Highlights of Calvert’s Public Policy Efforts
As governments move from the current climate change draft negotiating text towards a new binding global agreement in Copenhagen, investors are calling on the U.S. Government to support significant international financing mechanisms to spur the development of clean energy, energy efficiency, and clean transportation modes. Calvert was selected as the only asset management company to join several large U.S. pension funds at a meeting with the State Department to explore how investment can be channeled globally towards climate adaptation and mitigation. From Summer to Fall 2009, Calvert continuously contributed to an Investor Network on Climate Risk (INCR) subgroup on international climate change policy which has met with the State Department Deputy Special Envoy for Climate Change and has presented at Senate briefings on financing clean energy and adaptation.
Efficiency and Smart Grid Measures:
In the spring of 2009, Calvert endorsed two vision statements developed by the Energy Future Coalition calling on specific legislative action to promote energy efficiency and renewable energy transmission. Calvert joined an array of businesses, NGOs, labor unions, and other organizations to urge a number of Congressional staff to support a National Clean Energy Smart Grid and a National Energy Efficiency Resource Standard (EERS).
Weighing in at EPA:
In April 2009, Calvert spoke at the EPA public hearing on mandatory GHG emissions reporting at the EPA offices in Arlington, VA. Calvert followed this up by working with the Social Investment Forum and other investors to draft written comments. Calvert also submitted its own written comments. Calvert publicly supports the proposed EPA rule that would require companies to regularly report emissions on this topic of vital interest to investors who, like Calvert, favor wider disclosure of climate-related risk.
Clean Energy Stimulus:
In February 2009, Calvert endorsed an INCR letter sent to Congressional leaders calling for the economic stimulus legislation that invests in renewable energy, energy efficiency, and green transportation. The letter demonstrated the support of institutional investors for measures that realign national energy and transportation policies to reduce US GHG emissions, and maximize energy efficiency throughout the economy.
Renewable energy tax credits:
Throughout 2008, Calvert joined with fellow members of the Investor Network on Climate Risk to call on Congress to pass extensions of production and investment tax credits for renewable energy and energy efficiency. Fortunately, after failing to win approval for the issue several times during the year, Congress finally approved the support for the renewable energy industry when it was incorporated into the bailout package in early October. This development is important for the alternative energy sector because companies and consumers of renewable energy—in particular, the solar industry—will now have support for eight years.