Today's Sacramento Bee publishes an editorial by former Republican congressman Dan Lungren pointing out the hypocrisy of California's coastal cities when it comes to climate change. Those cities are willing to sue the petroleum producers, saying there's a risk of catastrophic, civilization-threatening global warming and they want to be compensated. But at the same time, their bond offerings discount this threat entirely, telling investors rising sea levels shouldn't threaten the ports and land in their jurisdiction. Ya can't have it both ways, says Lungren.
The people who decide where the money goes--underwriters--will have the final say, and there are already indications they are taking a look at strategies to address global warming in shareholder meetings. The link is to an article outlining the shareholder proposals targeting climate change risk as experienced by both petroleum producers and asset managers.
The people who decide where the money goes--underwriters--will have the final say, and there are already indications they are taking a look at strategies to address global warming in shareholder meetings. The link is to an article outlining the shareholder proposals targeting climate change risk as experienced by both petroleum producers and asset managers.
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