Complete list of press releases

  • CONNECTICUT: As Senate Nears Action on Farm Bill, Economic Study Shows Connecticut Would Benefit from Shifting Some Direct Payment Subsidies to Conservation Funding

    September 27, 2007

    FOR IMMEDIATE RELEASE

     

    Contact:

    Sean Crowley – 202-572-3331 or scrowley@environmentaldefense.org

    Sharyn Stein – 202-572-3396 or sstein@environmentaldefense.org 

     

    (Washington, DC – September 27, 2007) A new analysis of Farm Bill spending by a former USDA economist shows that farmers in Connecticut would receive $3,057,138 more in annual federal support by shifting “direct” subsidy payments to provide $6 billion more in funding for voluntary USDA conservation programs than they would receive if the current Farm Bill were extended.*  USDA conservation programs help farmers provide cleaner air, cleaner water, and wildlife habitat and protect farmland from development.  Increasing funding for conservation programs by $6 billion is the stated goal of Senate Agriculture Committee Chairman Tom Harkin. His committee is expected to consider how to revise the Farm Bill as soon as next week.

     

    Based upon the average conservation payment per recipient of less than $4,200 in 2005, expanded conservation funding in 37 states would allow another 114,000 farmers and ranchers to benefit from partnerships with USDA to improve air quality, water quality, and wildlife habitat, restore wetlands and protect farmland from sprawl.  The study, “Fairness on the Farm: Subsidy Reform Would Help More Farmers in More States,” predicts reductions in federal farm spending in the remaining states would represent less than one percent of the market value of production in each of those states.

     

    Currently, six out of 10 farmers grow fruits, nuts, vegetables and other crops that are ineligible for direct subsidy payments and the largest 10 percent of direct payment recipients collect 64 percent of all payments.  Under current farm policies, half of all farm program spending goes to just seven states.

     

    “Our farm subsidies are broken,” said Tim Male, senior scientist for Environmental Defense.  “The most expensive subsidies - direct payments - cost tens of billions of dollars, provide payments at the wrong times, and provide no help to most farmers.  Greater funding for conservation programs would help more farmers and produce enormous public benefits.” 

     

    USDA data shows that two out of three farmers are rejected when they offer to share the cost of meeting our environmental challenges because of our misplaced spending priorities. Direct subsidies are fixed payments linked to a farm’s past crop production, not to current prices or production, and are made even when farmers are earning record-level net incomes, as USDA data shows they are doing this year. High farm prices and incomes are expected to continue throughout the five years covered by the 2007 Farm Bill.

     

    “Farmers in too many states and regions don’t get a fair share of federal farm spending; conservation dollars are distributed more equitably,” said Sara Hopper, an attorney for Environmental Defense. “For Connecticut’s two senators, voting against reforms that reduce some subsidies and invest more in conservation programs will mean voting against their own farmers’ interests.”

     

    *Below is a list of the 37 states that would benefit from shifting direct subsidy payments to conservation funding and the annual net gain they would receive compared to an extension of the current Farm Bill:

     

    Alabama
    $27,947,656
    Alaska
    $1,326,730
    Arizona
    $9,921,190
    California
    $10,922,894
    Colorado
    $20,326,568
    Connecticut
    $3,057,138
    Delaware
    $3,645,395
    Florida
    $26,021,150
    Georgia
    $13,223,343
    Hawaii
    $4,101,699
    Idaho
    $8,624,625
    Kentucky
    $17,716,677
    Maine
    $13,534,158
    Maryland
    $5,113,399
    Massachusetts
    $4,117,188
    Michigan
    $925,796
    Mississippi
    $4,758,553
    Missouri
    $5,979,201
    Montana
    $18,509,533
    Nevada
    $7,785,134
    New Hampshire
    $3,371,618
    New Jersey
    $2,470,688
    New Mexico
    $17,338,705
    New York
    $18,785,058
    North Carolina
    $33,392,817
    Oklahoma
    $1,949,912
    Oregon
    $17,730,402
    Pennsylvania
    $12,920,165
    Rhode Island
    $1,279,274
    South Carolina
    $10,279,307
    Tennessee
    $8,675,993
    Utah
    $24,358,434
    Vermont
    $8,283,516
    Virginia
    $18,575,900
    Washington
    $10,968,581
    West Virginia
    $18,037,253
    Wyoming
    $21,295,176

    For a detailed breakdown of how farmers in 37 states would benefit under this scenario and to see the full report, visit www.environmentaldefense.org/farms.

     

  • COLORADO: As Senate Nears Action on Farm Bill, Economic Study Shows Colorado Would Benefit from Shifting Some Direct Payment Subsidies to Conservation Funding

    September 27, 2007

    FOR IMMEDIATE RELEASE

     

    Contact:

    Sean Crowley – 202-572-3331 or scrowley@environmentaldefense.org

    Sharyn Stein – 202-572-3396 or sstein@environmentaldefense.org

     

    (Washington, DC – September 27, 2007) A new analysis of Farm Bill spending by a former USDA economist shows that farmers in Colorado would receive $20,326,568 more in annual federal support by shifting “direct” subsidy payments to provide $6 billion more in funding for voluntary USDA conservation programs than they would receive if the current Farm Bill were extended.*  USDA conservation programs help farmers provide cleaner air, cleaner water, and wildlife habitat and protect farmland from development.  Increasing funding for conservation programs by $6 billion is the stated goal of Senate Agriculture Committee Chairman Tom Harkin. His committee is expected to consider how to revise the Farm Bill as soon as next week.

     

    Based upon the average conservation payment per recipient of less than $4,200 in 2005, expanded conservation funding in 37 states would allow another 114,000 farmers and ranchers to benefit from partnerships with USDA to improve air quality, water quality, and wildlife habitat, restore wetlands and protect farmland from sprawl.  The study, “Fairness on the Farm: Subsidy Reform Would Help More Farmers in More States,” predicts reductions in federal farm spending in the remaining states would represent less than one percent of the market value of production in each of those states.

     

    Currently, six out of 10 farmers grow fruits, nuts, vegetables and other crops that are ineligible for direct subsidy payments and the largest 10 percent of direct payment recipients collect 64 percent of all payments.  Under current farm policies, half of all farm program spending goes to just seven states.

     

    “Our farm subsidies are broken,” said Tim Male, senior scientist for Environmental Defense.  “The most expensive subsidies - direct payments - cost tens of billions of dollars, provide payments at the wrong times, and provide no help to most farmers.  Greater funding for conservation programs would help more farmers and produce enormous public benefits.” 

     

    USDA data shows that two out of three farmers are rejected when they offer to share the cost of meeting our environmental challenges because of our misplaced spending priorities. Direct subsidies are fixed payments linked to a farm’s past crop production, not to current prices or production, and are made even when farmers are earning record-level net incomes, as USDA data shows they are doing this year. High farm prices and incomes are expected to continue throughout the five years covered by the 2007 Farm Bill.

