Business

Press Release: Citi Joins Pew Center's Business Environmental Leadership Council

Press Release
April 18, 2007

Pew Center Contact: Katie Mandes, (703) 516-4146
Citi Contact: Val Hendy, (212) 559-3362

CITI JOINS PEW CENTER'S BUSINESS ENVIRONMENTAL LEADERSHIP COUNCIL

Global Banking Giant Pledges to Take Immediate Action

WASHINGTON, D.C. – The Pew Center on Global Climate Change announced today that Citi has joined the Pew Center's Business Environmental Leadership Council (BELC) and its efforts to address global climate change.

One of the world's pre-eminent financial services companies, Citi has committed to a 10 percent reduction in GHG emissions by 2011, invested in and financed alternative energy and clean technology, and published equity research that highlights the relevance of climate change to various sectors of the global economy.

In a February 2007 position statement, Citi wrote that climate change poses significant potential risks to the global economy that require urgent action. Citi recognizes that climate change requires a global solution – and that U.S. national action and leadership are critical elements of a successful effort.

The company also supports a market-based national policy to reduce GHG emissions. As their February 2007 climate policy states, "Citi recognizes that establishing a price for carbon dioxide and other greenhouse gases is essential for reflecting the impacts of these emissions…Given the necessity to address emissions from all regions of the U.S. and the world, a national legislative framework will be the most effective and economically efficient response for the United States.”

"The leading financial firms have the most influential voice of any in the business community when it comes to core economic concerns,” said Eileen Claussen, President of the Pew Center on Global Climate Change. "I am delighted that Citi has committed to public leadership on this issue. By calling for a strong, market-based U.S. climate policy and new global approaches, they are protecting the long-term interests of their customers and the communities they touch.”

"Citi is honored to be joining the Pew Center's Business Environmental Leadership Council to work together with Pew and other companies on the critical issue of climate,” said Chuck Prince, Chairman and Chief Executive Officer, Citi Inc. "Citi recognizes the importance of business leadership on environmental issues, has demonstrated its value through initiatives such as the Equator Principles, and looks forward to contributing to this important work led by Pew, learning from our peers, and further developing Citi's responses.”

The BELC was established by the Pew Center in 1998, and the Center is a leader in helping these and other major corporations integrate climate change into their business strategies. The group is comprised of mainly Fortune 500 companies representing a diverse group of industries including energy, automobiles, manufacturing, chemicals, pharmaceuticals, metals, mining, paper and forest products, consumer goods and appliances, telecommunications, and high technology. Individually and collectively, these companies are demonstrating that it is possible to take action to address climate change while maintaining competitive excellence, growth, and profitability. The BELC is the largest U.S.-based association of corporations focused on addressing the challenges of climate change, with 43 companies representing over 3.8 million employees and a combined market value of $2.8 trillion.

The other members of the BELC are: ABB; Air Products; Alcan; Alcoa Inc.; American Electric Power; Bank of America, Baxter International Inc.; The Boeing Company; BP; California Portland Cement; CH2M HILL; Cummins Inc.; Deutsche Telekom; DTE Energy; Duke Energy; DuPont; Entergy; Exelon; GE; Georgia-Pacific; Hewlett-Packard Company; Holcim (US) Inc.; IBM; Intel; Interface Inc.; John Hancock Financial Services; Lockheed Martin; Marsh, Inc.; Novartis; Ontario Power Generation; PG&E Corporation; Rio Tinto; Rohm and Haas; Royal Dutch/Shell; SC Johnson; Sunoco; Toyota; TransAlta; United Technologies; Weyerhaeuser; Whirlpool Corporation; and Wisconsin Energy Corporation.

For more information about global climate change and the activities of the Pew Center and the BELC, visit www.c2es.org.

Climate Change Politics: A Landscape Transformed

CLIMATE CHANGE POLITICS: A LANDSCAPE TRANSFORMED

SPEECH BY EILEEN CLAUSSEN, PRESIDENT, PEW CENTER ON GLOBAL CLIMATE CHANGE

XERISCAPE COUNCIL OF NEW MEXICO, MARCH 9, 2007
ALBUQUERQUE, NEW MEXICO

 

It is wonderful to be here in Albuquerque.   I am honored to be a part of this conference, and to kick off Session III of these proceedings.  

And what a journey you have been on.  Your agenda shows that you have moved from the Desert Dryland of Session I through the Middle Ground of Session II . . . and today you have reached Session III:    Oasis.   I am just glad this Convention Center has ample parking for all of your camels. 

Your journey reminds me of an old New Yorker cartoon.   It shows a caravan in the desert with the camels piled high.  A child in the group asks his mother the age-old question: “Are we there yet?”  And the irritated mother replies: “Of course not, we’re nomads!”

So let me begin by paying   tribute to the Xeriscape Council of New Mexico for bringing all of us—all of you—together.  The Council understands that, when it comes to issues of how we use water and how we interact with the natural environment, we simply cannot continue blindly on our current course.  We cannot keep treating the environment as an instrument for meeting our every whim and need.  Or, at least, we cannot do this and expect our actions not to have repercussions, some of them quite severe.

I am here this morning, of course, to talk about climate change.   And, given the Council’s interest in water issues, I want to talk a little bit about the relationship between climate change and water supplies. But, mostly, I want to talk about politics.

Now, I know what you’re thinking. You’re thinking: Oh, great. Someone is here from Washington to talk about politics. As if we don’t get enough politics in the news already.

But what I want to talk about is the politics of climate change—and how the political landscape in this country is changing in favor of stronger action to protect the climate. And it is changing for the same reason that events such as this conference are attracting more and more participants. Because people recognize that we have some very serious environmental problems on our hands—and because people see that there are solutions.

Of course, I am talking about people like you. And I am also talking about people like New Mexico’s governor, Bill Richardson.

Just last week, as I am sure you know, Governor Richardson joined with the chief executives of four other western states in a bold agreement to reduce greenhouse gas emissions and address climate change. I’ll talk more about this later, but for now I merely want to alert you to the fact that solutions to climate change are sprouting up right here in your own backyard. New Mexico and its neighbors, in fact, are at the vanguard in showcasing the new politics of climate change that I want to talk about today.

But let me start with a few words about water. Earlier this year, a United Nations panel called the Intergovernmental Panel on Climate Change (IPCC) issued a highly anticipated report on the current science of climate change.  This report represents the combined efforts of hundreds of top scientists from around the world. And it received a great deal of attention in the media—chiefly, for confirming once and for all that sea level and global temperatures both increased at an accelerating pace during the 20th century.

