MidAmerican Energy Co. and Siemens have reached a deal for the construction of 258 wind turbines in western and central Iowa, the companies announced Tuesday. The turbines will generate more than 593 megawatts of energy, or enough to power 190,000 homes, the companies said. They'll be installed across five Iowa counties in 2011.
Harold Prior, executive director of the Iowa Wind Energy Association, called the deal 'significant' in that it would increase Iowa's production capacity of 3,760 megawatts by almost 16 percent.
Congress' approval of a one-year investment tax credit and a decision by the Federal Energy Regulatory Commission that allows the cost of building wind energy transmission lines to be shared by customers will allow foster wind energy development in Iowa, Prior predicted. Read more at Bloomberg.com
Friday, December 31, 2010
Wednesday, December 29, 2010
Caterpillar Facilities Achieve Zero Waste to Landfill in 2010
In line with Caterpillar Inc.'s (NYSE: CAT) global commitment to sustainable development, two Caterpillar facilities achieved zero waste to landfill in 2010...
Read more at CSRwire.com
Read more at CSRwire.com
GBEST: Best Buy, Starbucks Share Ideas for Saving Energy, Water
Nothing says energy efficiency like 'off',' ' said Best Buy's Hugh Cherne, describing his company's efforts to slash energy use and bring cost and carbon savings to the firm and its customers... Read more
Xerox Cuts Emissions by 31%, Water by 26% Since 2002
Xerox this week published its annual CSR report, highlighting its progress on environmental and social sustainability.
The company includes data on its year-over-year progress in reducing a number of environmental impacts, as well as its cumulative achievements since 2002. The data show significant improvements across Xerox's operations, including 31 percent reductions in CO2 emissions and 26 percent reductions in water use in the last eight years.
Read more at GreenBiz.com
The company includes data on its year-over-year progress in reducing a number of environmental impacts, as well as its cumulative achievements since 2002. The data show significant improvements across Xerox's operations, including 31 percent reductions in CO2 emissions and 26 percent reductions in water use in the last eight years.
Read more at GreenBiz.com
$5 Gas Prices On the Horizon?
According to former president of Shell Oil, John Hofmeister, Americans will be paying $5 per gallon for gas by 2012 due to growing demand for oil, tighter supplies and inadequate responses by the U.S. government. His remarks were made during his appearance on Platts Energy Week television. Read more at Domestic Fuel.com
Wednesday, December 22, 2010
Fireman's Fund Axes Carbon Footprint 15% with Bloom Boxes
Fireman's Fund Insurance Company will soon join eBay, Coca-Cola, Walmart and Google as early adopters of Bloom Energy technology with the installation of six of the company's high-tech fuel cells, the insurance firm announced today.
Fireman's Fund, the first carrier to widely introduce green insurance to the U.S. commercial market, plans to install the Bloom Energy Servers -- fuel-cell energy generators better known as Bloom boxes -- at its headquarters in Novato in early 2011.
The Bloom boxes, which turn fuel into electricity through a clean electro-chemical process, will cost the insurance company about $8.2 million, an expense that is expected to be offset by tax credits and a sharp drop in energy bills. Fireman's Fund said it anticipates a return on investment plus $1.5 million in the next 10 years Read More
Fireman's Fund, the first carrier to widely introduce green insurance to the U.S. commercial market, plans to install the Bloom Energy Servers -- fuel-cell energy generators better known as Bloom boxes -- at its headquarters in Novato in early 2011.
The Bloom boxes, which turn fuel into electricity through a clean electro-chemical process, will cost the insurance company about $8.2 million, an expense that is expected to be offset by tax credits and a sharp drop in energy bills. Fireman's Fund said it anticipates a return on investment plus $1.5 million in the next 10 years Read More
Tuesday, December 21, 2010
Research: Southeast Faces Freshwater Sustainability Challenges -- Environmental Protection
Water scarcity in the western United States has long been an issue of concern. Now, a team of researchers studying freshwater sustainability have found that the Southeast, with the exception of Florida, does not have enough water capacity to meet its own needs.
Twenty-five years ago, environmentalist Marc Reisner published 'Cadillac Desert: The American West and Its Disappearing Water,' which predicted that water resources in the West would be unable to support the growing demand of cities, agriculture, and industry. A paper co-authored by a University of Georgia researcher and just published in a special issue of the journal Proceedings of the National Academy of Sciences offers new support for most of Reisner's conclusions, using data and methods unavailable to him in 1986.