     

    “Farmers in too many states and regions don’t get a fair share of federal farm spending; conservation dollars are distributed more equitably,” said Sara Hopper, an attorney for Environmental Defense. “For Colorado’s two senators, voting against reforms that reduce some subsidies and invest more in conservation programs will mean voting against their own farmers’ interests.”

     

    *Below is a list of the 37 states that would benefit from shifting direct subsidy payments to conservation funding and the annual net gain they would receive compared to an extension of the current Farm Bill:

     

    Alabama
    $27,947,656
    Alaska
    $1,326,730
    Arizona
    $9,921,190
    California
    $10,922,894
    Colorado
    $20,326,568
    Connecticut
    $3,057,138
    Delaware
    $3,645,395
    Florida
    $26,021,150
    Georgia
    $13,223,343
    Hawaii
    $4,101,699
    Idaho
    $8,624,625
    Kentucky
    $17,716,677
    Maine
    $13,534,158
    Maryland
    $5,113,399
    Massachusetts
    $4,117,188
    Michigan
    $925,796
    Mississippi
    $4,758,553
    Missouri
    $5,979,201
    Montana
    $18,509,533
    Nevada
    $7,785,134
    New Hampshire
    $3,371,618
    New Jersey
    $2,470,688
    New Mexico
    $17,338,705
    New York
    $18,785,058
    North Carolina
    $33,392,817
    Oklahoma
    $1,949,912
    Oregon
    $17,730,402
    Pennsylvania
    $12,920,165
    Rhode Island
    $1,279,274
    South Carolina
    $10,279,307
    Tennessee
    $8,675,993
    Utah
    $24,358,434
    Vermont
    $8,283,516
    Virginia
    $18,575,900
    Washington
    $10,968,581
    West Virginia
    $18,037,253
    Wyoming
    $21,295,176

     

    For a detailed breakdown of how farmers in 37 states would benefit under this scenario and to see the full report, visit www.environmentaldefense.org/farms.

     

  • ARIZONA: As Senate Nears Action on Farm Bill, Economic Study Shows Arizona Would Benefit from Shifting Some Direct Payment Subsidies to Conservation Funding

    September 27, 2007

    FOR IMMEDIATE RELEASE

     

    Contact:

    Sean Crowley – 202-572-3331 or scrowley@environmentaldefense.org

    Sharyn Stein – 202-572-3396 or sstein@environmentaldefense.org

     

    (Washington, DC – September 27, 2007) A new analysis of Farm Bill spending by a former USDA economist shows that farmers in Arizona would receive $9,921,190 more in annual federal support by shifting “direct” subsidy payments to provide $6 billion more in funding for voluntary USDA conservation programs than they would receive if the current Farm Bill were extended.*  USDA conservation programs help farmers provide cleaner air, cleaner water, and wildlife habitat and protect farmland from development.  Increasing funding for conservation programs by $6 billion is the stated goal of Senate Agriculture Committee Chairman Tom Harkin. His committee is expected to consider how to revise the Farm Bill as soon as next week.

     

    Based upon the average conservation payment per recipient of less than $4,200 in 2005, expanded conservation funding in 37 states would allow another 114,000 farmers and ranchers to benefit from partnerships with USDA to improve air quality, water quality, and wildlife habitat, restore wetlands and protect farmland from sprawl.  The study, “Fairness on the Farm: Subsidy Reform Would Help More Farmers in More States,” predicts reductions in federal farm spending in the remaining states would represent less than one percent of the market value of production in each of those states.

     

    Currently, six out of 10 farmers grow fruits, nuts, vegetables and other crops that are ineligible for direct subsidy payments and the largest 10 percent of direct payment recipients collect 64 percent of all payments.  Under current farm policies, half of all farm program spending goes to just seven states.

     

    “Our farm subsidies are broken,” said Tim Male, senior scientist for Environmental Defense.  “The most expensive subsidies - direct payments - cost tens of billions of dollars, provide payments at the wrong times, and provide no help to most farmers.  Greater funding for conservation programs would help more farmers and produce enormous public benefits.” 

     

    USDA data shows that two out of three farmers are rejected when they offer to share the cost of meeting our environmental challenges because of our misplaced spending priorities. Direct subsidies are fixed payments linked to a farm’s past crop production, not to current prices or production, and are made even when farmers are earning record-level net incomes, as USDA data shows they are doing this year. High farm prices and incomes are expected to continue throughout the five years covered by the 2007 Farm Bill.

     

    “Farmers in too many states and regions don’t get a fair share of federal farm spending; conservation dollars are distributed more equitably,” said Sara Hopper, an attorney for Environmental Defense. “For Arizona’s two senators, voting against reforms that reduce some subsidies and invest more in conservation programs will mean voting against their own farmers’ interests.”

     

    *Below is a list of the 37 states that would benefit from shifting direct subsidy payments to conservation funding and the annual net gain they would receive compared to an extension of the current Farm Bill:

    Alabama
    $27,947,656
    Alaska
    $1,326,730
    Arizona
    $9,921,190
    California
    $10,922,894
    Colorado
    $20,326,568
    Connecticut
    $3,057,138
    Delaware
    $3,645,395
    Florida
    $26,021,150
    Georgia
    $13,223,343
    Hawaii
    $4,101,699
    Idaho
    $8,624,625
    Kentucky
    $17,716,677
    Maine
    $13,534,158
    Maryland
    $5,113,399
    Massachusetts
    $4,117,188
    Michigan
    $925,796
    Mississippi
    $4,758,553
    Missouri
    $5,979,201
    Montana
    $18,509,533
    Nevada
    $7,785,134
    New Hampshire
    $3,371,618
    New Jersey
    $2,470,688
    New Mexico
    $17,338,705
    New York
    $18,785,058
    North Carolina
    $33,392,817
    Oklahoma
    $1,949,912
    Oregon
    $17,730,402
    Pennsylvania
    $12,920,165
    Rhode Island
    $1,279,274
    South Carolina
    $10,279,307
    Tennessee
    $8,675,993
    Utah
    $24,358,434
    Vermont
    $8,283,516
    Virginia
    $18,575,900
    Washington
    $10,968,581
    West Virginia
    $18,037,253
    Wyoming
    $21,295,176

     

     

    For a detailed breakdown of how farmers in 37 states would benefit under this scenario and to see the full report, visit www.environmentaldefense.org/farms.

  • ALASKA: As Senate Nears Action on Farm Bill, Economic Study Shows Alaska Would Benefit from Shifting Some Direct Payment Subsidies to Conservation Funding

    September 27, 2007

     

    FOR IMMEDIATE RELEASE 

     

    Contact:

    Sean Crowley – 202-572-3331 or scrowley@environmentaldefense.org

    Sharyn Stein – 202-572-3396 or sstein@environmentaldefense.org

     

    (Washington, DC – September 27, 2007) A new analysis of Farm Bill spending by a former USDA economist shows that farmers in Alaska would receive $1,326,730 more in annual federal support by shifting “direct” subsidy payments to provide $6 billion more in funding for voluntary USDA conservation programs than they would receive if the current Farm Bill were extended.*  USDA conservation programs help farmers provide cleaner air, cleaner water, and wildlife habitat and protect farmland from development.  Increasing funding for conservation programs by $6 billion is the stated goal of Senate Agriculture Committee Chairman Tom Harkin. His committee is expected to consider how to revise the Farm Bill as soon as next week.

