Corporate laggards on global warming named

Shareholder activists named 10 U.S. companies as the top laggards in their industries in responding to global warming, arguing they have failed to plan for the possibility of new greenhouse gas regulations that could cost them money.

A list to be released Tuesday by Ceres, an environmental investment group, criticizes energy firms such as Exxon Mobil Corp. and ConocoPhillips, and even retailer Bed Bath & Beyond Inc., accusing them of failing to adequately address the industrial causes _ and consequences _ of climate change.

Oil and gas producers and utilities emit large quantities of carbon dioxide, a greenhouse gas that gets trapped in the atmosphere and, most scientists believe, contributes to global warming.

Ceres says the companies on its list are either not adequately prepared for possible new restrictions on carbon emissions, or not planning for how changing weather patterns and rising sea levels might affect their operations.

The effort to spotlight these companies comes as a growing number of businesses and politicians are calling for a national policy to limit greenhouse gas emissions.

Some investors are even starting to speak out against corporate proponents of carbon constraints.

The Free Enterprise Action Fund, a mutual fund based in Potomac, Md., has placed a resolution before General Electric Co. shareholders, criticizing that company for advocating limits on greenhouse gases and arguing that those regulations would harm economic growth and demand for GE products.

Ceres' effort is backed by religious and socially responsible investors, municipal pension funds in New York, Connecticut and North Carolina and a major union.

"We're trying to push these companies as much as possible to just look at what I view (as) very fundamental issues of profitability," said Richard Moore, North Carolina's state treasurer, who manages more than $70 billion in public pension funds and government debt.

According to Ceres, the number of shareholder resolutions filed with U.S. companies on global warming issues has grown from 25 in 2004 to 42 filed this year. Mindy Lubber, president of Ceres, said the resolutions are "not about theatrics at annual meetings," but about concern for long-term business prospects.

Also named on the list were coal producer Massey Energy Co., insurance firm ACE Ltd. and utility TXU Corp.

TXU was criticized by the investors' group for its proposal to build 11 new coal-fired power plants in Texas.

Lisa Singleton, a spokeswoman for TXU, said her company is working to develop cleaner energy technologies. "We believe strongly that technology will be the solution," she said.

Companies outside the energy industry such as Bed Bath & Beyond also made the list because, they have been "unresponsive" to requests that they make public their emission reduction and energy efficiency goals, the activist shareholders said.

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On the Net:

http://www.ceres.org