Also newsworthy was the fact that the IPCC expressed a much higher level of confidence than in past reports (a greater than 90-percent certainty, in fact) that the changes we are seeing are the result of human actions. The primary culprit, of course, is emissions of carbon dioxide and other greenhouse gases from the burning of fossil fuels.

But there was other news in the IPCC report as well—and a lot of it had to do with water. For example, the report confirmed that mountain glaciers and snow cover have declined on average in both the northern and southern hemispheres. It also found that more intense and longer droughts have been observed over wider areas since the 1970s, particularly in the tropics and subtropics.

And that just covers what has happened to date. The IPCC also issued projections for the decades ahead. And, again, the news is not good. Global temperatures, according to the report, will rise by 3.2 to 7.2 degrees Fahrenheit by 2100, and sea levels will rise one-half to two feet. In addition, there is a 90-percent or greater chance that the world will see more hot extremes, heat waves and heavy precipitation events. And it is likely that we will see more droughts as well.

There it is: the dreaded D-word. The likelihood of more droughts is an obvious concern for people across the Southwest. The American Meteorological Society held a briefing on the IPCC report the other week in Washington, and Dr. Richard Seager of Columbia University made some very sobering points.

He said the report essentially confirms that the southwestern United States began a transition to a drier climate at the end of the 20th century, and that a new, drier climate is, in fact, well established as the 21st century gets under way. According to state-of-the-art models, conditions approximating a perpetual 1950s-style drought are likely to become the new climate of the Southwest in the decades to come.

In other words: If you want to keep a garden in New Mexico, and if you’re not into xeriscaping now, there is a 90-percent or greater chance you will be soon. There is no doubt about it: the changing climate will have serious implications for the Southwest. It will affect development, the allocation of water resources, cross-border relations with Mexico, everything.

And that’s just the forecast for the Southwest. Looking more broadly, the most recent IPCC report confirms beyond any reasonable doubt that climate change is a real problem, that it is caused in large part by human activity, and that it will accelerate in the years to come. If there is any silver lining in the contents of this report, it is this: the IPCC has provided the latest in a long line of scientific studies and pronouncements that have helped to change the political landscape on this issue in favor of solutions. And that is what I would like to talk about during the remainder of my remarks.

In his January State of the Union address, President Bush called global climate change a “serious challenge.” And, while his answers to the challenge fall far short of doing what’s needed, it is a remarkable rhetorical (and political) u-turn for this White House to even acknowledge that this is a challenge, let alone a serious one.

The reason for the u-turn can be found in part, as I said, in the increasing scientific certainty about climate change. Every month, it seems, the scientific case for action has become stronger—to the point that no responsible, thinking person can any longer deny that this is a real problem.

But science is not the only force that has compelled this White House and others to see that it is in their political interest to go public with their concern about this challenge. Equally important, I believe, is the fact that this Administration has become politically isolated on this issue, as governors and congressional leaders have stepped up and not only acknowledged the challenge but tried to shape real solutions.

The announcement last week by the five Western governors is a perfect example of this. People are not happy about the lack of leadership on this issue from Washington, and they’re setting out to fill the void.

Under the western governors’ agreement, New Mexico would join with Arizona, California, Oregon and Washington to set a regional target for greenhouse gas emissions.  And, by August 2008, the states will establish a market-based system to enable companies and industries to meet the target as cost-effectively as possible.  These five states combined emit more carbon dioxide than Canada, while accounting for more than 11 percent of total U.S. emissions.  So this is a significant achievement. 

New Mexico also is one of 12 U.S. states that have adopted their own statewide targets for capping and, ultimately, reducing their greenhouse gas emissions.  And New Mexico’s are among the most ambitious targets out there--emissions will reach 2000 levels by 2012, they will be 10 percent below 2000 levels by 2020, and 75 percent below 2000 levels by 2050.  

In December, Governor Richardson signed an executive order to help the state reach its targets.   Among the steps he approved were the creation of a greenhouse gas registry, advances in technology to capture and store carbon emissions from power plants, and the promotion of renewable fuels.

New Mexico is the first major coal, oil and gas-producing state to set targets like these.  New Mexico also is working with its neighbors in Arizona on a plan called the Southwest Climate Change Initiative.  The goal: to pursue collaborative opportunities to reduce emissions.

The residents of this state deserve to be proud of all of the forward-looking things that are happening right here to address climate change.   But New Mexico is not alone among the states.  Over the past several years, lawmakers from coast to coast have been embracing new programs and policies to reduce their states’ greenhouse gas emissions. 

California, like New Mexico, established an ambitious greenhouse gas emissions target—and California has gone the next step and passed legislation, with real enforcement, to give the targets the force of law.  California also has taken steps to begin regulating carbon dioxide emissions from cars and trucks (a policy that 10 other states are poised to follow if it survives a legal challenge from the automakers).  If the courts uphold it, California’s new standard for vehicles will reduce annual greenhouse gas emissions in the state by 30 million tons by 2020.

Many, many states are taking steps to rein in their emissions.   For example, 22 states, including large emitters like Texas and California, have required that electric utilities generate a specified amount of electricity from renewable sources.  Twenty-eight states have climate action plans.

And other states are working across their borders in the same spirit as New Mexico and its western neighbors.   Seven Northeastern and Mid-Atlantic states have signed their own regional initiative.  Known as RGGI, it is aimed at reducing carbon dioxide emissions from power plants in the region. 

Now, you might think that one state’s actions could not possibly affect a global problem like climate change. But if you combine the RGGI states with the five western states that are taking collaborative action, that’s 22 percent of U.S. emissions that could soon be subject to emission targets under a market-based system.  If all of these states were a single country, they would be the fourth largest emitting nation in the world.  And consider this:   California’s emissions exceed those of Brazil.   Texas comes out ahead of Canada, the UK and Mexico.    And Illinois produces more CO2 than the Netherlands.

States are a significant part of the climate problem, and many of them are showing they can be a significant part of the solution as well. 

The states also are showing that it is politically possible to take action on this issue.    In November, Governor Richardson was reelected to office with the support of 69 percent of New Mexico voters.  It was the largest margin of victory for any governor in the history of the state.  Think his support for serious action on climate change hurt him at the polls?  Doesn’t look like it. 

The same goes for California Governor Arnold Schwarzenegger.  Polls have confirmed that his strong support for climate action helped him enormously with California voters in the 2006 election.  The governor won the election with a strong 56-percent majority of the vote, vs. 39 percent for his Democratic opponent.  