     

    Based upon the average conservation payment per recipient of less than $4,200 in 2005, expanded conservation funding in 37 states would allow another 114,000 farmers and ranchers to benefit from partnerships with USDA to improve air quality, water quality, and wildlife habitat, restore wetlands and protect farmland from sprawl.  The study, “Fairness on the Farm: Subsidy Reform Would Help More Farmers in More States,” predicts reductions in federal farm spending in the remaining states would represent less than one percent of the market value of production in each of those states.

     

    Currently, six out of 10 farmers grow fruits, nuts, vegetables and other crops that are ineligible for direct subsidy payments and the largest 10 percent of direct payment recipients collect 64 percent of all payments.  Under current farm policies, half of all farm program spending goes to just seven states.

     

    “Our farm subsidies are broken,” said Tim Male, senior scientist for Environmental Defense.  “The most expensive subsidies - direct payments - cost tens of billions of dollars, provide payments at the wrong times, and provide no help to most farmers.  Greater funding for conservation programs would help more farmers and produce enormous public benefits.” 

     

    USDA data shows that two out of three farmers are rejected when they offer to share the cost of meeting our environmental challenges because of our misplaced spending priorities. Direct subsidies are fixed payments linked to a farm’s past crop production, not to current prices or production, and are made even when farmers are earning record-level net incomes, as USDA data shows they are doing this year. High farm prices and incomes are expected to continue throughout the five years covered by the 2007 Farm Bill.

     

    “Farmers in too many states and regions don’t get a fair share of federal farm spending; conservation dollars are distributed more equitably,” said Sara Hopper, an attorney for Environmental Defense. “For Alaska’s two senators, voting against reforms that reduce some subsidies and invest more in conservation programs will mean voting against their own farmers’ interests.”

     

    *Below is a list of the 37 states that would benefit from shifting direct subsidy payments to conservation funding and the annual net gain they would receive compared to an extension of the current Farm Bill: 

    Alabama
    $27,947,656
    Alaska
    $1,326,730
    Arizona
    $9,921,190
    California
    $10,922,894
    Colorado
    $20,326,568
    Connecticut
    $3,057,138
    Delaware
    $3,645,395
    Florida
    $26,021,150
    Georgia
    $13,223,343
    Hawaii
    $4,101,699
    Idaho
    $8,624,625
    Kentucky
    $17,716,677
    Maine
    $13,534,158
    Maryland
    $5,113,399
    Massachusetts
    $4,117,188
    Michigan
    $925,796
    Mississippi
    $4,758,553
    Missouri
    $5,979,201
    Montana
    $18,509,533
    Nevada
    $7,785,134
    New Hampshire
    $3,371,618
    New Jersey
    $2,470,688
    New Mexico
    $17,338,705
    New York
    $18,785,058
    North Carolina
    $33,392,817
    Oklahoma
    $1,949,912
    Oregon
    $17,730,402
    Pennsylvania
    $12,920,165
    Rhode Island
    $1,279,274
    South Carolina
    $10,279,307
    Tennessee
    $8,675,993
    Utah
    $24,358,434
    Vermont
    $8,283,516
    Virginia
    $18,575,900
    Washington
    $10,968,581
    West Virginia
    $18,037,253
    Wyoming
    $21,295,176

     

    For a detailed breakdown of how farmers in 37 states would benefit under this scenario and to see the full report, visit www.environmentaldefense.org/farms.

     

     

  • ALABAMA: As Senate Nears Action on Farm Bill, Economic Study Shows Alabama Would Benefit from Shifting Some Direct Payment Subsidies to Conservation Funding

    September 27, 2007

     

    FOR IMMEDIATE RELEASE
     
    Contact:
    Sean Crowley – 202-572-3331 or scrowley@environmentaldefense.org
    Sharyn Stein – 202-572-3396 or sstein@environmentaldefense.org
     
    (Washington, DC – September 27, 2007) A new analysis of Farm Bill spending by a former USDA economist shows that farmers in Alabama would receive $27,947,656 more in annual federal support by shifting “direct” subsidy payments to provide $6 billion more in funding for voluntary USDA conservation programs than they would receive if the current Farm Bill were extended.* USDA conservation programs help farmers provide cleaner air, cleaner water, and wildlife habitat and protect farmland from development. Increasing funding for conservation programs by $6 billion is the stated goal of Senate Agriculture Committee Chairman Tom Harkin. His committee is expected to consider how to revise the Farm Bill as soon as next week.
     
    Based upon the average conservation payment per recipient of less than $4,200 in 2005, expanded conservation funding in 37 states would allow another 114,000 farmers and ranchers to benefit from partnerships with USDA to improve air quality, water quality, and wildlife habitat, restore wetlands and protect farmland from sprawl. The study, “Fairness on the Farm: Subsidy Reform Would Help More Farmers in More States,” predicts reductions in federal farm spending in the remaining states would represent less than one percent of the market value of production in each of those states.
     
    Currently, six out of 10 farmers grow fruits, nuts, vegetables and other crops that are ineligible for direct subsidy payments and the largest 10 percent of direct payment recipients collect 64 percent of all payments. Under current farm policies, half of all farm program spending goes to just seven states.
     
    “Our farm subsidies are broken,” said Tim Male, senior scientist for Environmental Defense. “The most expensive subsidies - direct payments - cost tens of billions of dollars, provide payments at the wrong times, and provide no help to most farmers. Greater funding for conservation programs would help more farmers and produce enormous public benefits.” 
     
    USDA data shows that two out of three farmers are rejected when they offer to share the cost of meeting our environmental challenges because of our misplaced spending priorities. Direct subsidies are fixed payments linked to a farm’s past crop production, not to current prices or production, and are made even when farmers are earning record-level net incomes, as USDA data shows they are doing this year. High farm prices and incomes are expected to continue throughout the five years covered by the 2007 Farm Bill.
     
    “Farmers in too many states and regions don’t get a fair share of federal farm spending; conservation dollars are distributed more equitably,” said Sara Hopper, an attorney for Environmental Defense. “For Alabama’s two senators, voting against reforms that reduce some subsidies and invest more in conservation programs will mean voting against their own farmers’ interests.”
     
