The religious shareholders of As You Sow and Calvert Investments are heralding last month’s shareholder vote on greenhouse gas reduction targets as an out-and-out victory.
Ummmm … not so fast. Although the press release on the AYS website trumpets: “Shareholders Vote for Greenhouse Gas Reductions at Midwest Utilities,” the facts tell a much different story. Yes, some shareholders did indeed vote in favor of the AYS/CI resolution, but not nearly enough to pass it:
Citing climate change impacts and financial risks of carbon-intense coal assets, shareholders representing billions of dollars of assets voted for carbon reduction targets at FirstEnergy and Great Plains Energy, showing strong support for a pair of shareholder proposals put forth by non-profit As You Sow and investment group Calvert Investments.
All this from shareholder activists apparently unaware of a little government entity called the Environmental Protection Agency, which, for better or worse, won’t announce its final rules for existing and new, modified and reconstructed power plants until this summer. According to the EPA, the agency will release this summer a Clean Power Plan for existing power plants in states, Native American country and U.S. territories; Carbon Pollution Standards for new, modified and reconstructed power plants; and issue a federal plan for meeting Clean Power Plan goals for public review and comment. (more…)