This is a tremendous illustration of what a small group of people can do. Roxanne and I are so proud to have been working with this group pretty much from the very beginning and we will proudly vote to support both the Climate Change resolution and our second resolution on Stranded Assets. Below is the 3 minute speech that Charlotte Levinson, the author of the Climate Change resolution, will make on Tuesday morning, May 16 at 8:30am at the PNM’s Albuquerque shareholder’s meeting. Click here for information on the protest scheduled outside the shareholder’s meeting.
“Greetings. I am Charlotte Levinson. I’m a member of PNM Shareholders for a Responsible Future, and I am the author of the climate change resolution. I’m asking all shareholders to vote in favor of greater preparedness and accountability on climate change.
Our resolution is only one sentence long:
“Shareholders request that PNM publish an assessment of the impacts on the company’s portfolio of public policies and technological advances that are consistent with limiting global warming to no more than two degrees over pre-industrial levels.”
Two degrees is the limit recognized by the 200 countries in the Paris Climate Accords, including the United States. A third of US greenhouse gas emissions are from electricity generated from coal and gas. The electricity industry will have to reduce greenhouse gas emissions by 90% to achieve the 2 degree limit.
Almost all of PNMs shares are held by institutional investors, such as Vanguard, T Rowe Price and Goldman Sachs, big investment banks with just one thing in mind: the relationship between risk and profit. We are concerned with future generations, and leaving behind a livable planet. Whether from a purely financial perspective, or an ethical one, climate change is the biggest risk there is, and forward looking companies recognize there are also many opportunities. The question is, what is PNM doing to position itself in the new energy economy. We need data to understand how the company plans to undertake the transition to a climate-safe world.
A climate-safe world means 100% renewable energy. Wind and solar. Gas is a fossil fuel that causes rapid climate change, and nuclear power isn’t safe at any point from uranium mining to waste disposal. A climate safe world means restoring the environment, promoting social equity, protecting the water, and respecting human, civil, and native rights in the Four Corners, where the impacts of PNM’s operations are most deeply felt.
The shareholders resolution asks for an assessment of how the company thinks climate policies and new energy technologies are going to affect its business. That information is essential for informed investment, and would be the starting point for PNM’s just transition plan.
Industry leader Institutional Shareholder Services recommends a yes vote on our resolution. Please join PNM Shareholders for a Responsible Future, and vote yes on the Climate Change Resolution.”