Although the paper focuses on freshwater sustainability in the Southwest, co-authors Tushar Sinha, a postdoctoral scientist at North Carolina State University; John Kominoski, a postdoctoral associate at the UGA Odum School of Ecology; and William Graf, a professor of geography at the University of South Carolina, said that the findings have important implications for the Southeast as well. 'It turns out that the Southeast has a relatively low capacity for water storage,' Graf said." Read More
Twenty-five years ago, environmentalist Marc Reisner published 'Cadillac Desert: The American West and Its Disappearing Water,' which predicted that water resources in the West would be unable to support the growing demand of cities, agriculture, and industry. A paper co-authored by a University of Georgia researcher and just published in a special issue of the journal Proceedings of the National Academy of Sciences offers new support for most of Reisner's conclusions, using data and methods unavailable to him in 1986.
Although the paper focuses on freshwater sustainability in the Southwest, co-authors Tushar Sinha, a postdoctoral scientist at North Carolina State University; John Kominoski, a postdoctoral associate at the UGA Odum School of Ecology; and William Graf, a professor of geography at the University of South Carolina, said that the findings have important implications for the Southeast as well. 'It turns out that the Southeast has a relatively low capacity for water storage,' Graf said." Read More
Think Delivers Its First US-Built Electric Cars
European electric vehicle company Think has delivered its first U.S.-built cars to the State of Indiana for use in its government fleet. The 15 vehicles, which were shipped from Think's manufacturing facility in Elkhart, Indiana, contain lithium-ion batteries made by U.S. company EnerDel. EneDel's parent company Ener1 (Nasdaq: HEV) is the largest stakeholder in Think.
'We've made a strategic decision to target initially the many millions of fleet vehicles in operation in the U.S. market,' said Think CEO Barry Engle. 'These fleets can jumpstart vehicle electrification in America's cities and help push the industry past early adopters into mainstream consumer markets. Fleet sales will drive up vehicle and battery production volumes and drive down costs, which will benefit retail consumers.'
Read more at Sustainable Business
'We've made a strategic decision to target initially the many millions of fleet vehicles in operation in the U.S. market,' said Think CEO Barry Engle. 'These fleets can jumpstart vehicle electrification in America's cities and help push the industry past early adopters into mainstream consumer markets. Fleet sales will drive up vehicle and battery production volumes and drive down costs, which will benefit retail consumers.'
Read more at Sustainable Business
U.S. gasoline demand may have peaked, as prices climb
After seven decades of mostly uninterrupted growth, U.S. gasoline demand is at the start of a long-term decline. By 2030, Americans will burn at least 20 percent less gasoline than today, experts say, even as millions of more cars clog the roads.
The country’s thirst for gasoline is shrinking as cars and trucks become more fuel-efficient, the government mandates the use of more ethanol and people drive less.
“A combination of demographic change and policy change means the days of gasoline growing in the U.S. are over,” said Daniel Yergin, chairman of IHS Cambridge Energy Research Associates and author of a Pulitzer Prize-winning history of the oil industry." Read more
The country’s thirst for gasoline is shrinking as cars and trucks become more fuel-efficient, the government mandates the use of more ethanol and people drive less.
“A combination of demographic change and policy change means the days of gasoline growing in the U.S. are over,” said Daniel Yergin, chairman of IHS Cambridge Energy Research Associates and author of a Pulitzer Prize-winning history of the oil industry." Read more
Thursday, December 2, 2010
Sustainablility Indexes Proliferate in Emerging Stock Markets
Mexico is the latest country to create a benchmark on sustainability performance for investors as demand for sustainable investment products explodes in emerging markets. The Bolsa Mexicana de Valores’ (Mexican Stock Exchange, MSE) sustainability index will be formally launched at this week’s United Nations Climate Change Conference in Cancún.
