Tuesday, December 21, 2004

World Wildlife Fund misses the big picture

From a Dec. 16 press release:
'FPL Group scored the highest ranking in the U.S. and second globally in a World Wildlife Fund (WWF) report that analyzed 72 of the world's leading power companies reviewing current use of available technologies to reduce C02 emissions, as well as clear commitments made for future improvements. The new report said FPL is a bright spot in the U.S. rankings. The WWF says FPL Group scored high due to leadership in developing wind energy and a commitment to dramatically improving power plant efficiency.'
But "socially responsible" investors, who also enthusiastically support wind power, see it differently. Here's an excerpt from an article by Rona Fried, editor of Progressive Investor, "General Electric and Florida Power & Light: Sustainable Investments?"
'"How could they get into our portfolio?" considers Carsten Henningsen, co-founder of Porfolio 21. "If FPL stated that renewables are the way to go and gave a deadline (e.g., by 2050) by which they would be 100% renewable, and if we saw evidence they were translating the words into action, we would probably invest in them."

'Portfolio 21 doesn't invest in companies that are working on sustainability around the edges -- reducing water usage or emissions, for example, but not looking at their overall environmental footprint. They invest in companies they believe are serious about changing their corporate "DNA".'