The TakeAway: It’s time for us to reach across social and cultural divides to kickstart our economy and advance the cause of justice. One way of doing that is to address fear and mistrust head-on, and then work together to encourage more investment and follow-through in the energy economy—especially the job-generating Better Buildings Initiative.
Today we celebrate Martin Luther King, Jr.’s tireless efforts for simple justice—not just racial, but economic. So it’s a good occasion to celebrate continuing efforts to bring about economic justice, and contemplate what we, the people, can do to advance it. That’s why last week’s powerful speech by AFL-CIO chief Rich Trumka continues to resonate, especially when he said: “The truth is that in many places – and not just places where coal is mined – there is fear that the ‘green economy’ will turn into another version of the radical inequality that now haunts our society—another economy that works for the 1% and not for the 99%.”
Amidst the political gridlock and troubling gaps between the rich and everyone else, Trumka’s remarks snapped everyone to attention and hammered home a message that helps loosen the lock and build a bridge. He appeared before a gathering at the United Nations of roughly 500 global investors and financial players concerned about climate risk. (The speech, which was streamed live, can be viewed online[1]). His remarks drew a standing ovation from the assembly, who together control $20 trillion and hail from four continents. They were in New York for the 5th Investor Summit on Climate Risk and Energy Solutions, an annual affair co-hosted by Ceres, United Nations Foundation, and the United Nations Office for Partnerships (UNOP).
Trumka’s speech occurred near the end of a day packed with practical information on new ideas and financial products for scaling climate and energy solutions, how to make the clean energy transition in both the developed world and emerging economies, and how the financial community can influence social policy. The Investor Summit was capped by the release of the 2012 Investor Action Plan on Climate Change Risks and Opportunities, a 5-point manifesto for managing and integrating climate considerations into portfolio decision making—including the selection of investment managers, greater investment in low-carbon / energy efficiency solutions, and integration of water risk and opportunities.
But it was Trumka’s talk that dazzled, because he called upon investors, workers, environmentalists, and policy makers to remember the 99 percent and the need for shared respect in forging a new national commitment to economic recovery and sustainability. His words underscored the critical importance for those of us working in the corporate governance, social responsibility, and sustainability space to do a better job engaging and enlisting the general public in building a better world. Continue reading








Bank Foreclosures Draw Investor Ire
The TakeAway: Public pension fund investors turn up the heat on big banks as outrage over lending and mortgage practices mounts.
With millions of families losing their homes – and fears that millions more are on the brink – there’s a groundswell of concern about exactly what banks were doing, efforts to create safeguards so it won’t happen again.
Shareholder resolutions calling upon bank boards to conduct independent reviews of mortgage and foreclosure practices at Citibank, Wells Fargo, and Bank of America won high votes this season as pressures mount for banks to come clean about their questionable loan and securitization strategies. (Vote tallies at JPMorgan Chase were unavailable at this writing.) The Citigroup proposal received 29.3 percent support (based on votes cast “for” or “against”); those filed with Wells Fargo and Bank of America were supported, respectively, by 23 percent and a 39.5 percent, according to figures provided to Murninghan Post by Heidi Welsh of Sustainable Investments Institute (Si2). Continue reading →