Thus far in 2010, the Istanbul Stock Exchange (ISE) and the Brazilian Stock Exchange (BM&FBOVESPA) have signed the UNPRI and several stock exchanges have launched SRI/Sustainability indices including the Indonesia Stock Exchange (the KEHATI-SRI Index), the Shanghai Stock Exchange (Social Responsibility Index), and the Egyptian Exchange (S&P/EGX ESG Index). The Johannesburg Stock Exchange, as part of its implementation of the PRI (UN Principles for Responsible Investment), has upgraded its ESG reporting requirements to include integrated reporting on a ‘comply or explain’ basis, making South Africa the first country to mandate the disclosure of financial and non-financial performance in one integrated report for all listed companies. Read More at Responsible-Investor.com
Thus far in 2010, the Istanbul Stock Exchange (ISE) and the Brazilian Stock Exchange (BM&FBOVESPA) have signed the UNPRI and several stock exchanges have launched SRI/Sustainability indices including the Indonesia Stock Exchange (the KEHATI-SRI Index), the Shanghai Stock Exchange (Social Responsibility Index), and the Egyptian Exchange (S&P/EGX ESG Index). The Johannesburg Stock Exchange, as part of its implementation of the PRI (UN Principles for Responsible Investment), has upgraded its ESG reporting requirements to include integrated reporting on a ‘comply or explain’ basis, making South Africa the first country to mandate the disclosure of financial and non-financial performance in one integrated report for all listed companies. Read More at Responsible-Investor.com
Wednesday, December 1, 2010
Will corporate giants achieve what governments can't?
Last week saw some of the world's biggest companies, including Unilever, General Motors and Georgia Pacific, announce wide-ranging corporate social responsibility programs that should sharply reduce their environmental impact. That's great news, writes Marc Gunther of GreenBiz.com, but also a reminder of the extent to which governments have been sidelined as drivers of global sustainability. "Big companies are doing what governments once did, without the democratic controls we have, at least in theory, over governments," Gunther writes.
Here are a few of the specifics: Unilever unveiled a bold plan to "enable billions of people to increase their quality of life – without increasing their environmental impact." Chevrolet announced $40 million of carbon reduction projects. Forestry giant Georgia Pacific signed an agreement to protect endangered forests in the southern U.S., winning praise from the Dogwood Alliance and Natural Resources Defense Council.
These companies join GE, Google, DuPont, Shell, Levi-Strauss, PepsiCo, Starbucks and Coca-Cola, among others -- companies that, to varying degrees, are redefining themselves to deal with the long-term trends they've identified, and to meet the rising expectations of business that come from their employees, their customers, communities and NGOs." And investors. Read more
Here are a few of the specifics: Unilever unveiled a bold plan to "enable billions of people to increase their quality of life – without increasing their environmental impact." Chevrolet announced $40 million of carbon reduction projects. Forestry giant Georgia Pacific signed an agreement to protect endangered forests in the southern U.S., winning praise from the Dogwood Alliance and Natural Resources Defense Council.
These companies join GE, Google, DuPont, Shell, Levi-Strauss, PepsiCo, Starbucks and Coca-Cola, among others -- companies that, to varying degrees, are redefining themselves to deal with the long-term trends they've identified, and to meet the rising expectations of business that come from their employees, their customers, communities and NGOs." And investors. Read more
Tuesday, November 30, 2010
Chu: America is at a "Sputnik Moment"
America is at a "Sputnik moment", Energy Secretary Stephen Chu said today, and the government's next moves will determine whether the country leads the global cleantech race or loses it to China.
"This is the threat that I see," Chu said in a speech at the National Press Club in Washington D.C. "The U.S. still has the opportunity to lead in a new industrial revolution. It is a way to secure our future prosperity, but I believe our time is running out."
The timing of the speech was no accident. It came as new global climate talks got underway in Mexico and as President Obama prepares to sit down for talks with the new Republican leadership in the House of Representatives.
When the U.S.S.R. launched the Sputnik satellite in 1957, it shook the American industrial and military establishment; few knew the Russians were capable of such a feat. Eleven days afterward, President Dwight Eisenhower announced a new commitment to scientific R&D that led to decades of American technological dominance. Read More
"This is the threat that I see," Chu said in a speech at the National Press Club in Washington D.C. "The U.S. still has the opportunity to lead in a new industrial revolution. It is a way to secure our future prosperity, but I believe our time is running out."
The timing of the speech was no accident. It came as new global climate talks got underway in Mexico and as President Obama prepares to sit down for talks with the new Republican leadership in the House of Representatives.
When the U.S.S.R. launched the Sputnik satellite in 1957, it shook the American industrial and military establishment; few knew the Russians were capable of such a feat. Eleven days afterward, President Dwight Eisenhower announced a new commitment to scientific R&D that led to decades of American technological dominance. Read More
UK: Faith-inspired ethical investing. A role model for the US?
