Ceres, a group of state pension funds, has announced its climate blacklist.
On the list are Wells Fargo (WFS), Exxon (XOM), Conoco (COP), TXU (TXU), Dominion Resources (DOM), Massey Energy (MEE), Consol Energy (CNX), ACE (ACE), Allegheny Energy (AYE), and Bed, Bath & Beyond (BBBY).
The energy companies are fairly easy to understand, but the insurance company, bank and home goods store are a puzzle.
According to Ceres this was the problem with BBBY: "Bed Bath & Beyond has been unresponsive to shareholder requests that it disclose its strategies and performance on energy efficiency and other climate related issues."
And ACE: "The insurer ACE Limited has refused various investor requests to disclose its strategies, policies and potential exposure from climate change."
So if you don’t play ball, you make the list no matter what you are doing to the environment.
And the bank: "Unlike Bank of America and JP Morgan Chase, which have set specific goals to reduce GHG emissions from their lending activities, Wells Fargo has been unresponsive to shareholder requests for comprehensive emission reduction goals relating to its business."
That makes the entire endeavor a joke.
Douglas A. McIntyre can be reached at [email protected]. He does not own shares in companies that he writes about.
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