So, yes, the politics of climate change are different today.  And it is not only because state leaders are stepping up and advancing solutions to the problem.  Business leaders, too, have gotten into the act—making the case that it is possible to protect the climate while also protecting—and, in many cases, advancing—our goals for economic growth. 

At the Pew  Center, we work with a council of leading businesses that are committed to protecting the climate.   Our Business Environmental Leadership Council began with 13 companies; it now includes more than 40 companies representing more than 3 million employees and with a combined market value of over $2.4 trillion.  Members include a who’s who of U.S. corporate leadership, from Alcoa and GE to IBM and Intel,  and many more. What are these companies doing to protect the climate?  Here are a couple of examples:   Over the last 20 years, Alcoa has reduced the electricity required to produce a ton of aluminum by 7.5 percent.  Another Council member, IBM, has instituted energy conservation measures that resulted in a savings of 12.8 billion kilowatt hours of electricity between 1990 and 2002.  The resulting reduction in carbon dioxide emissions: 7.8 million tons.    And the resulting savings to the company’s bottom line: $729 million in reduced energy costs.

We can’t cut emissions?   These companies don’t think so.  And they’re showing it’s possible to do so in ways that do not compromise economic growth. 

For many if not all of these companies, addressing climate change is about both opportunity and risk.   Many business leaders see real risks to their operations from climate change.   According to the global insurance giant, Allianz, climate change already is increasing the potential for property damage at a rate of between 2 and 4 percent every year.  Tourism, agriculture, insurance, finance … all of these industries (and more) face serious and compelling risks.  And consider the risks for electric utilities and other businesses that do nothing to address this issue now—and then are forced to play a costly game of catch-up down the road as governments finally (and inevitably) get serious about reducing emissions.

On the other hand, there are also many obvious opportunities tied to developing and deploying new and emerging low-carbon technologies.  GE, for example, has committed to doubling its investment in environmental technologies to $1.5 billion by 2010.   That is the equivalent of starting a new Fortune 250 company focused exclusively on clean technology.

Ten years ago, corporate America was a reliable ally for those opposed to any kind of serious action to address climate change.  Well, that’s just not the case any more.  And, in fact, many of the companies we work with are combining independent, voluntary action to reduce their emissions and develop climate-friendly technologies with high-profile public support for new policies to protect the climate.

Just last month, several of the businesses on our Council joined with the Pew  Center and others in a high-profile appeal for U.S. government action to address climate change.  The group is known as the U.S. Climate Action Partnership, and this wasn’t just a blanket call for government to do something.  Rather, the USCAP group issued a specific proposal with specific targets and timetables—a real plan of action to slow, stop and reverse U.S. emissions.

Among the companies that were part of this unique call-to-action was Albuquerque’s own PNM Resources.   PNM, of course, is the energy holding company whose utility and energy subsidiaries provide power to 941,000 homes and business in New Mexico and Texas.

Now, think for a moment about how an announcement like this changes the political landscape on this issue.   When Fortune 500 CEOs take a stand for policies that in the past were tagged by private sector leaders as extreme or unwarranted, and worse, it moves the politics to a new place.   Like the state leaders who have come out in favor of strong and effective policies, the business leaders we’re working with are sending a clear message to Washington, and the message is this:   We must act to address this issue now, and we can do it without putting our economy at risk.

And Washington, finally, is beginning to listen.    Beyond the President’s rhetorical bows to climate change, our nation’s elected leaders are laying the groundwork for substantive action on this issue in the months and years ahead.    In 2005, the U.S. Senate passed a bipartisan measure calling for a national, mandatory, market-based program to slow, stop and, ultimately, reverse the growth in U.S. greenhouse gas emissions.  Although the measure was nonbinding, it marked the first time the Senate has gone on record to support mandatory action on this issue. 

And now, there is a new Congress in place with leaders who are strong supporters of climate action.   The change at the top of the U.S. Senate committee with jurisdiction over climate change is a case in point.  Gone as chairman is Senator James Inhofe of Oklahoma, who infamously referred to climate change as a quote-unquote “great hoax.” Replacing him is Senator Barbara Boxer of California, who could not pose more of a contrast as author of one of the most aggressive climate bills yet introduced in Congress.

In addition to Senator Boxer at the head of the Environment and Public Works Committee, we now have a Senate Majority Leader and a Speaker of the House who consistently have supported mandatory climate action.  And we have leaders of other key committees on both sides of Capitol Hill who have expressed their support for action.

House Speaker Nancy Pelosi has signaled her intention to have the House pass a climate bill by July 4.  And the biggest political development of the year on this issue may be that Congressman John Dingell of Detroit now agrees that it’s time to act. 

As chairman of the powerful House Committee on Energy and Commerce, Congressman Dingell has long been considered an obstacle to serious action on climate change.  But now he is saying that his committee will report a bill by early June.  And his support for action, I believe, is very likely to bring in other Democrats who have been less than enthusiastic, and more Republicans too. 

What all of these developments point to, if all the stars align, is a so-called “cap-and-trade” bill emerging from Congress, potentially before the 2008 elections.  In the Senate alone, there are currently five bills proposing some form of cap-and-trade program for greenhouse gas emissions

Cap-and-trade, as most of you know, is a policy that requires emissions reductions while allowing companies to trade emission credits.   The most important benefit of this approach: it establishes a value for emissions reductions, as well as an economic advantage for technologies that can achieve them. 

The cap-and-trade model already has proven successful in this country in reducing emissions of the pollutants that cause acid rain.  We know it can work.  Cap-and-trade, in fact, is how California intends to achieve its emission targets.  It is also the basis for the multi-state plans I mentioned here in the West and back East as well. 

So there is, in fact, a great deal of movement on this issue in Washington.   And there is additional pressure for solutions due to the upcoming 2008 Presidential contest.  (Well, I suppose you can’t call it an “upcoming” contest anymore—sadly for all of us, it is already well under way). 

In any case, on the Democratic side you have a number of candidates who have pledged to make climate change an important part of their platforms.  And, among the Republicans there is U.S. Senator John McCain, who co-wrote the first cap-and-trade bill in the U.S. Congress way back in 2003.  Conveniently, his measure currently is co-sponsored by two colleagues named Obama and Clinton (meaning we could see at least one point of agreement during the 2008 presidential debates). 

Given the support for climate action among these high-profile contenders for President, I believe that the words “cap and trade” will become an important part of the political dialogue in this country in the lead-up to the 2008 election.  And I also believe that, given the changed politics on this issue, it is plausible that the United States could have this kind of mandatory policy in place by 2008, and it’s likely we will have such a policy by 2010. 