Just Means.com, a UK-based website devoted to corporate responsibility and sustainability, reported on some new investment directives coming from organizations within the UK Christian community. Of interest to ALL investors was the principle underlying this effort: That churches and their members can wield great power to affect change with their investment dollars...
Earlier this month saw the return of National Ethical Investment Week, which wants Christians of all denominations to think before they invest. This year, the Ecumenical Council for Corporate Responsibility (ECCR) produced a special 'Action Guide for Churches' to encourage Christians to 'apply their principles through their savings and investment decisions'. It is intriguing, but perhaps not surprising, that churches have an interest in CSR...
The UK Sustainable Investment and Finance Organisation (UKSIF), has highlighted that churches have a history of using their spending power for positive change. This has included targeting unfair labour practices, combating apartheid in South Africa and tackling arms trading.
As a corporate body, focused on CSR, UK Christians, of all shapes and sizes, have more power than they think. The latest figures available from the Church of England show that the church commissioners manage £4.4bn of assets. And that is only the corporate funds of one part of the Christian church. The combination of every denomination, and each churchgoer, focussing their funds on ethical investment would have a powerful impact on the market.
A survey, conducted by YouGov and released as part of National Ethical Investment Week this year, showed that there is a growing appetite for green and ethical options, especially among those aged 35 and over. More than half (54%) of all GB adults with investments want to make money but also to make a difference.
However, the financial services industry and even those companies with a track record in CSR seem to be missing a trick in marketing their green and ethical financial options. More than four in 10 (43%) of all GB adults remain unaware that they have green and ethical options on a wide range of financial products from cash ISAs and funds, to mortgages and pensions.
The survey, of 2,700 UK adults, showed that people aged 35 and over are more concerned about creating a sustainable future than younger adults, busting the myth that the younger generation tends to be more green and ethical.
When it comes to savings and investments, more than half (58%) of over 55s and (54%) of those aged 35-54 want to make money and a positive difference to the world with their investments, compared to one in three (33%) 18-24 year olds.
Companies which have a strong CSR track record in this area are clearly not shouting loudly enough about what is on offer. It is true that what people say in a survey and what they do in real life is often very different. However, even bearing that in mind there is clearly an increasing interest in ethical products which ethical companies should make the most of.
Earlier this month saw the return of National Ethical Investment Week, which wants Christians of all denominations to think before they invest. This year, the Ecumenical Council for Corporate Responsibility (ECCR) produced a special 'Action Guide for Churches' to encourage Christians to 'apply their principles through their savings and investment decisions'. It is intriguing, but perhaps not surprising, that churches have an interest in CSR...
The UK Sustainable Investment and Finance Organisation (UKSIF), has highlighted that churches have a history of using their spending power for positive change. This has included targeting unfair labour practices, combating apartheid in South Africa and tackling arms trading.
As a corporate body, focused on CSR, UK Christians, of all shapes and sizes, have more power than they think. The latest figures available from the Church of England show that the church commissioners manage £4.4bn of assets. And that is only the corporate funds of one part of the Christian church. The combination of every denomination, and each churchgoer, focussing their funds on ethical investment would have a powerful impact on the market.
A survey, conducted by YouGov and released as part of National Ethical Investment Week this year, showed that there is a growing appetite for green and ethical options, especially among those aged 35 and over. More than half (54%) of all GB adults with investments want to make money but also to make a difference.
However, the financial services industry and even those companies with a track record in CSR seem to be missing a trick in marketing their green and ethical financial options. More than four in 10 (43%) of all GB adults remain unaware that they have green and ethical options on a wide range of financial products from cash ISAs and funds, to mortgages and pensions.
The survey, of 2,700 UK adults, showed that people aged 35 and over are more concerned about creating a sustainable future than younger adults, busting the myth that the younger generation tends to be more green and ethical.
When it comes to savings and investments, more than half (58%) of over 55s and (54%) of those aged 35-54 want to make money and a positive difference to the world with their investments, compared to one in three (33%) 18-24 year olds.
Companies which have a strong CSR track record in this area are clearly not shouting loudly enough about what is on offer. It is true that what people say in a survey and what they do in real life is often very different. However, even bearing that in mind there is clearly an increasing interest in ethical products which ethical companies should make the most of.