    *Below is a list of the 37 states that would benefit from shifting direct subsidy payments to conservation funding and the annual net gain they would receive compared to an extension of the current Farm Bill:
     
    Alabama
    $27,947,656
    Alaska
    $1,326,730
    Arizona
    $9,921,190
    California
    $10,922,894
    Colorado
    $20,326,568
    Connecticut
    $3,057,138
    Delaware
    $3,645,395
    Florida
    $26,021,150
    Georgia
    $13,223,343
    Hawaii
    $4,101,699
    Idaho
    $8,624,625
    Kentucky
    $17,716,677
    Maine
    $13,534,158
    Maryland
    $5,113,399
    Massachusetts
    $4,117,188
    Michigan
    $925,796
    Mississippi
    $4,758,553
    Missouri
    $5,979,201
    Montana
    $18,509,533
    Nevada
    $7,785,134
    New Hampshire
    $3,371,618
    New Jersey
    $2,470,688
    New Mexico
    $17,338,705
    New York
    $18,785,058
    North Carolina
    $33,392,817
    Oklahoma
    $1,949,912
    Oregon
    $17,730,402
    Pennsylvania
    $12,920,165
    Rhode Island
    $1,279,274
    South Carolina
    $10,279,307
    Tennessee
    $8,675,993
    Utah
    $24,358,434
    Vermont
    $8,283,516
    Virginia
    $18,575,900
    Washington
    $10,968,581
    West Virginia
    $18,037,253
    Wyoming
    $21,295,176
     
     
    For a detailed breakdown of how farmers in 37 states would benefit under this scenario and to see the full report, visit www.environmentaldefense.org/farms.
     
     
  • Remarks by Fred Krupp at Major Economies Meeting on Energy Security and Climate Change

    September 27, 2007

    Over the last year I have researched the technologies to reduce global warming pollution from both new and existing coal plants, technologies to allow us to burn coal without burning our planet.

    Coal is far from our only option ?renewable energy and energy efficiency are a huge part of the answer. But the world burns a lot of coal, so it makes sense that this panel is focused on how coal fits into the larger challenge.

    As part of my research, I’ve met with European and American coal burning power companies and with an Israeli engineer working with the French company Alstom which is pioneering the chilled ammonia process.

    I’ve discussed the development of new technologies with venture capitalists and the CEO’s of companies developing the IGCC process. And I’ve met with researchers from the head of the Electric Power Research Institute to university scientists studying the available technologies.

    What I’ve learned is that we have technologies to capture and store CO2 but they won’t be deployed without a “driver.” Companies will not cut their global warming pollution from new or existing plants until there is a legal limit requiring them to do so.

    The truth is that our greatest need is not the wherewithal to develop and deploy technology for low carbon power generation.

    Our greatest need at this moment isthe willto enact a system that will focus our collective energy, intellect, and investment on the problem.

    Innovative solutions for burning coal cleaner will not move off the desks of engineers and industry planners and into practice without the driver of mandated caps.

    So before we concentrate too narrowly on the methods;

    We should focus on enacting the policiesthat will make those methods possible.

    We can all agree that time is running short. With each passing day, the risk of serious consequences becomes greater. And cost of delaying the inevitable solution grows higher.

    As California Governor Arnold Schwarzenegger said to the UN General Assembly earlier this week, “It is time to stop looking back in blame or suspicion. The consequences of global climate change are so pressing … it doesn’t matter who was responsible for the past. What matters is who is answerable for the future.”

    And more than anyone, that means the nations represented in this room today, including The United States.

    It is only realistic to recognize that a big challenge like global warming requires action and leadership from the United States. And everyone in this room knows what few have been willing to say aloud: No caps, no real progress. The world cannot sufficiently address the climate challenge until the US embraces binding short- and long-range declining caps ? determined by what the scientists say is necessary.

    This conference, with great nations gathered to discuss this issue, presents a moment for such leadership.

    And the nations here, by your actions, must make this gathering a bridge to ? not a detour from ? the road to Bali.

    All of us ? including President Bush and the leaders in our Congress ? agree on much that is fundamental to solving this problem: That climate change is happening, we have caused it, and we must stop it. That cutting our output of greenhouse gases will not only help us avert the worst impacts of climate change — but will reduce air pollution. Cut our collective dependence on oil from unstable parts of the world. And choke off funding to many who wish harm to civilized nations.

    These are goals we all share ? but that we have been frustrated in achieving.

    Unfortunately, voluntary action, sector approaches and country plans to reduce greenhouse gases and achieve these results, as called for by the Framework Convention of 1992, allowed global warming pollution to grow dramatically.

    This gathering must not simply repeat what we did 15 years ago. That did not, and will not, solve the problem.

    Instead, I would turn to a different ? and successful ? model embraced just about the same 15 years ago.

    The solution, in broad terms, adopted by the nations of the European Union and the People’s Republic of China, among others, was invented here in America. “Cap and trade” was proven a success under the first President Bush in the 1990 Clean Air Act.

    And is consistent with our current president’s commitment to private sector leadership.

    I respectfully urge the President to seize the moment presented by this gathering to chart a new course ? and to take bold steps necessary to pre-empt this grave danger to humanity. Our Congress is already debating such a course.

    We are here to this afternoon to discuss the production of power. I have no doubt that given the right mandate and incentives, our businessman, scientists, engineers and entrepreneurs will produce cleaner power.

    More important, I would argue, is for governments to use political power to drive this change.

    Thank you.

  • As Senate Nears Action on Farm Bill, Economic Study Shows Most States Would Benefit from Shifting Some Direct Payment Subsidies to Conservation Funding

    September 27, 2007

    FOR IMMEDIATE RELEASE
     
    Contact:
    Sean Crowley – 202-572-3331 or scrowley@environmentaldefense.org
    Sharyn Stein – 202-572-3396 or sstein@environmentaldefense.org
     
    (Washington, DC – September 27, 2007) A new analysis of Farm Bill spending by a former USDA economist shows that farmers in 37 out of 50 states would receive between about $1 million and $33 million more in annual federal support by shifting “direct” subsidy payments to provide $6 billion more in funding for voluntary USDA conservation programs than they would receive if the current Farm Bill were extended.* USDA conservation programs help farmers provide cleaner air, cleaner water, and wildlife habitat and protect farmland from development. Increasing funding for conservation programs by $6 billion is the stated goal of Senate Agriculture Committee Chairman Tom Harkin. His committee is expected to consider how to revise the Farm Bill as soon as next week.
     
    Based upon the average conservation payment per recipient of less than $4,200 in 2005, expanded conservation funding in the 37 states would allow another 114,000 farmers and ranchers to benefit from partnerships with USDA to improve air quality, water quality, and wildlife habitat, restore wetlands and protect farmland from sprawl. The study, “Fairness on the Farm: Subsidy Reform Would Help More Farmers in More States,” predicts reductions in federal farm spending in the remaining states would represent less than one percent of the market value of production in each of those states.
     
    Currently, six out of 10 farmers grow fruits, nuts, vegetables and other crops that are ineligible for direct subsidy payments and the largest 10 percent of direct payment recipients collect 64 percent of all payments. Under current farm policies, half of all farm program spending goes to just seven states.
     
    “Our farm subsidies are broken,” said Tim Male, senior scientist for Environmental Defense. “The most expensive subsidies - direct payment s - cost tens of billions of dollars, provide payments at the wrong times, and provide no help to most farmers. Greater funding for conservation programs would help more farmers and produce enormous public benefits.” 
     
    USDA data shows that two out of three farmers are rejected when they offer to share the cost of meeting our environmental challenges because of our misplaced spending priorities. Direct subsidies are fixed payments linked to a farm’s past crop production, not to current prices or production, and are made even when farmers are earning record-level net incomes, as they are this year, according to USDA. High farm prices and incomes are expected to continue throughout the five years covered by the 2007 Farm Bill.
     
