Coal and the iron and steel works that consumed it were, 125 years ago, the foundations of Andrew Carnegie’s fortune.(1) So, his life would seem unlikely to hold lessons for investors concerned about global warming. But it does.
Carnegie’s Causes
The Scottish immigrant had two great causes. Most recognize his name today in the US and UK for his philanthropic investments in vehicles offering opportunities for human betterment: Carnegie libraries, university scholarships, Carnegie Hall, Carnegie Mellon University, teacher pensions (TIAA-CREF), etc.
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If a tree falls in a forest when no one’s around, does it make a sound? If a company emits carbon dioxide but saves a forest, has it achieved climate neutrality?
While both companies and outside stakeholders agree that reducing and/or offsetting emissions is a worthy corporate objective, there is no consensus on how to define and achieve this goal.
A new study from Clean Air-Cool Planet and the UK’s Forum for the Future considers climate neutrality and makes detailed recommendations for how to achieve it. Getting to Zero: Defining Corporate Climate Neutrality defines carbon neutrality as a condition in which “a company, or one of its products or services, can have no net impact on climate.”
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During March 3-7, 2008, I had the opportunity to attend the 2008 Washington International Renewable Energy Conference (WIREC), touted to be the largest international conference on renewable energy in the world. WIREC was actually three events rolled into one—a ministerial conference for policy makers, a business conference, and a tradeshow. Most everyone involved in renewable energy was there.
From the size and the diversity of the corporate landscape represented at the panels and on the tradeshow floor, it was obvious that companies in every industry want to be considered committed players in the renewable energy space.
BP, among the largest oil companies in the world, paid $1 million to be the lead sponsor of this three-day event. Other non-traditional green companies, including oil major Chevron, waste-to-energy power company Covanta Energy, and auto maker GM, were also principal sponsors.
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Eighteen months ago, cheers from environmentalists and their allies greeted Sir Nicholas Stern’s report on the economics of global warming. George Monbiot has taken another look at the Stern Report and not liked what he found. Monbiot is the author of Heat, a fine book on global warming and what to do about it. He writes regularly for the Guardian and is well worth following.
-Peter D. Kinder
ZNet Commentary
An Exchange of Souls
February 19, 2008
By George Monbiot
This is a column about how good intentions can run amok. It tells the story of how an honourable, intelligent man set out to avert environmental disaster and ended up accidentally promoting the economics of the slave trade. It shows how human lives can be priced and exchanged for goods and services.
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