Educational: Developing Clean Fuels from Landfill Gas
This background article was penned by a representative of Waste Management, Inc. While surely it is a corporate promotion exercise, it is also good background information on the waste-to-energy industry.
Usually, a landfill signifies the end of the waste cycle. But for the waste industry, this is just the beginning. When waste decomposes in a landfill, it emits a mixture of gases, some of which can be processed to create liquefied natural gas. These resulting gases are increasingly being used instead of fossil fuels to power a variety of vehicles, such as heavy-duty truck fleets.
To close the loop on our own waste collection process, Waste Management has taken this cycle a step further. At the Altamont Landfill near Livermore, California, we’ve partnered with The Linde Group to convert the landfill gas (LFG) we collect into liquefied natural gas (LNG). In turn, this gas is used as fuel to power our collection vehicles; the plant can produce up to 13,000 gallons of LNG per day, enough fuel for 300 LNG powered collection trucks across 20 California communities. Read More at EarthandIndustry.com
Usually, a landfill signifies the end of the waste cycle. But for the waste industry, this is just the beginning. When waste decomposes in a landfill, it emits a mixture of gases, some of which can be processed to create liquefied natural gas. These resulting gases are increasingly being used instead of fossil fuels to power a variety of vehicles, such as heavy-duty truck fleets.
To close the loop on our own waste collection process, Waste Management has taken this cycle a step further. At the Altamont Landfill near Livermore, California, we’ve partnered with The Linde Group to convert the landfill gas (LFG) we collect into liquefied natural gas (LNG). In turn, this gas is used as fuel to power our collection vehicles; the plant can produce up to 13,000 gallons of LNG per day, enough fuel for 300 LNG powered collection trucks across 20 California communities. Read More at EarthandIndustry.com
Energy Giant Areva to Invest $3 Billion in India Solar Power
France-based energy company Areva (CEI.PA) is planning to invest $3 billion in India's rapidly growing solar power sector. The company plans to set up 1000 MW solar thermal power capacity in the next five to seven years.
Areva already has a presence in the biomass sector with 60 MW installed capacity and launched a joint venture with Astonfield to increase the capacity to 100 MW. Apart from renewables, the company is also expected to gain significant share in India's nuclear energy market through the Indo-French nuclear deal signed last year. Read More
Areva already has a presence in the biomass sector with 60 MW installed capacity and launched a joint venture with Astonfield to increase the capacity to 100 MW. Apart from renewables, the company is also expected to gain significant share in India's nuclear energy market through the Indo-French nuclear deal signed last year. Read More
Monday, November 29, 2010
S.C. Johnson Plans to Disclose All Product Ingredients
Family-owned S.C. Johnson is launching a multiplatform campaign that promises to disclose all ingredients in its cleaning products, "right down to the fragrances and dyes." The effort was to start with an ad during the CBS airing of the Thanksgiving parade, starring Chairman and CEO Herbert Fisk Johnson III, and will include "more digital engagement than we've typically done," Johnson said. "If we’re really going to make progress on the environment, we have to empower consumers to make more environmental choices"
Read more from NYTimes.com
Read more from NYTimes.com
Investors Say Weak U.S. Policies Causing Private Capital To Go Overseas; Strong Policies Needed to Close Widening Climate Investment Gap
BOSTON - The world's largest global investors have a powerful message for climate negotiators in Cancun and the new U.S. Congress: take action now in the fight against global warming or risk economic disruptions far more severe than the recent financial crisis.
Citing potential climate-related GDP losses of up to 20 percent by 2050 and the economic benefits of shifting to low-carbon and resource-efficient economies, investors released a major statement today calling for national and international policies that will spur private investment into low-carbon technologies.
The statement was signed by 259 investors from North America, Europe, Asia, Australia, Latin America and Africa with collective assets totaling more than $15 trillion—more than one-quarter of global capitalization. Signatories included Allianz, HSBC, APG and a dozen U.S. public pension funds and state treasurers. It is the largest-ever group of investors to call for government action on climate change. Read more.
Citing potential climate-related GDP losses of up to 20 percent by 2050 and the economic benefits of shifting to low-carbon and resource-efficient economies, investors released a major statement today calling for national and international policies that will spur private investment into low-carbon technologies.
