voluntary corporate climate change activities and drivers for participation cynthia cummis climate...
TRANSCRIPT
Voluntary Corporate Climate Change
Activities and Drivers for Participation
Cynthia CummisClimate Protection Partnerships
DivisionU.S. EPA
A Number of Climate Change Developments Affecting U.S. Companies
Federal State Non-Governmental Organizations International Financial Community
Federal Developments
EPA’s Climate Leaders companies complete corporate-wide GHG inventory and
track progress on entity-wide targets currently 67 Partners with 28 announced targets
Dept. of Energy’s 1605(b) Program allows companies to register entity-based reductions and
to report other information revised version to be released in 2005
Climate VISION sector agreements includes agreements with 13 industry sectors commitments range from 3-10% intensity improvements BRT has goal of 100% participation of members in Climate
RESOLVE
State Developments
Registries in place CA, NH, WI others in development
GHG reduction programs CA auto efficiency, OR power plant CO2
mitigation, MA, NH - CO2 cap & trade, North East RGGI – cap and trade, WI, ME, CT – reporting requirements
GHG reduction goals NE/E. Canada, NY, CT WA, OR and CA under development
NGO Developments
Chicago Climate Exchange GHG emission reduction and trading pilot program
WWF’s Climate Savers works with 8 companies that agreed to absolute GHG
reduction targets ED’s Partnership for Climate Action
companies set reduction target, publicly report, and trade emissions credits
World Economic Forum GHG Registry only global GHG registry
International Developments
Kyoto comes into force in February 2005 Emissions reduction and trading schemes
Japan - 6% below 1990, Environment Ministry proposing carbon tax
EU - 8% below 1990, trading scheme began January 2005 involving 12,000 facilities
Canada - 6% below 1990, trading scheme planned with price cap
Voluntary GHG reporting schemes WRI/WBCSD Corporate GHG Protocol (
www.ghgprotocol.org) - published second edition in 2004
ISO 14000 series GHG accounting standards – Draft International Standard available for comment
Financial Community Developments
28 shareholder resolutions filed on climate change in 2004 - up from six in 2001 and 19 in 2002. i.e. Cinergy, AEP, General Motors
New investor initiatives: UN Investor Summit on Climate Risk in 2004 explored
connection between climate risk and fiduciary responsibility (+$1 trillion in assets represented)
10-point “Call for Action” – 10 major investors request steps by the U.S. Securities and Exchange Commission, corporate boards, and Wall Street firms to increase disclosure of the risks posed by climate change (+$250 billion in assets)
Carbon Disclosure Project requests 500 largest companies disclose GHG emissions (95 investors are signatories,+$9 trillion assets)
Drivers for Participation in Voluntary Initiatives
demonstrate effectiveness of voluntary approach
cost savings shareholder resolutions risk management approach competitive advantage corporate image CEO believes it is the right thing to do influence direction of climate change policy educate themselves on the issue
The Company We Keep
Contact Information
Cynthia CummisU.S. EPA
Climate Protection Partnerships Division