But implementing a cap-and-trade policy, while critical, is not all we need to do.  We need a wider range of policies.  We need to invest in research to develop some of the most critical, long-term, climate-friendly technologies.  And we need policies to ensure that technologies that reduce emissions can gain a solid foothold in the marketplace. 

And then there are policies aimed at specific sectors of the economy.   For example, governments around the world have adopted more stringent policies than the United States to reduce tailpipe greenhouse gas emissions and/or increase the fuel economy of cars and trucks.     Even China has higher standards than we do.  If all of these countries are doing this and we aren’t, that says to me that it’s possible—that, despite the automobile companies’ resistance, technologies exist to reduce emissions from this sector.  And by adopting tougher but reasonable standards, we can hasten the rollout of cost-effective, commercially available technology to reduce vehicle emissions.       

It is also going to take international policies.   This, too, is not in question.  Climate change is a global problem requiring global action.  Even if we were to get smarter about reducing the United States’ contribution to climate change, global energy use will continue to surge and climate change will remain a significant threat.  We cannot protect the climate without a global framework that enlists all countries to do their part to reduce emissions, and that provides poorer countries with the support they need to do so.

And, in fact, a number of countries around the world already are taking action on this issue, which is another factor that has changed the political landscape here in the United States.   The European Union, for example, has adopted its own emissions trading scheme.  And countries like the United Kingdom have embraced ambitious goals for reducing their emissions and developing low-carbon energy sources. 

While all of these other countries are moving forward, however cautiously, and trying to figure out how to reduce their emissions, the United States until now has remained largely on the sidelines.   And we have remained on the sidelines despite the enormous risks that climate change poses for our economy—and the enormous economic opportunities as well.  

As both the risks and the opportunities become clearer to U.S. leaders, the political landscape will continue to change.  And we will see our country come around, once and for all, and embrace real action to protect the climate—and to ensure that our water supplies and other resources are protected as well.

And, by real action, I am talking about more than a prevention-only approach.  Although reducing greenhouse gas emissions is critical to limiting the ultimate damage caused by climate change, it is clear that we must also adapt to what is already here and coming in the near future. The latest IPCC report tells us that, even if we stopped emitting greenhouse gases today, the average temperature of the earth would continue to rise significantly for decades to come, precipitation patterns would continue to change, and sea level would continue to rise for hundreds of years because of the inertia in the climate system.   Obviously, we will not stop emitting greenhouse gases today, so the changes to come will be significant.  We are going to have to adapt.

By reducing your water demand, you—the xeriscape community—are in the vanguard of the grassroots adaptation movement.    But in the same way that voluntary action alone is not enough to prevent the worst effects of climate change, voluntary action alone will not ensure we can adapt.  There is an essential role for government and public policy, including lots of planning at the local and state levels for droughts, storms, water shortages, extreme heat and other consequences.  Water supplies, storm drainage, peak power capacity, emergency care and relief systems, evacuation planning—all of these and more will have to be enhanced.

There will be large costs associated with adaptation but there will be no choice, as the alternative is simply to suffer.    Fortunately, we do have an opportunity, through aggressive mitigation, to minimize both the ultimate costs of adaptation and the amount of human suffering that our children and grandchildren will have to endure in the future. Every dollar spent avoiding climate change will save more dollars spent later on adapting to and repairing the damage.

Looking forward, the challenge of reaching agreement on effective national climate policies is not all that different from the challenges you face as gardeners.   We need to prepare the soil by making our opinions known.  We need to turn all of these buds and shoots I have talked about into healthy, thriving plants.  And we need to pay close attention to issues of design—how we design policies to work together in the most effective ways. 

In closing, I will go back to the question posed by the child in the caravan of camels: “Are we there yet?”   And the answer is, we are certainly not.  But unlike the nomads in the cartoon, we at least have a clear destination.    We just need to get going.  

Thank you very much.

Speak Now or Forever Hold Your Peace: The Business World Looks at Climate Change

Full article available (PDF)

by Truman Semans, Director for Markets and Business Strategy and Andre de Fontaine— Appeared in Geotimes, April 2007
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Building Solutions to Climate Change

Cover Buildings In Brief

November 2006

This In-Brief describes how the built environment can make an important contribution to climate change mitigation while providing more livable spaces.  It concludes that with current technologies and the expansion of a few key policies, significant reductions in greenhouse gases can be realized in the near term.  Furthermore, combining technology research and development with clear and sustained climate and energy policies would drive more dramatic reductions over time.

Press Advisory

Download the In-Brief (pdf)

This In-Brief draws heavily on the Pew Center report entitled Towards a Climate-Friendly Built Environment.

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Press Advisory: Pew Center Addresses Building Industry at Denver Conference

Media Advisory
November 16, 2006

Contact: Katie Mandes, (703) 516-0606

BUILDING SECTOR IS FOUNDATION OF U.S. CLIMATE CHANGE SOLUTIONS

Pew Center Addresses Building Industry at Denver Conference


Denver, CO- Energy used in residential, commercial, and industrial buildings produces about 43 percent of U.S. emissions of carbon dioxide, and these emissions are growing as Americans build more buildings and bigger homes. This makes the building sector the largest source of American emissions of the greenhouse gases (GHGs) that cause climate change.  Numerous stakeholders have begun acting to address the built environment’s role in climate change, and it is imperative that their commitment to green principles and innovation increases so that the building sector can reduce its contribution to climate change.

During a speech yesterday at the Greenbuild International Conference and Expo in Denver, Colorado, Eileen Claussen, President of the Pew Center on Global Climate Change, called on the building sector to play a more definitive role in America’s efforts to address climate change. “Building standards need to be strengthened and we need to factor the very real threat of climate change into every new building that is constructed.  Low or zero emission buildings should be our goal.”  Ms. Claussen challenged the sector to provide the foundation for U.S. climate solutions. The speech was given in conjunction with the release of a new In-Brief by the Pew Center entitled “Building Solutions to Climate Change.”

The In-Brief describes how the built environment can make an important contribution to climate change mitigation while providing more livable spaces.  It concludes that with current technologies and the expansion of a few key policies, significant reductions in greenhouse gases can be realized in the near term.  Furthermore, combining technology research and development with clear and sustained climate and energy policies would drive more dramatic reductions over time.