The statement was signed by 259 investors from North America, Europe, Asia, Australia, Latin America and Africa with collective assets totaling more than $15 trillion—more than one-quarter of global capitalization. Signatories included Allianz, HSBC, APG and a dozen U.S. public pension funds and state treasurers. It is the largest-ever group of investors to call for government action on climate change. Read more.
Friday, November 19, 2010
CalPERS shifts $500m into internally-run environmental index strategy
CalPERS’s, the $220bn pension giant, has shifted $500mn to a new "inclusive" environmental portfolio strategy. Its previous policy, started in 2006, was to exclude big polluters via environmental screens. In contrast, companies included in the new portfolio will have to derive a material portion of their revenues from low-carbon energy production. George Diehr, chairman of CalPERS’ investment committee, said that research showed a positive inclusionary methodology for investing in listed companies was more successful than a negative exclusionary approach.
Through its Environmental Technology program, CalPERS has also to date invested $1.5bn in private equity clean-tech mandates. Read more about CalPERS' actions here.
Through its Environmental Technology program, CalPERS has also to date invested $1.5bn in private equity clean-tech mandates. Read more about CalPERS' actions here.
Monday, November 1, 2010
State Street Report on Sustainable Investing: The Best Firms Widened the Gap in the Financial Crisis
State Street Corporation (NYSE: STT), one of the world's leading providers of financial services to institutional investors, has released a new Vision Focus report on sustainable investing. Entitled “Sustainable Investing: Positioning for Long-Term Success,” the report leverages new research by State Street Global Advisors (SSgA), the investment management business of State Street, to examine the growing impact of environmental, social and governance (ESG) concerns on the investment decisions of institutional investors.
World population growth, climate change and a range of other catalysts are transforming sustainability into “a material issue for companies and investors alike,” the report states.
“With global business and investing moving toward a more sustainable model, institutional investors need to position themselves for a future that may look dramatically different from the past,” said Chris McKnett, vice president of ESG investing at SSgA. “By taking steps to align themselves with this trend now, institutional investors may be better positioned to achieve long-term goals.”
Once viewed as a marginal investing “fad,” ESG investing is gaining momentum as global macro-trends increasingly point to a “sustainability crisis” taking place around the world, the report states. “Many investors have called for more opportunities to incorporate ESG factors into their portfolios, prompting investment managers to enhance their product and service offerings.”
The report is a bridge to research findings outlined in a new SSgA study, scheduled to be released later this year. The 2010 study is an update to research conducted by SSgA in 2008. While the 2008 study suggested a growing importance for ESG-related investment considerations, the new study goes a step further by examining ESG in bear market periods, and found that, in general, high-scoring ESG companies suffered less during the 2008-2009 downturn.
In addition, the new research found that the magnitude of protection enjoyed by companies with strong ESG practices increased at the same time as the largest market declines occurred.
According to the Vision report, the global financial crisis contributed to greater awareness of ESG issues by spotlighting the need for “more stringent corporate governance and disclosure requirements to help protect the interests of investors.”
“The new emphasis on sustainability is changing the rules of the institutional investment world,” continued McKnett. “As ESG factors are increasingly mandated by investors, those companies with favorable ESG ratings are likely to become the preferred holdings.”
The Vision report reviews the development of ESG investing from the early focus on exclusionary screening of companies whose products or services were deemed inconsistent with an investor’s values, to today’s more proactive approach of incorporating ESG factors into the investment decision-making process. With more in-depth analysis of ESG data and ratings, the report states, “Today’s sustainable investor is intent on identifying companies expected to outperform over the long term based on their practices of embracing the concept of sustainability in the operation and management of their enterprises.”
State Street’s Vision Series addresses key trends and developments impacting the financial services industry. Previous reports have focused on pensions, exchange traded funds, asset allocation and sovereign wealth funds. To download a copy of this Vision Focus report or others in State Street’s Vision series of in-depth reports, please visit www.statestreet.com/vision.
World population growth, climate change and a range of other catalysts are transforming sustainability into “a material issue for companies and investors alike,” the report states.
“With global business and investing moving toward a more sustainable model, institutional investors need to position themselves for a future that may look dramatically different from the past,” said Chris McKnett, vice president of ESG investing at SSgA. “By taking steps to align themselves with this trend now, institutional investors may be better positioned to achieve long-term goals.”