    “Farmers in too many states and regions don’t get a fair share of federal farm spending; conservation dollars are distributed more equitably,” said Sara Hopper, an attorney for Environmental Defense. “For 74 senators representing 37 states, voting against reforms that reduce some subsidies and invest more in conservation programs will mean voting against their own farmers’ interests.”
     
    *Below is a list of the 37 states that would benefit from shifting direct subsidy payments to conservation funding and the annual net gain they would receive compared to an extension of the current Farm Bill:
     
    Alabama
    $27,947,656
    Alaska
    $1,326,730
    Arizona
    $9,921,190
    California
    $10,922,894
    Colorado
    $20,326,568
    Connecticut
    $3,057,138
    Delaware
    $3,645,395
    Florida
    $26,021,150
    Georgia
    $13,223,343
    Hawaii
    $4,101,699
    Idaho
    $8,624,625
    Kentucky
    $17,716,677
    Maine
    $13,534,158
    Maryland
    $5,113,399
    Massachusetts
    $4,117,188
    Michigan
    $925,796
    Mississippi
    $4,758,553
    Missouri
    $5,979,201
    Montana
    $18,509,533
    Nevada
    $7,785,134
    New Hampshire
    $3,371,618
    New Jersey
    $2,470,688
    New Mexico
    $17,338,705
    New York
    $18,785,058
    North Carolina
    $33,392,817
    Oklahoma
    $1,949,912
    Oregon
    $17,730,402
    Pennsylvania
    $12,920,165
    Rhode Island
    $1,279,274
    South Carolina
    $10,279,307
    Tennessee
    $8,675,993
    Utah
    $24,358,434
    Vermont
    $8,283,516
    Virginia
    $18,575,900
    Washington
    $10,968,581
    West Virginia
    $18,037,253
    Wyoming
    $21,295,176
     
    For a detailed breakdown of how farmers in 37 states would benefit under this scenario and to see the full report, visit www.environmentaldefense.org/farms.

  • New Reports Show Roadmap for Texas to Meet Growing Electricity Needs Without New Power Plants, Cut Pollution and Create Jobs

    September 27, 2007

    FOR IMMEDIATE RELEASE

    Contact: 
    Jim Marston, Environmental Defense, 512.478.5161-w or 512.289.5293-w

    Media Contact

    Chris Smith, Environmental Defense, 512.691.3451-w or 817.229.1320-c  
     
    (Austin – September 27, 2007) Texas could meet its growing electric power needs – without new power plants – and create an estimated 38,300 new jobs in the state over the next 15 years by using energy efficiency and onsite renewable energy (EE/RE) measures detailed in two new reports released today.
               
    Most of these smart policies can be adopted at the local level – supporting stricter building codes for example, or encouraging homeowner energy efficiency – while also savings consumers money. The reports, commissioned by Environmental Defense, were produced by the Washington-based American Council for an Energy-Efficient Economy (ACEEE).
     
    “Despite the fact that the ink is still drying on the TXU buyout agreement that scrapped plans for eight new coal-fired power plants, we’re constantly avoiding some of the simplest cost-saving solutions to temper our insatiable tapeworm-like appetite for more energy,” said Jim Marston, regional director of Environmental Defense’s Texas office. “For example, if the buyer of a typical new home in DFW or Houston improved their energy efficiency by just 15 percent compared to existing homes, they could save $360 on a year on electric bills. Improving energy efficiency is mere common sense.”
               
    One of the reports focuses specifically on the energy-saving potential of the Dallas-Fort Worth and Houston-Galveston metropolitan areas, both of which face difficult challenges in reducing air pollution produced partly by coal-fired power plants.
     
    According to that report, adopting ACEEE’s recommendations would net 11,000 new jobs in the DFW Metroplex and another 11,000 in the greater Houston-Galveston metro area over the next 15 years. Statewide, the recommended policies would create about 38,300 new jobs by 2023. Texans would save $37 billion on their electric bills over that same period – money that could be recycled into the state’s economy and help sustain the two regional economies that account for more than half the state’s economic production – along with preventing pollution from coal plants, thereby helping the two metro areas meet federal clean air standards.
     
    The two reports follow on the heels of an April ACEEE report that demonstrated how energy efficiency measures could help maintain the peak demand margin required by the state’s electric grid operator. Report co-authors note that to bring economic and environmental benefits to these regions, local governments have opportunities to begin adopting and implementing such measures.
     
    “The Texas Legislature included a few of our recommended policies in their energy bill this year, but needs to do more in the next session,” said Neal Elliott, ACEEE’s Industrial Program Director and report co-author. “The state doesn’t, however have to wait until the 2009 legislative session to continue to realize the benefits of energy efficiency. Two-thirds of the potential savings in the DFW area and over half of the savings in the Houston area can be realized by local government action.”
     
    In particular, local leadership on new building standards – homes and commercial buildings, upgrades of existing government buildings – combined heat and power, and onsite renewables, represents significant opportunities. Frameworks already exist at the state level for these policy areas, so all that is required is a commitment at the local level. Many of the large firms in the region may be important allies as they can provide both important energy efficiency opportunities and support for local policies that help ensure adequate electricity supplies, contain future electricity cost increases, and reduce environmental pressures.
     
    Investments in energy efficiency and onsite renewable energy not only meet future energy needs, but they also create new jobs by encouraging investments at the local level and by recycling the energy savings back into the local economy. This impact is roughly equivalent to the employment that would be directly and indirectly supported by the construction and operation of 300 average manufacturing plants within Texas.
     

    These reports - The Economic Benefits of an Energy Efficiency and Onsite Renewable Energy Strategy to Meet Growing Electricity Needs in Texas and Role of Energy Efficiency and Onsite Renewables in Meeting Energy and Environmental Needs in the Dallas/Fort Worth and Houston/Galveston Metro Areas –along with the earlier March report, Potential for Energy Efficiency, Demand Response, and Onsite Renewable Energy to Meet Texas’s Growing Electricity Demands, are available for free download at and http://aceee.org/pubs/e076.htm and http://aceee.org/pubs/e078.htm.

     

     

    FACT SHEET
     
    WHAT
    Two reports, commissioned by Environmental Defense and prepared by the Washington-based American Council for an Energy-Efficient Economy, were released September 27, 2007:
    • Role of Energy Efficiency and Onsite Renewables in Meeting Energy and Environmental Needs in the Dallas/Fort Worth and Houston/Galveston Metro Areas
    • The Economic Benefits of an Energy Efficiency and Onsite Renewable Energy Strategy to Meet Growing Electricity Needs in Texas
     
    MAIN MESSAGES
    • 38,300 new jobs possible by 2023, including 11,700 in DFW and another 11,100 in the Houston-Galveston areas
    • $37 billion electricity savings for all Texans
    • Eliminates the need for new power plants statewide over the next 15 years
    • Local governments can take action now – as more than half of the identified potential could be achieved at the local level without further legislation. Specific opportunities include:
     
    Building Codes
    ACEEE estimates that the economic potential to reduce energy use in new Texas homes and commercial buildings is roughly 50 percent. Energy-efficient building code improvements can lock in these savings. Local governments can also sponsor training and technical assistance for architects, engineers, and builders on ways to achieve the savings at modest cost, with financial incentives to help defray the extra costs. Local governments are uniquely positioned to work with the local lending community to encourage favorable loan terms for energy-efficient properties. Finally, local governments can offer favorable permitting and fee treatment for qualifying energy-efficient buildings, further encouraging builders to implement these designs.
     