Ms. Claussen implored the building community to take the lead in cutting emissions of greenhouse gases. “If we do it right, protecting the climate could mean new industries, new markets, and new jobs for localities, states, and nations that successfully position themselves as centers of innovation and technology development for a low-carbon world.”

A copy of the latest In-Brief, “Building Solutions to Climate Change,” is available on the Pew Center’s web site, www.c2es.org.

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The Pew Center was established in May 1998 by The Pew Charitable Trusts, one of the United States’ largest philanthropies and an influential voice in efforts to improve the quality of the environment. The Pew Center is an independent, nonprofit, and non-partisan organization dedicated to providing credible information, straight answers, and innovative solutions in the effort to address global climate change. The Pew Center is led by Eileen Claussen, the former U.S. Assistant Secretary of State for Oceans and International Environmental and Scientific Affairs.

Corporate Strategies Workshop

Promoted in Energy Efficiency section: 
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"Getting Ahead of the Curve: Corporate Strategies That Address Climate Change" Corporate Strategies Workshop

October 18, 2006
Washington, DC

At this workshop, over a hundred business, academic, and NGO leaders convened to discuss the findings of a new Pew Center report, Getting Ahead of the Curve: Corporate Strategies That Address Climate Change. View the agenda by clicking here.

The report, authored by Dr. Andrew Hoffman of the University of Michigan, lays out a step-by-step approach for companies to reshape their core business strategies in order to succeed in a marketplace where greenhouse gases (GHGs) are regulated and carbon-efficiency is in demand. A number of key themes surfaced from the report and workshop discussions:

  1. Timing needs to be strategic. Some companies acknowledge the dangers of starting too early on climate action, while others highlight the risks of starting too late.
  2. The ultimate goal is a game-changing strategy. Such a strategy allows a company to leap far ahead of competitiors by creating or reshaping key markets that they can dominate. This requires a concerted effort, combining key functional areas of a company, such as research and development, marketing, supply chain management and policy engagement.
  3. An appropriate level of commitment needs to be made. While the companies in this report are leaders in their industries, some caution against getting too far ahead of the competition.
  4. Companies need to influence policy. Any policy that regulates GHG emissions will constitute a major market shift, setting "new" rules of the game. Companies in the report feel they cannot leave the ultimate form of such regulations to chance and must earn a seat at the policy making table.
  5. Companies need to create business opportunities. Companies with a history of climate-related activity are shifting their strategies from a focus on risk management and bottom-line protection to instead emphasize business opportunities and top-line enhancements.
  6. Climate strategies cannot be an add-on to business as usual. Instead, sustainable climate strategies must be fully integrated into core business activities.

Corporate Strategies Workshop Agenda

Lunch Keynote Speaker

  • John Ranieri, Vice President and General Manager of Bio-Based Materials -- Energy and Specialties, DuPont (pdf of presentation - 10MB).

Overview of report process, key findings, and future research

  • Andy Hoffman (pdf), Holcim (US) Professor of Sustainable Enterprise, University of Michigan
  • Truman Semans (pdf), Director for Markets and Business Strategy, Pew Center on Global Climate Change
  • Representatives from Report Case Study Companies
    • Randy Armstrong, Manager, Compliance Assurance, Shell Oil Company
    • Eric Kuhn, Manager, Climate Change Programs, Duke Energy
    • Ed Mongan, Director, Energy and Environment, DuPont
    • Mark Way, Head, Sustainability Issue Management & Reporting Team, Swiss Re

Click here to view streaming video of a subsequent workshop on the Pew Center's Corporate Strategies report held November 10, 2006, at the University of Michigan, which featured a detailed question and answer period between conference attendees and case study company representatives.

Panel #1: McKinsey & Company

  • Kenneth Ostrowski, Director of the Americas Electric Power and Natural Gas Practice, McKinsey & Company (Chair)
  • Jon Creyts, Principal, McKinsey & Company
  • Rick Duke, Engagement Manager, McKinsey & Company
  • Per-Anders Enkvist, Associate Partner, McKinsey & Company
  • Christoph Grobbel, Senior Practice Expert of the European Electric Power and Natural Gas Practice, McKinsey & Company
  • Steve Mitnick, Senior Advisor, McKinsey & Company

The presentations from the McKinsey & Company panel discussion are confidential. Those interested in McKinsey's work on climate change should contact Sally Lindsay, Senior Practice Manager, McKinsey & Company (202-662-2201, or Sally_Lindsay@mckinsey.com).

Panel #2: Perspectives on Sustainability, Legal, and Communications Dimensions of Climate Change

  • Chuck Bennett, Senior Research Associate, The Conference Board
  • Ken Berlin, Attorney and Partner, Skadden, Arps, Slate, Meagher & Flom LLP
  • Bob Knott, Executive Vice President, Edelman

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Press Release: Pew Center Releases Guide to Developing Climate Related Business Strategies

Press Release
October 18, 2006

Contact: Katie Mandes, (703) 516-0606

PEW CENTER RELEASES COMPREHENSIVE GUIDE TO DEVELOPING CLIMATE CHANGE RELATED BUSINESS STRATEGIES

Report Shows Inaction No Longer a Viable Option

Washington, DC -- The Pew Center on Global Climate Change today released, “Getting Ahead of the Curve: Corporate Strategies That Address Climate Change,” a how to guide for corporate decision makers as they navigate rapidly changing global markets. The report presents an in-depth look at the development and implementation of corporate strategies that take into account climate-related risks and opportunities.

The report, authored by Andrew Hoffman of the University of Michigan, lays out a step-by-step approach for companies to reshape their core business strategies in order to succeed in a future marketplace where greenhouse gases are regulated and carbon-efficiency is in demand. The research shows a growing consensus among corporate leaders that taking action on climate change is a sensible business decision. Many of the companies highlighted in the report are shifting their focus from managing the financial risks of climate change to exploiting new business opportunities for energy efficient and low-carbon products and services.

Relying on six highly detailed, on-site case studies, as well as results from a 100-question survey completed by 31 companies, the report offers a unique and in-depth look at the development and implementation of corporate strategies that address climate change. The featured case studies include Alcoa, Cinergy (now Duke Energy), DuPont, Shell, Swiss Re, and Whirlpool Corporation.

One of the clearest conclusions is that businesses need to engage actively with government in the development of climate policy. Of 31 major corporations polled by the report author, nearly all companies believe that federal greenhouse gas standards are imminent, and 84 percent of these companies believe regulations will take effect before 2015. The report offers policy makers insight into how companies are moving forward on climate change and how they can most effectively engage in the policy discussion.

