Part of the PB and ICCR response to Climate Change is stepped up shareholder activism and corporate engagement.
Over one hundred shareholder resolutions on climate change were supported by institutional investors, including the Pension Boards in the 2013 season. The average votes for these resolutions were 23.76%. Twenty five resolutions called for companies to provide sustainability reports with respect to fossil fuel use and emissions. The average vote in support of those resolutions was 38.8%. The adoption of the four policies recommended by The IEA below would curb climate change to sustainable goals by 2020 and are the focus of many future resolutions.
The International Energy Association issued a “4-for-2” Scenario that describes four policies for limiting climate change to 2 degrees C.
In the 4-for-2 Scenario, global energy- related GHG emissions are 8% lower in 2020 than level otherwise expected. Here are the four policies:
Targeted energy efficiency measures in buildings, industry & transport account for nearly ½ the emissions reduction in 2020, with the additional investment required being more than offset by reduced spending on fuel bills.
Limiting the construction & use of the least-efficient coal-fired power plants delivers more than 20% of the emissions reduction & helps curb local air pollution. The share of power generation from renewables increases (from around 20% today to 27% in 2020), as does that from natural gas.
Actions to halve expected methane releases into the atmosphere from the upstream oil and gas industry in 2020 provide 18% of the savings.
Implementing a partial phase-out of fossil fuel consumption subsidies accounts for 12% of the reduction in emissions and supports efficiency efforts.