According to a recently released report by the World Wildlife Fund, 58 of the United States’ Fortune 100 companies set goals in 2012 to either reduce greenhouse gas emissions or use more renewable energy in their operations. However, oil and gas companies are lagging far behind in this movement. Eight of 11 domestic energy companies on the Fortune 100 have not set internal energy goals.
This is in direct contrast to 68 of the planet’s 100 largest companies who recognize the impact of global warming and are making investments in greenhouse gas reductions and renewable energy goals. Sadly, energy companies represent the lowest participation rate of any industry worldwide. The few exceptions are Hess and Chevron who have both set renewable energy and greenhouse gas targets, and ExxonMobil who set a greenhouse gas target.
Why have three quarters of the nation's industrial companies voluntarily set some sort of environmental target? There are a variety of potential reasons including: policy pressures, public relations or perhaps even the forward thinking that sees renewable energy’s potential to someday be less expensive than, or at least competitive with, oil and gas.
And why haven’t most oil and gas companies voluntarily set environmental targets? It may be because the very products they put on the market directly contribute to climate change. There is also a lack of urgency to act; little pressure comes from investors or policies. An example of a type of policy that was successful in the past is the Environmental Protection Agency or EPA's Toxic Release Inventory, which worked by making large companies publically accountable for which potentially toxic chemicals they use and where they are released. Then the information is posted on the EPA’s website for anyone to see.
The planet would really benefit from a similar policy focusing on oil and gas company emissions, or better yet, a broader climate change policy such as a national carbon tax or cap-and-trade program. There are other options that could pave the way towards a cleaner energy future. The federal government could require that a certain percentage of electricity come from renewable sources and offer further tax incentives for wind and solar production. Many companies are setting their own internal goals, but for others such as the majority of the oil and gas industry, they’re not going to do anything about increasing efficiency and reducing their carbon footprints until someone makes them.
Carbonfund.org seeks to partner with businesses that subscribe to the same mission of solving the climate crisis. The goal of achieving a clean energy future is more complex than simply meeting carbon emission reductions targets. Any solution needs to be sustainable, and sustainability is one of the cornerstones of Carbonfree® business partner TCX Investment Management Company.
The global TCX Fund provides protection and risk control against currency devaluation in frontier market currencies for major development finance institutions to microfinance institutions and other institutions investing in the communities of many emerging market countries, such as Cambodia, Kenya, Bangladesh, Mongolia, Peru, and Vietnam. This translates into providing a mechanism to absorb the risk of extreme currency value fluctuations so these institutions can assist local businesses with the startup funding they need. TCX is able to make real contributions to sustainable development and to improving the living standards in communities in some of theleast developed countries on our planet.
TCX maintains a Sustainability Policy requiring that the businesses they assist also meet environmental sustainability goals.A key tenet of the TCX policy maintains that any projects receiving funding should pursue development for the needs of the present population without impairing the ability of future generations to meet community needs. All projects are expected to include pollution prevention and abatement, biodiversity conservation, and sustainable natural resources management.
Carbonfund.org and TCX have partnered to help TCX reach its own operational emission reduction goals. In the past three years, TCX Investment Management has neutralized a total of almost 460 metric tonnes of greenhouse gas emissions created by its annual operations – the equivalent of removing 82 passenger vehicles from the road for a year – in part by supporting Carbonfund.org’s renewable energy projects."We chose Carbonfund.org because of their verified programs, pricing and easy-to-use customer friendly services," confirms Bill Piccolo, Operations Manager for TCX.
TCX’s operational emissions neutralization program supports Carbonfund.org’s renewable energy projects, and in doing so, enhances air quality and promotes new technology development that will continue to reduce carbon emissions and hasten the transition to a cleaner energy future. Carbonfund.org looks forward a continued partnership with TCX in pursuingthe paired goals of sustainable development and environmental stewardship.