Tag: Public policy advocacy

SGI joins Major U.S. Companies and Investors To Urge Congress to LEAD on Climate

SGI joins Major U.S. Companies and Investors To Urge Congress to LEAD on Climate

Chris Cox

SGI participated in a delegation of more than 100 large companies and investors to meet with key lawmakers of both parties this week to ask them to LEAD on Climate 2022. It was a united call for Congress to pass an ambitious package of federal clean energy, transportation, infrastructure, and advanced manufacturing investments.

Best Buy, bp America, Gap, General Mills, HPand Microsoft were among the major U.S. employers, innovators, and manufacturers spanning all sectors of the economy participating in this advocacy event. Representatives from the participating organizations met with lawmakers and Congressional staff on Wednesday, May 11, and Thursday, May 12, in virtual forums. 90 meetings were scheduled over this two-day period.

View the full list of LEAD on Climate 2022 participants here.

This fourth annual business advocacy event gives leading companies and investors the opportunity to make the strong economic case for federal climate action, elevating their calls for clean energy and environmental justice investments that will bolster the nation’s competitiveness, lower energy costs, strengthen domestic supply chains, and confront the threat of the climate crisis. U.S. Sen. Sheldon Whitehouse, Siemens Corporation’s Barbara Humpton, PSEG’s Ralph Izzo, and Hannon Armstrong’s Susan Nickey participated in a virtual roundtable and media briefing as part of LEAD on Climate 2022 on May 11th.

Representing SGI in the meetings, associate director Chris Cox said, “Fr. Mike Crosby began making the moral and business case for addressing climate change decades ago. It’s an honor to continue this work in pressing for environmental justice, as the harms of climate fall most heavily on the poor, those on the periphery.”

Organized by the sustainability nonprofit Ceres, LEAD on Climate 2022 features companies and investors that collectively count more than $1.6 trillion in annual revenue and $4.6 trillion in assets under management, and that employ more than 3 million people in all 50 states. The event comes at a critical time when Congress considers major investments in clean energy, transportation, and infrastructure, as well as the advanced manufacturing and supply chain capabilities to support it, either through a budget reconciliation deal or a bipartisan energy package.

Specifically, companies and investors are calling for Congress to:

  • Meet the urgency and scale of the climate crisis with ambitious federal investments to accelerate the transition to affordable, secure, domestic clean energy.
  • Seize the economic opportunities to lead the world in clean energy manufacturing and deployment to create jobs, spur innovation, strengthen supply chains, and reduce costs and price volatility for businesses and consumers. 
  • Tackle inequity by targeting climate and clean energy investments in disadvantaged, rural, and frontline energy communities.

This is the second year that SGI has supported Ceres’ LEAD on Climate. With the midterm elections quickly approaching, the window is closing for the last, best chance of getting significant federal climate and clean energy investments passed in time to meet our climate, energy, and economic security goals.

Click here to watch the full recording of the roundtable and media briefing.

The Decade We Stopped Climate Change

The Decade We Stopped Climate Change

Chris Cox

By Aaron Ziulkowski, Walden Asset Management

A New York Times Magazine published in August included one single article: “Losing Earth: The Decade We Almost Stopped Climate Change.” The title contains the spoiler that we all already knew: We are not stopping climate change. But the focus of the article by Nathaniel Rich—a whopping 30,000 words—is a historical recounting of how close the U.S. and global community came to establishing a binding framework that would have set us on a path to limit warming to what scientists consider manageable. Several decades later, we have still not accomplished this feat.

While some readers likely found the article depressing, it gave me a bit of hope. Rich chronicled a time when the risks of climate change were appreciated and regulations to limit emissions were recognized as the prudent action to take. This knowledge was accepted and embraced by conservatives and liberals as well as leaders of business and advocacy groups. While this promising response eventually derailed, investors may be able to help return the U.S. to a 1980s context—poised to act to mitigate the worst impacts of climate change.

Here’s what we can do.      

Ask companies to set emissions reduction goals that align with climate science. While this may sound outlandish, it is not. Many companies recognize that climate change presents both risks and opportunities and are committed to doing something about it. Forty-eight percent of Fortune 500 companies have set public targets to reduce greenhouse gas emissions, improve energy efficiency, source more renewable energy, or some combination of the three. While some of these targets are not science-based (i.e., aggressive enough to reach carbon neutrality by the second half of the century), nearly five hundred companies from around the globe have publicly committed to set science-based targets, and over one hundred have already done so.

Ask companies to be more transparent about their political spending and lobbying, as well as lobbying done on their behalf by trade associations such as the U.S. Chamber of Commerce. The business community wields significant influence over public policy, for better and for worse. Transparency breeds accountability. As investors, we need to know how a company is lobbying, both because the reputational risk it might entail for the companies we invest in, as well as the risks that lobbying may create for the broader economy. According to AFSCME, more than 40 companies engaged by investors have strengthened their corporate lobbying policies, practices (e.g. a decision to end ties with a third party involved in controversial lobbying activities), and transparency.

Ask companies to proactively advocate for comprehensive climate legislation. While at the federal level it is unlikely there will be an opportunity in the near-term to pass comprehensive climate legislation, there is important groundwork that needs to be done to prepare for when the political moment is right. There are also numerous opportunities to influence state- and local-level policies related to climate change. We should ask companies, especially those that are setting their own goals and targets to reduce emissions, to support legislative and regulatory efforts that are consistent and indeed facilitate achieving their goals. For example, recently, in my home state of Massachusetts, the business community successfully mobilized to support strengthening climate legislation, including the sourcing of renewable energy. Groups like the Business for Innovative Climate and Energy Policy (BICEP), organized by Ceres, can help companies identify and participate in such efforts.

What we did not achieve in the past provides us our current goal and focus. The business community can be a supportive partner in fighting climate change, and investors have an important role in catalyzing that action.