Impact Blog
What I told the Senate today

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      By John WilsonDirector of Corporate Engagement

      Washington - Earlier today, I had the privilege of testifying before the Senate Committee on Environment and Public Works Subcommittee on Clean Air and Nuclear Safety on the subject of "Reducing Emissions While Driving Economic Growth: Industry-led Initiatives."

      In my testimony, I discussed the importance of mitigating the potential effects of climate change on investment returns and outlined how Calvert manages exposure to these risks. I noted that we see a clear consensus among both investment professionals and corporate executives that voluntary efforts will not be enough, since business incentives are misaligned. Those responsible for the emission of greenhouse gases do not bear the costs of climate-related harms such as extreme weather events, drought, and sea level rise -- instead, these costs are borne by us all.

      I discussed how a carbon tax or similar policy signal could allow investors to better quantify the economic implications of climate change on investments and more efficiently allocate capital to investments suitable for the low-carbon economy, and urged the Committee to support legislation that will allow key economic actors to rapidly scale existing efforts to address the significant risks posed by climate change.

      To read my testimony and view the hearing, click here.

      Bottom line: Calvert hopes that this and similar efforts provide an opportunity for constructive dialogue on how to ensure that the capital markets have the best information and incentives to manage the uncertainties related to climate change.