“If you look at what is happening today at the state level and in the Congress, a proactive approach in the policy arena clearly makes sound business sense” said the Pew Center’s Eileen Claussen. “In the corporate world, inaction is no longer an option.”

Lessons learned at each step of the strategy development process are presented and four overarching themes emerge:

  • Strategic timing – For some there is a danger of starting too early; others highlight the risks of starting too late.
  • Establishing an appropriate level of commitment – For many companies, uncertain demands from government, the marketplace, and the financial community–coupled with limited hard data and models to guide aggressive action–make it challenging to support extensive expenditures on GHG reductions.
  • Influence policy development – Any policy that regulates GHG emissions will certainly constitute a major market shift. Early action is seen as a way for companies to gain credibility and leverage participation in the process of policy.
  • Creating business opportunities – positioning to capture emerging opportunities and gain competitive advantage

The research draws from the experience of companies in the Pew Center’s Business Environmental Leadership Council (BELC). The BELC, with 42 companies representing over 3 million employees and a combined market value of more than $2.4 trillion, is the largest US-based association of corporations actively pursuing solutions to climate change. Wal-Mart and Goldman Sachs also gave input.

Representatives from Shell, Alcoa, Duke Energy, DuPont, Swiss Re and Whirlpool Corporation spoke about their companies’ corporate strategies to address climate change today at the National Press Club in Washington DC.

The members of the BELC are: ABB; Air Products; Alcan; Alcoa Inc.; American Electric Power; Bank of America; Baxter International Inc.; The Boeing Company; BP; California Portland Cement; CH2M HILL; Cummins Inc.; Deutsche Telekom; DTE Energy; Duke Energy; DuPont; Entergy; Exelon; GE; Georgia-Pacific; Hewlett-Packard Company; Holcim (US) Inc.; IBM; Intel; Interface Inc.; John Hancock Financial Services; Lockheed Martin; Marsh Novartis; Ontario Power Generation; PG&E Corporation; Rio Tinto; Rohm and Haas; Royal Dutch/Shell; SC Johnson; Sunoco; Toyota; TransAlta; United Technologies; Weyerhaeuser; Whirlpool Corporation; and Wisconsin Energy Corporation.

A copy of this and other Pew Center reports is available at www.c2es.org.

###

The Pew Center was established in May 1998 by The Pew Charitable Trusts, one of the United States’ largest philanthropies and an influential voice in efforts to improve the quality of the environment. The Pew Center is an independent, nonprofit, and non-partisan organization dedicated to providing credible information, straight answers, and innovative solutions in the effort to address global climate change. The Pew Center is led by Eileen Claussen, the former U.S. Assistant Secretary of State for Oceans and International Environmental and Scientific Affairs.

Press Release: Bank of America Joins Pew Center's Business Environmental Leadership Council

Press Release
October 17, 2006

Pew Center Contact: Katie Mandes, (703) 516-4146
Bank of America Contact: Shirley Norton, (415) 622-4041

BANK OF AMERICA JOINS PEW CENTER’S BUSINESS ENVIRONMENTAL LEADERSHIP COUNCIL

Financial Industry Leader Commits to Advancing Climate Change Solutions

WASHINGTON, D.C. – The Pew Center on Global Climate Change announced today that Bank of America has joined the Pew Center’s Business Environmental Leadership Council (BELC) and its efforts to address global climate change.

One of the world’s leading financial institutions, Bank of America adopted a climate change position recognizing that “climate change and atmospheric pollution represent a risk to the ultimate stability and sustainability of our way of life.” The company has set a goal to reduce direct greenhouse gas emissions from its operations by 9 percent from 2004 levels by 2009. In addition, Bank of America is constructing a state of the art 2.1 million-square-foot tower, designed to be one of the most environmentally responsible high-rise office buildings, which will serve as the headquarters for Bank of America’s operations in New York City.

“The financial industry is essential to a successful climate strategy in the United States,” said Eileen Claussen, President of the Pew Center on Global Climate Change. “Bank of America recognizes that climate change poses both risks and opportunities to economies and societies around the world, and I am delighted to have their expertise and support as we work to craft reasonable climate policy in this country.”

“We hold the core belief that we should contribute to the communities in which we work and live and that healthy communities create good business opportunities,” said Anne Finucane, Bank of America Global Marketing and Corporate Affairs executive and head of the company’s environmental council. “We strive to create initiatives that apply business practices to good environmental behavior.”

Bank of America serves individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company serves more than 54 million consumer and small-business relationships with more than 5,700 retail banking offices. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 79 percent of the Global Fortune 500. Bank of America Corporation (NYSE: BAC) is listed on the New York Stock Exchange.

The BELC was established by the Pew Center in 1998. The group is comprised of mainly Fortune 500 companies representing a diverse group of industries including energy, automobiles, manufacturing, chemicals, pharmaceuticals, metals, mining, paper and forest products, consumer goods and appliances, telecommunications, and high technology. Individually and collectively, these companies are demonstrating that it is possible to take action to address climate change while maintaining competitive excellence, growth, and profitability. The BELC is now the largest U.S.-based association of corporations focused on addressing the challenges of climate change, with 42 companies representing over 3 million employees and a combined market value of more than $2.4 trillion

The other members of the BELC are: ABB; Air Products; Alcan; Alcoa Inc.; American Electric Power; Baxter International Inc.; The Boeing Company; BP; California Portland Cement; CH2M HILL; Cummins Inc.; Deutsche Telekom; DTE Energy; Duke Energy; DuPont; Entergy; Exelon; GE; Georgia-Pacific; Hewlett-Packard Company; Holcim (US) Inc.; IBM; Intel; Interface Inc.; John Hancock Financial Services; Lockheed Martin; Marsh, Inc.; Novartis; Ontario Power Generation; PG&E Corporation; Rio Tinto; Rohm and Haas; Royal Dutch/Shell; SC Johnson; Sunoco; Toyota; TransAlta; United Technologies; Weyerhaeuser; Whirlpool Corporation; and Wisconsin Energy Corporation.

For more information about global climate change and the activities of the Pew Center and the BELC, visit www.c2es.org. For more information about Bank of America’s commitment to the environment, visit http://www.bankofamerica.com/environment/.

______________________________________________

The Pew Center was established in May 1998 by The Pew Charitable Trusts, one of the United States’ largest philanthropies and an influential voice in efforts to improve the quality of the environment. The Pew Center is an independent, nonprofit, and non-partisan organization dedicated to providing credible information, straight answers, and innovative solutions in the effort to address global climate change. The Pew Center is led by Eileen Claussen, the former U.S. Assistant Secretary of State for Oceans and International Environmental and Scientific Affairs.

