Earth Equity News

Xcel to Disclose Global Warming Risks. By Nicholas Confessore, NYTimes, August 27, 2008. "[Xcel Energy of Minneapolis,] one of the country's largest builders of coal-fired power plants will give investors detailed warnings about the risks that global warming poses to its business under a deal with [Andrew M. Cuomo,] New York's [AG]. The agreement Wednesday... is the first of its kind in the country [and] could open a broad new front in efforts... to pressure the energy industry [to reduce its greenhouse gas] emissions... Until now, advocates have largely relied on shareholder resolutions... [and] that effort has picked up pace, according to Ceres… with dozens of shareholder resolutions filed during the 2008 financial reporting season. 'This really takes it another step...' said Dan Bakal... [of] Ceres. Mr. Cuomo subpoenaed Xcel and four other companies last September, seeking to determine whether their efforts to build new coal-fired power plants posed risks not disclosed to investors, like future lawsuits or higher costs to comply with possible regulations restricting carbon emissions... 'This landmark agreement sets a new industry-wide precedent that will force companies to disclose the true financial risks that climate change poses to their investors,' Mr. Cuomo said."