Once viewed as a marginal investing “fad,” ESG investing is gaining momentum as global macro-trends increasingly point to a “sustainability crisis” taking place around the world, the report states. “Many investors have called for more opportunities to incorporate ESG factors into their portfolios, prompting investment managers to enhance their product and service offerings.”
The report is a bridge to research findings outlined in a new SSgA study, scheduled to be released later this year. The 2010 study is an update to research conducted by SSgA in 2008. While the 2008 study suggested a growing importance for ESG-related investment considerations, the new study goes a step further by examining ESG in bear market periods, and found that, in general, high-scoring ESG companies suffered less during the 2008-2009 downturn.
In addition, the new research found that the magnitude of protection enjoyed by companies with strong ESG practices increased at the same time as the largest market declines occurred.
According to the Vision report, the global financial crisis contributed to greater awareness of ESG issues by spotlighting the need for “more stringent corporate governance and disclosure requirements to help protect the interests of investors.”
“The new emphasis on sustainability is changing the rules of the institutional investment world,” continued McKnett. “As ESG factors are increasingly mandated by investors, those companies with favorable ESG ratings are likely to become the preferred holdings.”
The Vision report reviews the development of ESG investing from the early focus on exclusionary screening of companies whose products or services were deemed inconsistent with an investor’s values, to today’s more proactive approach of incorporating ESG factors into the investment decision-making process. With more in-depth analysis of ESG data and ratings, the report states, “Today’s sustainable investor is intent on identifying companies expected to outperform over the long term based on their practices of embracing the concept of sustainability in the operation and management of their enterprises.”
State Street’s Vision Series addresses key trends and developments impacting the financial services industry. Previous reports have focused on pensions, exchange traded funds, asset allocation and sovereign wealth funds. To download a copy of this Vision Focus report or others in State Street’s Vision series of in-depth reports, please visit www.statestreet.com/vision.
SRI Fund Manager Interview: Gabelli SRI Green Fund
Last week, during the Green Business Works Expo in Atlanta, we were able to sit down with John M. Segrich, co-manager of the Gabelli SRI Green Fund to discuss his investment thoughts. This unique equity mutual fund is focused on (to quote the fund's fact sheet) "sustainability issues it believes materially impact the world we live in through a series of economic, social, and political changes, including, but not limited to: climate change, energy security and independence, natural resource shortages, organic living, and urbanization." It's quite a mouthful, but in practice it makes sense.
Gabelli is a research-driven firm whose investment philosophy is to "identify companies that are selling at substantial discounts to their intrinsic value" (i.e., the value that an informed buyer would pay for the entire firm.) This research-driven approach lends itself well to assessing both the valuation and the sustainability issues inherent in each potential investment.
The firm's approach appears to be working. Mutual fund rating service Morningstar recently awarded its highest rating (5-Stars) to the three year old fund. Classified as a Mid Cap Growth fund, Gabelli SRI Green holds more than half of its investments outside the US. As such, its largest holdings are hardly household names -- and they tend to change frequently. (The fund's portfolio "turnover" was in excess of 190 percent last year.) Its largest holding is ReneSola Ltd., a China-based manufacturer of silicon solar wafers (the raw materials for photovoltaic solar panels), which comprised some 7% of the portfolio at the end of the third quarter. In the prior quarter, the largest spot was occupied by Rubicon Technologies, an Illinois-based maker of sapphire crystal products for LED and other optics applications. Most of the fund's 60-odd holdings are equally obscure names that few investors would recognize.
Whether purposefully or not, the fund balances the risk of volatile mid-cap tech firms with at least a few larger, more established companies. Pharmaceutical firm Novo Nordisk fits the firm's "change" criteria with its focus on medications to combat diabetes, a disease that the managers expect to become more prevalent as emerging nations become wealthier and more sedentary. Johnson Controls is another large firm ($20+ billion market cap) whose building efficiency and power solutions groups are clear fits with any clean tech theme. As we said, these large cap firms are the exceptions in a portfolio dominated by smaller niche companies.
We have spent the bulk of this report describing the fund's focus on interesting, world-changing companies. Another aspect of its management is the disipline around where it will NOT invest. The fund's "social" criteria excludes many controversial industries such as tobacco, alcohol, and gambling while also avoiding the top 50 defense contractors. Environmental factors are addressed through the active investment criteria that specifically target these industries. This is evident even in the manner in which the fund describes its top industry sectors. Rather than use broad terms such as "Technology" or "Energy", the managers identify very specific industries, such as: "Light Emitting Diodes", "Solar" or "Energy Efficiency" as having large allocations within the fund.
