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GM, ExxonMobil, Chevron Among Climate Culprits

For conscious consumers and interested investors, the Interfaith Center on Corporate Responsibility has created a Climate Watch List of companies that are lagging behind their peers in responding to climate change.

The ICCR, a group of faith-based investors, filed shareholder resolutions with eight of the nine companies, including ExxonMobil, Chevron, General Motors, Southern, Standard Pacific, Ultra Petroleum, Massey Energy, Consol Energy and Canadian Natural Resources. Investors believe the companies aren’t adequately dealing with climate-related business impacts, whether from physical changes, emerging climate regulations or growing global demand for low-carbon technologies and services. Two of the oil companies – Canadian Natural Resources and Chevron – were targeted for extensive investments in Canada’s oil sands region, where controversial carbon-intensive extraction technologies are being used to produce more than one million barrels of oil each day.

Investors also filed resolutions with 49 other businesses, such as Avis/Budget, Hertz, Citigroup, Ameriprise, Home Depot, Bed Bath & Beyond, NV Energy, International Paper, ConocoPhillips and Haliburton. Apple, Novell, SanDisk and Southwest Airlines also made the list.

“These climate watch companies are ignoring a major business trend that will influence their competitive positioning for years to come,” added Mindy S. Lubber, president of Ceres, a coalition of investors and environmental groups. “Given the political shift in Washington, all companies should be minimizing climate risks and maximizing clean energy opportunities. Companies that miss this trend are setting themselves up to fail in the 21st century low-carbon economy.”

Shareholder resolutions put much-needed pressure on companies to disclose their financial exposure and response strategies to climate-related business trends, and were filed by some of the nation’s largest public pension funds, as well as labor, foundation, religious and other institutional shareholders. The shareholder filings are coordinated by the Ceres investor coalition and the ICCR. A full list of investors filing resolutions with each of the companies can be found at the Ceres or ICCR Web sites, as well as a list of 150 companies and their rankings in the “climate risk profile.

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