    Energy-Efficient State and Municipal Buildings Program
    Local governments can seek energy-savings performance contracts from energy-efficiency service providers in the state to reduce electric use in their own buildings. By becoming energy efficiency leaders, local governments can both show fiduciary responsibility with tax payers’ dollars, while at the same time setting an example for individual consumers and business to step up to the plate in adopting energy-efficiency practices.
     
    Appliance Standards
    Municipalities in Texas could implement appliance efficiency requirements for products that are not subject to federal standards through amended building codes. Appliance efficiency standards can serve as part of clean-air plans as a means to prevent pollutant emissions.
     
    Combined Heat and Power
    Local governments should take steps to encourage the deployment of CHP in their communities, such as providing favorable treatment of siting permit requests. They may also want to consider favorable tax treatments of CHP facilities much as has been done with emissions control investments. Because a significant portion of the new CHP potential exists in public institutions such as education, healthcare and government facilities, local governments both possess decision-making control over and can directly reap the benefits of expanded CHP.
     
    Onsite Renewables
    Local governments can encourage implementation of onsite renewables through their treatment of permitting requests and by providing favorable property tax treatment of the assets.
     
     
    [Note to editors: See graphic below illustrating potential savings for DFW and Houston metro areas. This graphic is also available in eps or pdf formats. Contact Chris Smith, Texas media director, Environmental Defense, csmith@environmentaldefense.org or 512.691.3451.]

     

  • A New Analysis of the Energy Bill

    September 27, 2007
     

    A new analysis released this week by Environmental Defense shows that the energy bill currently before Congress could begin to curb the rapid rise in U.S. greenhouse gas emissions over the next several decades. Passage of such a bill would be a down payment on efforts to combat global warming.
     
    The analysis reveals, however, that even under optimistic scenarios, the bill would allow emissions to grow above today’s levels, underscoring the critical need for Congress to cap emissions if it is to reduce them to levels that scientists say are necessary to avoid irreversible damage to the climate.
     
    Our Findings:
     
    In evaluating the potential benefits of the energy bill, Environmental Defense assumed that Congress would ultimately approve a bill that contained all the provisions that would have the greatest impact on emissions passed in the House and Senate versions of the bill.
     
    But because many of those measures grant a large degree of flexibility to the Administration in implementing them, Environmental Defense evaluated two scenarios: a “more optimistic” scenario, in which the measures are fully implemented, and a “less optimistic” scenario, in which they are less so.
     
    The results show that in the less optimistic scenario, emissions climb above today’s levels by 22 percent by 2030, while they would climb by only 4 percent under the more optimistic scenario. Without the energy bill, emissions would be expected to grow by 35 percent.
     
    Scientists say that to avoid potentially catastrophic consequences of climate change the world must dramatically reduce emissions below current levels. Earlier this year, a group of major companies representing a broad swath of American industry called on Congress to pass legislation reducing U.S. emissions by 60 to 80 percent below today’s levels by 2050.
     
    Next Steps:
     
    Congress should quickly pass the energy bill. If the bill contains the best provisions of the Senate and House versions and is vigorously implemented, it would slow the rapid escalation in greenhouse gas emissions. 
     
    But Congress also should waste no time in producing legislation to cap emissions at levels that protect the climate, and should move ahead even while the energy bill is in conference. If the United States is to resume its appropriate role leading the world to reduce emissions and protect the environment, there is little time left to act.

    The full analysis is available online at www.environmentaldefense.org/energybill.


  • Cutting edge science on environmental health and safety to be revealed at NanoTX '07

    September 26, 2007

    FOR IMMEDIATE RELEASE

    Contact:
    Julie Huddleston, jhuddleston@environmentaldefense.org

    (Dallas, TX – September 26, 2007) Experts from government, academia, consulting companies, non-profit organizations and industry will gather to hear Dr. John Balbus, Chief Health Scientist for Environmental Defense offer the most up to date information on the potential toxicity of nanoparticles in an afternoon plenary “Quantum Leaps: Knowledge gaps in nanotechnology health and safety” on October 3 at the Dallas Convention Center during International Nanotechnology Week.

    “Makers and users of nanoparticles need to understand the latest science on potential harm arising from these materials,” remarked Dr. Balbus. “The experts at the nanotech health and safety summit will provide just that.”

    Dr. Balbus will also convene panels to discuss workplace protections for handling nanoparticles and the frameworks available to help companies manage nanomaterial risks.

    The first panel “Nanoparticles- Do protective measures really protect workers?” will answer questions about whether filtration and personal protective equipment works for nanoparticles and how medical surveillance programs can address potential risks from nanoparticle exposure. Speakers from the National Institute of Occupational Safety and Heatlh (NIOSH), University of Minnesota and TSI will be featured in this panel on October 3 at 1:30 pm CST.

    On the following day, at 10:30 am CST, Dr. Balbus will speak on the panel “Containing the unknown: Risk management frameworks for nanotechnology product development” which will offer the latest frameworks for minimizing exposures and managing health and safety risks for nanoparticles. This panel will feature discussions of the Environmental Defense-Dupont NanoRisk Framework and lifecycle and exposure-based assessment and risk management programs that are currently being implemented by consultants from Gradient and Cadmus corporations.

    More information can be found at http://www.nanotx.biz

     

     

  • New Analysis Shows Energy Bills Would Let Global Warming Emissions Rise for Decades

    September 24, 2007


    FOR IMMEDIATE RELEASE

     

    Contact:

    Tony Kreindler, Environmental Defense, 202-572-3378 or 202-210-5791

    (Washington – September 24, 2007) A new analysis released today by Environmental Defense shows that energy legislation passed by the House and Senate would let greenhouse emissions continue to increase for the next three decades, even if the best fuel-saving and renewable energy provisions in both bills were combined in conference committee.  

     

    The analysis underscores the urgent need for this Congress to pass comprehensive climate change legislation that reduces emissions far below today’s levels by the middle of this century.

     

     “Most scientists say we need to cut emissions around 80% below current levels. These bills cut 0% below current levels,” said Steve Cochran, national climate campaign director at Environmental Defense. “They certainly have important provisions and we hope they pass, but they cannot be the last word on climate change from this Congress.”

     

     “These energy bills aim at some important goals – promoting energy independence, boosting renewable energy sources, and raising auto efficiency standards. But they will not manage the global warming problem,” said Elizabeth Thompson, legislative director at Environmental Defense. “Even the best energy bill cannot substitute for comprehensive climate legislation” added Thompson. 

