Investor Letter Opposing Keystone XL Pipeline
Green Century recently weighed in on the proposed Keystone XL pipeline, which would lead to the extraction and burning of millions of barrels of dirty tar sands fuel. The nation’s most prominent climate change scientist, Jim Hansen, Director of the NASA Goddard Institute for Space Studies, has predicted that if carbon emissions are not reduced, “economic losses will be incalculable” in the next several years.¹
During the 2013 public comment period on this issue, Green Century joined with our partner Environment America to organize investors to collectively urge President Obama to reject the pipeline and instead invest in projects that could transition the country to an independent and clean energy economy. Please see the investor letter below.
March 4, 2014
Dear President Obama,
As our nation has begun to suffer the impacts of climate change – from hurricanes to droughts – businesses, cities and residents are directly experiencing the negative financial impacts of erratic weather brought on by carbon pollution. Your leadership in promoting the development of renewable energy has played a critical role in helping to transition our economy to cleaner, more sustainable sources of energy. However the proposed Keystone XL pipeline would severely threaten our ability as a nation to make the transition to a clean energy future. The undersigned list of financial advisory firms, financial advisors, investment professionals, foundations and environmental leaders join leaders from around the globe in urging you to reject the proposed Keystone XL pipeline.
There is scientific consensus that the development of Alberta’s tar sands would release dangerous levels of greenhouse gas emissions. Rejecting the Keystone XL permit is important precisely because it has critical implications for the rate at which tar sands are extracted. A wide range of stakeholders and experts, including leading scientist, the EPA and leading financial analysts from Goldman Sachs, agree that building the Keystone pipeline will increase tar sands production and therefore dramatically increase global warming pollution.
Some claim that Keystone XL would increase US energy independence by supplying Canadian oil to the US, but the reality is that Keystone XL is a pipeline through, not to, America. Keystone XL would deliver tar sands to America’s leading export refineries. These refineries exported 60 percent of the gasoline they produced in 2012.
As institutions and organizations with long-term vested interests in transitioning to a clean energy economy, we urge you to reject the proposed Keystone XL pipeline and encourage you to support the development of cleaner energy sources and energy efficiency. Investing in and supporting renewable energy sources and promoting energy conservation provide a safer and cleaner path forward for our nation.
Green Century Capital Management
Federal Global Warming Program Director
Sr. Director, Beyond Oil Campaign
Managing Director & General Counsel
Domini Social Investments LLC
Newground Social Investment, SPC
Investor Voice, SPC
Progressive Asset Management
SVP, Director of Shareholder Advocacy
Trillium Asset Management, LLC
Julie N.W. Goodridge
President and CEO
NorthStar Asset Management, INC.
Colorado Sustainable Financial Planning
Horizons Sustainable Financial Services
Financial Advisor, CFP®, AIF®
Principled Investing, LLC
Shareholder Advocacy and Corporate Engagement
The Sustainability Group, Loring, Wolcott & Coolidge
Corporate Responsibility Director
Congregation of St. Basil
Director of Equity Research & Shareholder Engagement
Krull & Company
Directly of Social Research & Shareholder Advocacy
Clean Yield Asset Management
Director of Socially Responsible Investing
Zevin Asset Management, LLC
Christopher Reynolds Foundation
Steven J. Schueth
First Affirmative Financial Network
VP Community Health
Rose Foundation for Communities and the Environment
Quantum Financial Planning LLC
Director, Shareholder Advocacy
Ursuline Sisters of Tildonk U.S. Province
Director, Shareholder Advocacy
Dominican Sisters of Hope
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This information has been prepared from sources believed reliable. The views expressed are as of the date of publication and are those of the Advisor to the Funds.
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