We all know that most “old” businesses are a lot more risky than the new green ones. That’s the beauty of a green jobs economy! But while a whole lot of our generation has woken up to the fact that it actually is better for the economy and the environment to be innovative and rely on alternative, efficient energies and climate conscious systems, a whole lot of people are still asleep. Too many investors, banks, and shareholders don’t realize that their choices to continue to support coal-fired power plants and internal combustion engines in our cars will actually lose them money – and force us to lose our climate.
But now that Xcel Energy, one of the biggest energy players in New York, is being forced to disclose the risks it is imposing silently on its shareholders, a lot more people may recognize the truth we already know. Mr. Andrew Cuomo, Attorney General of New York, subpoenaed four of the nation’s largest energy companies to disclose the risks that climate change poses to its business and its shareholders, including potential drought limiting the amount of water available for thermal power plants and rising sea levels. More importantly, they will also have to release how the coal and natural gas plants they are proposing also had risks of their own – in addition to creating more climate change – like future lawsuits or increased costs down the line based on carbon taxation or other carbon regulation.
The NY Times quoted Mr. Cuomo saying, “This landmark agreement sets a new industrywide precedent that will force companies to disclose the true financial risks that climate change poses to their investors. Coal-fired power plants can significantly contribute to global warming, and investors have the right to know all the associated risks.”
When investors realize that the biggest risk to our planet and our pocketbooks is investing in old, dirty technologies, and that investing in innovation is no longer the biggest risk, I think they’ll all wake up to see the future beauty of a green economy.
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Hmm, this is really interesting. Cuomo is simply a good watchdog on business practices. He recently began an investigation of First Wind (a wind developer) in New York over alleged public corruption and improper land use agreements. I wonder how these are connected…?