     

    Congress is poised to begin conference negotiations to reconcile the two energy bills, H.R. 6 passed by the Senate and H.R. 3221 passed by the House. Each contains different provisions designed to reduce dependence on fossil fuels: among other things, the House bill includes a Renewable Portfolio Standard (RPS) that would boost the percentage of electricity generated from renewable sources to 15% in 2020 and maintain that level through 2039, and the Senate bill aims to raise the Corporate Average Fuel Economy (CAFE) standard for cars and light trucks to 35 miles-per-gallon in 2020. 

     

    Environmental Defense’s analysis examines how well U.S. greenhouse gas emissions might be reduced under a law that incorporates the key provisions of both bills. The result is a set of emissions reduction scenarios for more optimistic and less optimistic expectations for the outcome of the conference and implementation of the final law.

     

    Under the more optimistic scenario – one that assumes the best bill out of conference and full implementation by federal agencies – greenhouse gas emission levels would still be where they are today in 2020, and 11 percent higher in 2040. Under the less optimistic assessment – which assumes weaker CAFE standards and fewer actions on oil savings – emissions would be 35 percent above 2005 levels in 2040.

     

    The full analysis is available online at www.environmentaldefense.org/energybill.

     

    The chart below depicts the more optimistic and less optimistic energy bill emissions reduction scenarios, compared with business-as-usual U.S. emissions projections and the climate protection goals outlined by the U.S. Climate Action Partnership.




  • Environmental Defense Praises Senate Action on Historic Conservation Bill

    September 21, 2007

    FOR IMMEDIATE RELEASE


    Contact:

    Sharyn Stein, 202-572-3396 sstein@environmentaldefense.org

    Sean Crowley, 202-572-3331 scrowley@environmentaldefense.org

    Washington, D.C. – September 21, 2007 – The following is a statement by Michael Bean, Wildlife Program Chairman for Environmental Defense, on Senate Finance Committee passage of the Habitat and Land Conservation Act:

    “This is a vital bill for America’s conservation efforts because most of the rare species in America live on privately-owned land. It will give us unprecedented tools to help preserve our natural resources by providing tax incentives to make it financially possible for private citizens who want to be good stewards to help conserve the rare plants and animals that live on their land.

    We applaud the Senate Finance Committee for approving the bill and especially Senators Max Baucus (D-MT), Mike Crapo (R-ID), Chuck Grassley (R-IA), and Blanche Lincoln (D-AR) for their leadership on this issue. It’s not often you see any major piece of legislation with this much broad-based support. It has bipartisan backing in Congress and support from groups across the political spectrum — from the Farm Bureau to major environmental organizations, including Environmental Defense. Hopefully, that will mean the measure will continue its quick and smooth journey to passage by the entire Senate, and then the House of Representatives.”

     

  • New Report Outlines Potential Environmental Pitfalls of Some Ethanol

    September 20, 2007

    Contact:

    Sharyn Stein, 202-572-3396 sstein@environmentaldefense.org

    Sean Crowley, 202-572-3331 scrowley@environmentaldefense.org

    (Washington, DC – September 20, 2007) Ethanol and other biofuels have remarkable potential to help fight global warming but have many potential downsides if they’re not produced carefully, according to a new report released today by Environmental Defense.

    The report, Potential Impacts of Biofuels Expansion on Natural Resources: A Case Study of the Ogallala Aquifer Region focuses on the Ogallala Aquifer region, a vast expanse of plains across eight states that was the center of the Dust Bowl in the 1930’s. (The report and more information, including maps and state-by-state data, are available at environmentaldefense.org/ogallala)

    “The Ogallala Aquifer is a microcosm of the challenges we’ll face in America as we develop renewable fuels,” said Martha Roberts, co-author of the report and a fellow at Environmental Defense. “Nine new ethanol plants are already planned for some of the most water-depleted areas of the Ogallala Aquifer, even though those areas are vulnerable to erosion and the entire region’s water resources are stretched thin.”

    The Ogallala is one of the world’s largest aquifers and is an important water source for parts of eight states: Colorado, Kansas, Nebraska, New Mexico, Oklahoma, South Dakota, Texas and Wyoming. However, over-pumping has already caused dramatic water table declines in the area. Water demands from new ethanol plants would further strain the aquifer, increasing demand by as much as 2.6 billion gallons a year just to process the corn and produce the fuel. Even worse, another 120 billion gallons a year could be needed for irrigation to grow more corn in the region, and any increased corn production on land that’s now left idle could cause Depression-style dust bowls.

    “Biofuels are one of our best potential weapons to fight climate change, but not all biofuels are created equal,” said co-author, Dr. Timothy Male, senior scientist for Environmental Defense. “Expanding ethanol without protecting our 70 years of progress in conserving soil, water, and rare grassland habitat would be the environmental equivalent of robbing Peter to pay Paul.”

    The report recommends maintaining or expanding two federal conservation programs: the Conservation Reserve Program, which provides cost-share and rental payments to farmers and ranchers who retire cropland to grass cover; and the Grasslands Reserve Program, which pays farmers and ranchers permanent easement or rental payments to protect, restore or enhance grasslands or grazing operations. Both programs are part of the Farm Bill, the country’s largest agricultural policy legislation, which Congress is due to reauthorize this year.

    “This report provides even more proof that America needs a conservation-focused Farm Bill and a ‘sodsaver’ policy that eliminates government subsidies that perversely reward converting grasslands to cropland,” said Male.

    The Government Accountability Office (GAO) reported this week that more than 25 million acres of grasslands have been converted to cropland since 1982, partly encouraged by subsidies. The GAO also reported that the loss of these grasslands creates a further drain on federal resources because they lead to higher disaster and crop insurance payments.

     

  • Major Investors, State Officials, Environmental Groups Petition SEC to Require Full Corporate Climate Risk Disclosure

    September 18, 2007

    FOR IMMEDIATE RELEASE

    Contact:


    Tony Kreindler, Environmental Defense, 202-210-5791 cell
    Peyton Fleming, Ceres, 617-247-0700 x20 or 617-733-6660 cell

     

    (Washington - September 18, 2007) — A broad coalition of investors, state officials with regulatory and fiscal management responsibilities, and environmental groups today filed a landmark petition asking the Securities and Exchange Commission (SEC) to require publicly-traded companies to assess and fully disclose their financial risks from climate change. Also today, the coalition formally asked the Commission’s Division of Corporation Finance to immediately begin “[c]losely scrutinizing the adequacy of registrants’ climate disclosures” under existing law.   
     
    In addition to Environmental Defense and Ceres, the 22 petitioners include leading institutional investors in the U.S. and Europe managing more than $1.5 trillion in assets. The signers include the California State Treasurer Bill Lockyer, Florida Chief Financial Officer Alex Sink, Maine State Treasurer David G. Lemoine, New York State Comptroller Thomas P. DiNapoli, North Carolina State Treasurer Richard Moore and Oregon State Treasurer Randall Edwards, as well as New York State Attorney General Andrew M. Cuomo.
     
    The first-of-its-kind petition cites unequivocal scientific evidence, far-reaching regulatory developments and extensive business recognition that the risks and opportunities many corporations face in connection with climate change are material to shareholder investment decisions and must be disclosed under existing law.
     
