Corporate ReportsManaging the Risks and Opportunities of Climate Change: A Practical Toolkit for Investors April 2008 - The next 50 years will require a massive shift to cleaner energy sources and technologies to avoid unmanageable climate disruption. This toolkit is designed to help investors begin to comprehensively address climate risks and opportunities in four key areas: internal statements, policies, and governance; engagement with companies, investors, and others; investment practices; public policy support. Download: Full Text PDF Mutual Funds and Climate Change: Opposition to Climate Change Begins to Thaw April 2008 - This report is the fourth by Ceres examining the mutual fund industry’s proxy voting practices on climate change shareholder resolutions. This new analysis of the voting records of 1,285 mutual funds from 62 leading mutual fund firms indicates that the industry’s previously icy attitude on climate resolutions is beginning to thaw, and that many on Wall Street are starting to realize the financial risks and opportunities from climate change. Download: Full Text PDF CAFE and the U.S. Auto Industry: A Growing Auto Investor Issue, 2012 - 2020 October 2007 - This new report by Citi and INCR evaluates the potential changes to the U.S. Corporate Average Fuel Economy (CAFE) program and concludes that implementation of fuel standard changes by automakers are not only attainable, but may also be profitable. The analysis sought to understand the profitability and competitiveness impacts, given U.S. automakers’ stated concerns. Our analysis reveals that the 2020 target is tough but attainable, requiring aggregate improvements of 2.5% per year, and—surprisingly—generating some growth in variable profits for most automakers. Download: Full Text PDF The Quiet Revolution in Business Reporting May 2007 - This report discusses the limitations of business reporting under today's accounting rules, chronicles the progress made by a variety of disclosure initiatives since the 1990s, and identifies the Global Reporting Initiative as the emerging standard in comprehensive non-financial reporting. The report anticipates a future where comprehensive business disclosure has become a core component of good corporate governance, enabling corporate executives and boards to anticipate new challenges, make effective long-term investments, and respond to the increased complexity of an interdependent global economy. Download: Full Text PDF Global Warming Resolutions Lack Support From Mutual Funds April 2007 - The data below, compiled by Institutional Shareholder Services (ISS) on behalf of Ceres, shows that none of the top 100 U.S. equity mutual funds are addressing climate change through affirmative proxy voting policies. Download: Full Text PDF TXU's Expansion Proposal: A Risk for Investors February 2007 - The report concludes that TXU's investors — whether as public shareholders or private investors — will face a multitude of financial risks if the company moves forward with its plans to build 9,000 megawatts of pulverized coal-fired capacity. The report cites construction cost over-runs, burdensome regulatory costs as climate regulations take hold and a slowing of power demand in Texas as state legislators aggressively push energy efficiency and other energy-saving programs. Download: Full Text PDF Climate Risk Disclosure by the S&P 500 January 2007 -This report assesses how S&P 500 corporations from 11 key industries disclose the risks and opportunities they face from climate change. The report finds that over half of the nation's largest companies are providing inadequate disclosure to investors, despite growing financial losses in multiple sectors from climate change. Download: Full Text PDF Power to Save: An Alternative Path to Meet Electric Needs in Texas January 2007 -This study finds that a comprehensive effort to promote efficiency and other cost-saving demand reduction measures can meet Texas' electricity needs more reliably, at a lower cost and at a tremendous net economic benefit compared to building a new fleet of expensive and heavily polluting power plants. Over the next 15 years, boosting markets for more efficient products, lighting, cooling, heating and industrial processes can eliminate over 80% of forecast growth in electricity demand, while lowering consumer's energy bills. With additional measures to further reduce electricity demand and enhance reliability, Texas can completely eliminate its "load growth," resulting in a gradual decline in total electricity demand to more than 9% below current levels by 2021. Download: Full Text PDF From Risk to Opportunity: How Insurers Can Proactively and Profitably Manage Climate Change August 2006 -Dozens of new insurance activities, such as 'green' building credits and incentives for investing in renewable energy, are emerging to tackle the causes of climate change and rising weather-related losses in the U.S. and globally, according to a major new report issued today by the Ceres investor coalition. Download: Full Text PDF Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States 2004 April 2006 -A new report evaluating air pollution trends at the nation's 100 largest electric power producers shows that emissions of sulfur dioxide (SO2) and nitrogen oxides (NOx) have fallen markedly in recent years, but carbon dioxide (CO2) emissions increased and will likely spike in coming years Download: Full Text PDF 2006 Corporate Governance and Climate Change: Making the Connection March 2006 -The 2006 Corporate Governance and Climate Change: Making the Connection report includes a 30-page summary report comprised of the executive summary, the climate governance scoring criteria, the 100 company scores and sector-specific findings. The report also includes 2- to 3-page profiles on each of the companies evaluated. Note: A complete listing of all companies and their scores can be found at page four of the full report. Please click on the "Full Text" link to download the entire document. By clicking on company names on this page, users will be linked directly to the corresponding company profiles. Download: Full Text PDF Download: Summary Report PDF Unexamined Risk: How Mutual Funds Vote on Climate Change Shareholder Resolutions January 2006 -The new Ceres report, "Unexamined Risk: How Mutual Funds Vote on Climate Change Shareholder Resolutions," shows that top 100 mutual funds in U.S. did not support any climate change shareholder resolutions at 2005 corporate annual meetings. Download: Full Text PDF Climate Risk Toolkit for Corporate Leaders January 2006 -Ceres and the Investor Network on Climate Risk have published a new toolkit to help corporate leaders and directors address the strategic and financial challenges associated with global climate change. Download: Full Text PDF Availability and Affordability of Insurance Under Climate Change: A Growing Challenge for the U.S. December 2005 -This Ceres report focuses on the growing risks that U.S. insurers, government and consumers face from climate change. The report, which includes specific recommendations for addressing this growing insurance challenge, was published in advance of an upcoming meeting of the National Association of Insurance Commissioners at which time the NAIC will be examining the implications of climate change on the industry. Download: Full Text PDF Unexamined Risk: How Mutual Funds Vote on Global Warming Shareholder Resolutions December 2004 -This report by Ceres and the Investor Responsibility Research Center (IRRC) examined how the largest 100 mutual funds in America voted in 2004 on global warming shareholder resolutions. The study showed that only two percent of the assets of the 100 largest funds supported resolutions calling for more corporate disclosure on the financial impacts from global warming. Download: Full Text PDF Benchmarking Air Emissions of the 100 Largest Electric Generation Owners in the U.S. April 2004 -This 2004 report from Ceres, the Natural Resources Defense Council and the Public Service Enterprise Group compares CO2 and other emissions from the country's 100 largest power companies. The report showed a 25 percent increase in CO2 emissions from power generating companies from 1990 to 2002. Download: Part 1 PDF Download: Part 2 PDF Download: Part 3 PDF
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