Getting Ahead of the Curve: Corporate Strategies That Address Climate Change

Corporate Strategies Report Cover

Read what the
Harvard Business Review
has to say about the Report (pdf).

Getting Ahead of the Curve: Corporate Strategies That Address Climate Change

Prepared for the Pew Center on Global Climate Change
October 2006

By:
Andrew J. Hoffman, The University of Michigan

This report serves as a "how to" guide for corporate decision makers as they navigate rapidly-changing global markets. The report presents an in-depth look at the development and implementation of corporate strategies that take into account climate-related risks and opportunities.

Download the Entire Report (2MB pdf)
Download the Executive Summary (pdf)
View presentations from the October 18, 2006, Corporate Strategies Workshop

The report is comprised of two main sections:

1. The Synthesis Report lays out a step-by-step approach for incorporating climate change into corporate strategies and is based on results from a 100-question survey completed by 31 companies, six in-depth case studies, outside literature on corporate strategy, and input from the Pew Center's Business Environmental Leadership Council (BELC).

Synthesis Report (1.5MB pdf)

2. The Case Studies section features an in-depth look at the strategy-making process of these six companies:

Cinergy (now Duke Energy) (pdf)
Swiss Re (pdf)
DuPont (pdf)
Alcoa (pdf)
The Shell Group (pdf)
Whirlpool Corporation (pdf)

Foreword

Eileen Claussen, President, <?xml:namespace prefix = st1 />Pew Center on Global Climate Change

There is a growing consensus among corporate leaders that taking action on climate change is a responsible business decision. From market shifts to regulatory constraints, climate change poses real risks and opportunities that companies must begin planning for today, or risk losing ground to their more forward-thinking competitors. Prudent steps taken now to address climate change can improve a company’s competitive position relative to its peers and earn it a seat at the table to influence climate policy. With more and more action at the state level and increasing scientific clarity, it is time for businesses to craft corporate strategies that address climate change.

In this Pew Center report, author Andrew Hoffman of the University of Michigan has developed a “how to” manual for companies interested in developing effective climate strategies. One of the clearest conclusions is that businesses need to engage actively with government in the development of climate policy. After years of inaction, momentum is growing at the federal level to pass mandatory climate legislation. Nearly all the companies surveyed in this report believe that federal legislation is imminent, and 84 percent of those believe federal standards will take effect before 2015. With a number of new climate bills forthcoming, it is clear that Congress has entered the design phase for legislation. Now is the ideal time for the corporate sector to engage constructively with lawmakers to ensure that sensible policy is developed to reduce greenhouse gas emissions at the lowest possible cost.

And constructive engagement is tightly linked with another compelling theme of this report: the shift of companies’ focus to creating climate-related market opportunities. Companies with a strong history of reducing emissions are shifting their focus from risk management to exploring new business platforms. They understand better than their peers that new markets will be created and existing ones will change. There will be winners and losers. The shape of climate legislation will be the strongest factor in determining how the market rewards innovators of climate-friendly products and services, as well as how it punishes laggards. More than ever, integrating climate issues into corporate strategy is a necessary aspect of managing risk and seizing competitive advantage.

The Pew Center would like to thank Mike Lenox, Forest Reinhardt, and Paul Tebo for their comments on an earlier draft of the report; Alcoa, Cinergy (now Duke Energy), DuPont, the Shell Group, Swiss Re, and Whirlpool for agreeing to be profiled for the case studies in the report; all the companies that completed the Corporate Strategies Survey; and the many member companies of our Business Environmental Leadership Council that provided comments and guidance throughout the research process.

 

Exexutive Summary

This report compiles the experience and best practices of large corporations that have developed and implemented strategies to address climate change. Based on a 31-company survey, six in-depth case studies, a review of the literature, and experience gained by the Pew Center in working with companies in its Business Environmental Leadership Council (BELC), the report describes the development and implementation of climate-related strategies. It is primarily a “how to” manual for other companies interested in developing similar strategies. But the report will also be of value to investors and analysts in evaluating the effectiveness of company strategies for managing climate risk and capturing climate-related competitive advantage. Finally, it will offer policymakers insight into corporate views on greenhouse gas (GHG) regulation, government assistance for technology advancement, and other policy issues. Although the report focuses primarily on U.S.-based multinationals, it considers the global context of climate change and related market transformation.

The report describes eight specific steps clustered into three stages that describe the various components of a climate-related strategy. Table ES1 summarizes these steps, which include assessing emissions and exposure to climate-related risks, gauging risks and opportunities, evaluating action options, setting goals and targets, developing financial mechanisms, engaging the organization, formulating policy strategy, and managing external relationships. The report is organized along the framework presented in the table, though it must be emphasized that individual companies do not necessarily follow the steps shown in a linear fashion.

Lessons learned at each step of the strategy development process are presented throughout the report. Taken together, four overarching themes emerge from the survey results and case studies. The first is the importance of strategic timing. Some companies acknowledge the dangers of starting too early on climate action, while others highlight the risks of starting too late. Despite continuing uncertainty, there is general consensus among the companies in this report that recent changes in the level of external awareness about climate risks, state government action, momentum toward stronger federal policy, and consumer demand for cleaner and more efficient products make it imperative to act now. Well-timed strategies can prepare companies for eventual regulation and create flexibility for longer-range strategic options.

A second theme is the importance of establishing an appropriate level of commitment. While the companies in this report are leaders in their industries, some caution against getting too far ahead of the competition. For many companies, uncertain demands from government, the marketplace, and the financial community—coupled with limited hard data and models to guide aggressive action—make it challenging to support extensive expenditures on GHG reductions. Therefore, many companies justify early action on other grounds: the managerial imperative to undertake low-risk initiatives that produce immediate or near-term cost benefits; their fiduciary obligation to address risks from climate change and from related regulations, particularly to the extent these could affect future asset values and market positioning; and socially and ethically responsible business values—that is “doing the right thing.”

Corporate Strategies Table Strategies Development
Click Here to see a larger image (PDF)

A third theme for many companies is the need to influence policy development. Any policy that regulates GHG emissions will certainly constitute a major market shift, setting new “rules of the game” and changing the competitive landscape. Companies in this report feel they cannot leave the ultimate form of such regulations to chance. All policies are not equal; they will, by their nature, favor certain actions, companies, and industries. Early action is seen as a way for companies to gain credibility and leverage participation in the process of policy development, and thereby have a measure of control over their future business environment.

