince a corporation that it cannot refuse?
The prime mover behind Climate Action, California State Controller Betty Yee, is uniquely positioned to extract commitments from target companies. In addition to being the state’s chief fiscal officer, she’s also a board member of the California Public Employees Retirement System (CalPERS), the California State Teachers’ Retirement System (CalSTRS) and Ceres. “With trillions of dollars under management globally, we can demand accountability from the largest corporate greenhouse gas emitters and hold governments responsible for the impact of their decisions,” she told a Global Climate Change Summit in San Francisco a year ago.
First they ask for promises to behave. If a company makes a promise, but doesn't act on it, they start to divest, which can actually drive stock prices down.
OilPrice.com is also no fan.
The $32 Trillion Push To Disrupt The Entire Oil Industry
Increased shareholder activism, combined with global warming policies of institutional investors and NGOs, are pushing IOCs in a corner, constricting financing options for oil companies.
The first signs of a green revolution in the shareholder-investors universe are there, as investors have forced Dutch oil and gas major Shell to officially change its strategy, investing in more renewable energy and energy storage. The Dutch IOC wasn’t forced by to do so because of mismanagement or a lack of reserves but due to a well-orchestrated investor/stakeholder offensive. Several other peers, such as BP, ENI or Total, are expected to experience comparable situations.
And it has become clear that not only oil and gas giants are being targeted, after one of the world’s largest mining and commodity trading companies, Glencore, decided to put a limit on its thermal coal investment. The group stated that this was done after it was confronted by a largely unknown shareholder network called Climate Action 100+, which claims to be backed by more than 300 investors, managing assets of around $32 trillion. The group was founded a little over a year ago but has already forced oil majors’ boardrooms to take radical decisions.
Here is the CA100+ Web site.
Global Investors Driving Business Transition
And their YouTube video.
And here is another group with even more money under management.
Exclusive: Investors with $34 trillion demand urgent climate change action
Investors with $34 trillion urge climate change action. Investors managing more than $34 trillion in assets are demanding urgent action from governments at the G20 to address climate change, according to Reuters.
Climate Action 100+ requires investors to sign on to the Climate Action 100+ Sign-on Statement that sets out the investor signatories’ commitment and expectations of the companies on the initiative’s focus list. To date, it has been signed by more than 370 investors from across dozens of countries, who collectively manage more than USD $35 trillion in assets under management.
The list of investors is far too long to reproduce here.
In December 2017, an initial list of 100 focus companies was identified. This group of companies was selected from a major global index (MSCI ACWI) that represents 85 percent of global investable equity. The initial 100 focus companies have the highest combined direct and indirect Scope 1, 2 and 3 emissions (emissions associated with the use of their products) using CDP modelled and reported data. These initial 100 focus companies represent up to two-thirds of annual global industrial greenhouse gas emissions, according to CDP. For companies that do not report to CDP, CDP-modelled greenhouse gas emissions were used so that companies reporting to CDP were not penalized. CDP explains their modelling techniques in detail in here.
In July 2018, an additional list of 61 companies (known as the “+” list) was added to the focus list of companies. Investors recognize that emissions alone do not demark all opportunities to drive the clean energy transition or exposure to physical risks. Therefore, investor signatories were invited to nominate additional companies that are material to their investment portfolios and have either a significant opportunity to drive the clean energy transition at the global or region level or may be exposed to climate-related financial risks, including risks to physical assets, that are not captured solely by emissions data. To ensure a global distribution of the nominated companies, a minimum of five companies each were included from Asia, Australia, Europe and North America. The companies included on the “+” list represent those that received the most interest among investor signatories in each region, indicated via a voting mechanism.
More Links
Climate Action 100+ is an investor initiative to ensure the world's largest corporate greenhouse gas emitters take necessary action on climate change.
Climate Action 100+ | Ceres
Climate Action 100+ is a five-year initiative led by investors to engage systemically important greenhouse gas emitters and other companies across the global ...
About Us – Climate Action 100+
Climate Action 100+ is an investor initiative launched in 2017 to ensure the world's largest corporate greenhouse gas emitters take necessary action on climate ...
Investors – Climate Action 100+
Climate Action 100+ requires investors to sign on to the Climate Action 100+ Sign-on Statement that sets out the investor signatories' commitment
climate action 100+ - WordPress.com
An overview of Climate Action 100+, its engagement agenda and how investors lead engagement with companies. • A first review of sector progress across the ...
Nov 28, 2019 - Description, Climate Action 100+ is an investor initiative to ensure the world's largest corporate greenhouse gas emitters take necessary action ...
Starting year: 2018
End year: 2023
Now, if they could get China to remove its perverse incentives for coal, that would really be something.
Oh, BTW
Something else that was in the analyst press, but not the MSM.
Renewables surpass coal. For the first time ever, renewable energy generated more electricity in the U.S. than coal on a monthly basis.
For First Time, Renewables Surpass Coal in U.S. Power Mix
For the clearest sign yet that renewable energy has gone mainstream, consider this: Clean-energy resources supplied more of America’s electricity than coal for the first time ever in April [2019].
Hydroelectric dams, solar panels and wind turbines generated almost 68.5 million megawatt-hours of power in April, eclipsing the 60 million that coal produced that month, Energy Information Administration data released late Tuesday show. That’s the most clean power the U.S. has ever made -- and the least coal it has burned for power in years.
Unfortunately, this crossover is not permanent. Coal generation was down in April as coal plants went offline for spring maintenance. But we are getting up there.