Today, investors targeted more than 50 companies – including Southern Company – in shareholder resolutions that are demanding more and better attention to the financial risks and opportunities associated with climate change. The resolutions are seeking expanded disclosure on the financial exposure and response strategies related to climate-related business trends.
In addition, investors specifically added Southern Company and eight other companies to a Climate Watch List based on the companies’ weak response to the financial opportunities and risks related to climate change.
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The resolutions were filed by pension funds, labor groups, and religious and other institutional investors. The filings were coordinated by the Ceres investor coalition and the Interfaith Center on Corporate Responsibility (ICCR), a group of faith-based investors.
Faith-based groups have become among the more active participants in promoting responsive climate change strategies, policies and programs from companies and business in general.
The ICCR is a coalition of nearly 300 faith-based institutional investors representing over $100 billion in invested capital. ICCR members view themselves as bridging the divide between morality and markets by advancing a civic economy that integrates ethical, environmental and social values. They descibe themselves as inspired by faith, committed to action by building a just and sustainable global community.
Southern Company is the national’s largest electric power producer and emits more than 160 millions tones of CO2 emissions a year. While the company’s disclosure of its climate change risk has been applauded, it has been weak in setting greenhouse gas (GHG) reduction targets. Southern Company, which also owns Georgia Power, Alabama Power, Gulf Power and Mississippi Power, opposes mandatory federal limits to reduce GHG emissions.
The other companies targets by shareholder resolutions today include Chevron, CONSOL Energy, ExxonMobil, Massey Energy, Standard Pacific, Canadian Natural Resources, Ltd., Ultra Petroleum