    “Smart companies know that profits and jobs come from solving problems, not ignoring them. Investors have a right to know who is paying attention,” said Fred Krupp, president of Environmental Defense.
     
    “The SEC needs to do more to protect investors from the risks companies face from climate change, whether from direct physical impacts or new regulations,” said Mindy S. Lubber, president of Ceres and director of the Investor Network on Climate Risk. “Shareholders deserve to know if their portfolio companies are well positioned to manage climate risks or whether they face potential exposure.”
     
    “Our marketplace cannot properly function, our retirees’ pensions cannot be protected, unless investors’ right to know is fully enforced,” said California State Treasurer Bill Lockyer, a board member of California’s Public Employees’ Retirement System (CalPERS) and State Teachers’ Retirement System (CalSTRS), which collectively manage more than $400 billion in assets. “We’re asking the SEC to vindicate that right so investors can ensure their portfolios reflect the risks and benefits related to climate change.”
     
    “Action by the SEC on this petition would result in better, more informed decisions for Florida’s investors,” said Florida Chief Financial Officer Alex Sink, who serves on the board of the Florida retirement system which has $140 billion in assets.
     
    Climate change can affect corporate performance in ways ranging from physical damage to facilities and increased costs of regulatory compliance, to opportunities in global markets for climate-friendly products or services that emit little or no global warming pollution. Those risks fall squarely into the category of material information that companies must disclose under existing law to give shareholders a full and fair picture of corporate performance and operations, the petition says.
     
    The petition asks SEC to clarify that, under existing law, companies must disclose material information related to climate change.   Depending on the circumstances, this obligation may require disclosure of the following information:
     
    • Physical risks associated with climate change that are material to the company’s operations or financial condition;
    • Financial risks and opportunities associated with present or probable greenhouse gas regulation;
    • Legal proceedings relating to climate change.
    Despite a groundswell of demand from investors for more information in climate risks, corporate disclosure has been scant and inconsistent.   Exxon Mobil Corporation, the world’s largest petrochemical enterprise, included only one cursory reference to climate change in its entire 2006 annual filing with the SEC.   Allstate Corporation, which insures 1 in 8 homes in the U.S. and reported over $4 billion in losses from Hurricanes Katrina and Rita, did not mention climate change at all in its latest annual filing. A January 2007 study published by Ceres and the Calvert Group, an asset management firm, found that more than half of the companies in the S&P 500 Index are doing a poor job disclosing climate change risks to their investors. Companies in sectors with low greenhouse gas emissions, including insurance companies and banks, had especially poor disclosure.
     
    Poor disclosure prevents investors from getting the full story. Full disclosure by Texas utility TXU on its potential exposure from climate change-related risks would have revealed the extensive financial exposure resulting from the company’s proposal to build 11 new coal- fired power plants without limitations on the extensive global warming pollution.   TXU’s business plan would have increased carbon dioxide emissions 78 million tons annually, and invested considerable capital in long-term high-polluting resources.   Investors are entitled to a rigorous assessment of regulatory and financial risks related to climate change so they can evaluate which business plans are reckless and which are prudent in managing these risks. 
     
    The petitioners today also called on the Commission to take immediate action on corporate climate disclosure as it develops the new guidance.   The petitioners called on the SEC’s Division of Corporation Finance to devote close attention to the adequacy of climate risk disclosures under existing regulations.   Because the obligation to disclose climate related risks and opportunities exists under current law, the Division of Corporation Finance “need not and should not wait” in immediately increasing “its scrutiny of the adequacy of climate risk disclosures in corporate filings.” 

    Full text of the petition is available online at
    www.environmentaldefense.org/sec
     
    The 22 petitioners are:  
     
    California State Controller, John Chiang
    California Public Employees’ Retirement System
    California State Teachers’ Retirement System
    California State Treasurer, Bill Lockyer
    Ceres
    Environmental Defense
    F&C Management
    Florida Chief Financial Officer, Alex Sink
    Friends of the Earth
    Kentucky State Treasurer, Jonathan Miller
    Maine State Treasurer, David G. Lemoine
    Maryland State Treasurer, Nancy K. Kopp
    The Nathan Cummings Foundation
    New Jersey State Investment Council, Orin Kramer, Chair
    New York City Comptroller, William C. Thompson, Jr.
    New York State Attorney General, Andrew M. Cuomo
    New York State Comptroller, Thomas P. DiNapoli
    North Carolina State Treasurer, Richard Moore
    Oregon State Treasurer, Randall Edwards
    Pax World Management Corporation
    Rhode Island State Treasurer, Frank Caprio
    Vermont State Treasurer, Jeb Spaulding

    About Environmental Defense: Environmental Defense, a leading national nonprofit organization, represents more than 500,000 members. Since 1967, Environmental Defense has linked science, economics, law and innovative private-sector partnerships to create breakthrough solutions to the most serious environmental problems. www.environmentaldefense.org
     

    About Ceres: Ceres is a leading coalition of investors, environmental groups and other public interest organizations working with companies to address sustainability challenges such as global climate change. Ceres also directs the Investor Network on Climate Risk, a network of 60 institutional investors with collective assets totaling more than $4 trillion. For more information, visit http://www.ceres.org or http://www.incr.com

  • VT Judge Rules for Clean Cars, Cleaner Air

    September 12, 2007

    FOR IMMEDIATE RELEASE

     
    Contact: Environmental Defense:
    Jim Tripp: 917-553-8085
    Jim Marston: 512-289-5293
    Sean Crowley: 202-572-3331

    (September 12, 2007 - Burlington, VT) California and fourteen other states won a decisive victory today in federal court that paves the way for new rules limiting global warming pollution from automobiles. Vermont U.S. District Judge William K. Sessions rejected all of  the manufacturers’ and dealers’ challenges to the state greenhouse gas emissions standards, ruling that auto manufacturers can meet new clean car standards adopted by California and fourteen other states.* The U.S. EPA still needs to grant California a waiver under the Clean Air Act to permit the standards to take effect.
     
    “This ruling takes away the last excuse for delay – it’s time for EPA to clear the way for cleaner cars,” said Jim Tripp, General Counsel for Environmental Defense, who helped argue the VT case.  “The U.S. auto industry should stop litigating and start innovating.”
     
    The VT case (along with a similar case pending in CA) was brought by U.S. automakers arguing that the regulations are burdensome and cause undue economic harm to the industry while not addressing global warming.
     
     Over the last decade, foreign automakers have seen profits jump as they bring more low-emissions vehicles to the market, while U.S. automakers have struggled financially.
     
    Environmental Defense has filed a notice of intent to sue EPA if they do not rule on the California waiver request by November 2007. Senator Bill Nelson (D-FL) has introduced legislation in Congress to require EPA to grant the waiver.
     
    “Cleaner cars are the ultimate win-win-win: good for our economy, our environment and our overall health and well-being,” added Tripp.

    * The fourteen other states include Vermont, Connecticut, Florida, Maine, Maryland, Massachusetts, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, and Washington.