A fourth and final theme is the importance of creating business opportunities. Companies with a history of climate-related activity are trying to shift their strategies from a focus on risk management and bottom-line protection to instead emphasize business opportunities and top-line enhancements. Firms that incorporate climate change into their core business strategies will be in the best position to take advantage of emerging opportunities and gain competitive advantage in a changing market environment. Sustainable climate strategies cannot be an add-on to business as usual; they must be integrated with a company’s core business activities.

In the end, it is the consensus of the companies in this report that climate change is driving a major transition—one that will both alter existing markets and create new ones. As in any such transition, there are risks and opportunities, and there will be winners and losers. In this context, a growing number of companies believe that inaction is no longer a viable option. All companies will be affected to varying degrees, and all have a managerial and fiduciary obligation at least to assess their business exposure to decide whether action is prudent.

About the Author

Andrew J. Hoffman
Holcim Professor of Sustainable Enterprise
University of Michigan

Dr. Hoffman is the Holcim (US) Professor of Sustainable Enterprise at the University of Michigan; a position that holds joint appointments at the Stephen M. Ross School of Business and the School of Natural Resources & Environment. Within this role, Professor Hoffman also serves as Faculty Co-Director of Michigan’s dual-degree (MS/MBA) program of the Frederick A. and Barbara M. Erb Institute for Global Sustainable Enterprise. Professor Hoffman’s research deals with the nature and dynamics of change within institutional and cultural systems. He applies that research towards understanding the cultural and managerial implications of environmental protection and sustainability for industry. He has published over fifty articles/book chapters and four books.

Prior to joining the faculty at the University of Michigan, Professor Hoffman was an associate professor of organizational behavior at the Boston University School of Management, a visiting professor at the Kellogg School of Management and Reykjavik University and a senior fellow with the Meridian Institute. Prior to academics, he worked for the US Environmental Protection Agency (Region 1), Metcalf & Eddy Environmental Consultants, T&T Construction & Design and the Amoco Corporation.

 
 
 
 
Andrew J. Hoffman
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Press Release: Marsh, Inc. Joins Pew Center's Business Environmental Leadership Council

Press Release
July 13, 2006

Pew Center Contact: Katie Mandes, (703) 516-4146
Marsh, Inc. Contact: Al Modugno, (212) 345-2448

MARSH, INC. JOINS PEW CENTER ON GLOBAL CLIMATE CHANGE

Leading Insurance Services Firm Raises Awareness of Global Environmental Risk

WASHINGTON, D.C. – The Pew Center on Global Climate Change announced today that Marsh, Inc. has joined the Pew Center’s Business Environmental Leadership Council (BELC) and its efforts to understand and address the impacts of global climate change.

Marsh, the world’s leading risk and insurance services firm, recognizes climate change to be one of the most significant emerging risks affecting businesses worldwide, and has urged its clients and other companies to take action to address the issue.  In April, Marsh released “Climate Change: Business Risks and Solutions,” a 32-page report that describes the potential impact of climate change on business risk, including the strong threat of increasingly volatile weather conditions; impacts on commercial insurance markets, business resources, personnel, and corporate preparedness; and increasing legal and regulatory pressures.  Additionally, in a groundbreaking February 22, 2006 conference call with its global clients, Marsh Chairman and Chief Executive Officer Brian Storms committed the company to be a leading source of climate risk information and solutions.

“The insurance industry is uniquely positioned to face both the risks and opportunities presented by climate change,” said Eileen Claussen, President of the Pew Center on Global Climate Change.  “Marsh recognizes the responsibility that leading companies have in developing solutions to deal with the most dangerous impacts of climate change. We look forward to working with them as they continue to engage their clients and colleagues in this critical issue.”

“Climate change is a complex global issue at the intersection of science, risk, and public policy,” said Storms.  “It is a challenge that our clients – and the world – will face for a very long time.  Our collaboration with the Pew Center, and the leading companies that work with it, is an important step in our long-term commitment to addressing this issue.”

Marsh, the world’s leading risk and insurance services firm, has nearly 30,000 employees and annual revenues approaching $5 billion. The firm provides advice and transactional capabilities to clients in over 100 countries. Marsh is a unit of Marsh & McLennan Companies (MMC), a global professional services firm with more than 60,000 employees and annual revenues of approximately $12 billion. MMC also is the parent company of Guy Carpenter, Kroll, Putnam Investments, and Mercer. MMC’s stock (ticker symbol: MMC) is listed on the New York, Chicago, Pacific and London stock exchanges. MMC’s web site address is www.mmc.com. Marsh’s web site address is www.marsh.com.

The BELC was established by the Pew Center in 1998.  The group is comprised of mainly Fortune 500 companies representing a diverse group of industries including energy, automobiles, manufacturing, chemicals, pharmaceuticals, metals, mining, paper and forest products, consumer goods and appliances, telecommunications, and high technology. Individually and collectively, these companies are demonstrating that it is possible to take action to address climate change while maintaining competitive excellence, growth, and profitability.  The BELC is now the largest U.S. based association of corporations focused on addressing the challenges of climate change, with 41 members representing $2 trillion in market capitalization and over 3 million employees. 

The other members of the BELC are: ABB; Air Products; Alcan; Alcoa Inc.; American Electric Power; Baxter International Inc.; The Boeing Company; BP; California Portland Cement; CH2M HILL; Cummins Inc.; Deutsche Telekom; DTE Energy; Duke Energy; DuPont; Entergy; Exelon; GE; Georgia-Pacific; Hewlett-Packard Company; Holcim (US) Inc.; IBM; Intel; Interface Inc.; John Hancock Financial Services; Lockheed Martin; Novartis; Ontario Power Generation; PG&E Corporation; Rio Tinto; Rohm and Haas; Royal Dutch/Shell; SC Johnson; Sunoco; Toyota; TransAlta; United Technologies; Weyerhaeuser; Whirlpool Corporation; and Wisconsin Energy Corporation.

For more information about global climate change and the activities of the Pew Center and the BELC, visit www.c2es.org.

###

The Pew Center was established in May 1998 by The Pew Charitable Trusts, one of the United States’ largest philanthropies and an influential voice in efforts to improve the quality of the environment. The Pew Center is an independent, nonprofit, and non-partisan organization dedicated to providing credible information, straight answers, and innovative solutions in the effort to address global climate change. The Pew Center is led by Eileen Claussen, the former U.S. Assistant Secretary of State for Oceans and International Environmental and Scientific Affairs.

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