With its short track record (just three years), high turnover, concentrated investment style and focus on small, volatile companies, the Gabelli SRI Green Fund can hardly be considered appropriate as a core holding in any investment plan. However, in a supporting role, Gabelli Green could be a very interesting, and potentially exciting, alternative for sustainably-minded investors.
Gabelli is a research-driven firm whose investment philosophy is to "identify companies that are selling at substantial discounts to their intrinsic value" (i.e., the value that an informed buyer would pay for the entire firm.) This research-driven approach lends itself well to assessing both the valuation and the sustainability issues inherent in each potential investment.
The firm's approach appears to be working. Mutual fund rating service Morningstar recently awarded its highest rating (5-Stars) to the three year old fund. Classified as a Mid Cap Growth fund, Gabelli SRI Green holds more than half of its investments outside the US. As such, its largest holdings are hardly household names -- and they tend to change frequently. (The fund's portfolio "turnover" was in excess of 190 percent last year.) Its largest holding is ReneSola Ltd., a China-based manufacturer of silicon solar wafers (the raw materials for photovoltaic solar panels), which comprised some 7% of the portfolio at the end of the third quarter. In the prior quarter, the largest spot was occupied by Rubicon Technologies, an Illinois-based maker of sapphire crystal products for LED and other optics applications. Most of the fund's 60-odd holdings are equally obscure names that few investors would recognize.
Whether purposefully or not, the fund balances the risk of volatile mid-cap tech firms with at least a few larger, more established companies. Pharmaceutical firm Novo Nordisk fits the firm's "change" criteria with its focus on medications to combat diabetes, a disease that the managers expect to become more prevalent as emerging nations become wealthier and more sedentary. Johnson Controls is another large firm ($20+ billion market cap) whose building efficiency and power solutions groups are clear fits with any clean tech theme. As we said, these large cap firms are the exceptions in a portfolio dominated by smaller niche companies.
We have spent the bulk of this report describing the fund's focus on interesting, world-changing companies. Another aspect of its management is the disipline around where it will NOT invest. The fund's "social" criteria excludes many controversial industries such as tobacco, alcohol, and gambling while also avoiding the top 50 defense contractors. Environmental factors are addressed through the active investment criteria that specifically target these industries. This is evident even in the manner in which the fund describes its top industry sectors. Rather than use broad terms such as "Technology" or "Energy", the managers identify very specific industries, such as: "Light Emitting Diodes", "Solar" or "Energy Efficiency" as having large allocations within the fund.
With its short track record (just three years), high turnover, concentrated investment style and focus on small, volatile companies, the Gabelli SRI Green Fund can hardly be considered appropriate as a core holding in any investment plan. However, in a supporting role, Gabelli Green could be a very interesting, and potentially exciting, alternative for sustainably-minded investors.
World Trade Center to be powered by natural-gas fuel cell array
The new World Trade Center in New York City is to get much of its energy from an array of natural gas-powered fuel cells. This will help to reduce the site's environmental footprint and curb the amount of river water needed for cooling purposes. Developers hope the high-profile installation will encourage other building managers to embrace the technology. "If we can demonstrate that fuel cells work, that they can be highly effective, that they can achieve energy-saving goals, we hope that other owners of buildings and office buildings will choose to adopt them in the future," says Janno Lieber, the project chief.
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Wednesday, October 20, 2010
Hungary, Toxic Waste and Pension Funds
It's remarkably easy to conflate two issues, especially when the parallels are just so blindingly obvious.
On the one hand we have the chemical sludge which has erupted all over Hungary. This is (with no trace of irony) deep and serious doo-doo. It's not a minor little spill which will be cleared up as time goes by. It's a major ecological catastrophe which threatens to poison eastern and central European water supplies. In fact, it makes the Deepwater Horizon oil spill look like child's play.
However (just like Deepwater Horizon) there actually was nothing out of the ordinary in Hungary. All sorts of industrial plants have cess pools of toxic waste attached to them; in this case it was an aluminium plant but I remember an incident in Tennessee a few years back when a huge pile of ash from a coal fired power station burst its walls and flooded the neighbourhood.
Looking at photos, the editor I covered the story for described the scene as Mordor, and he wasn't far wrong. ABC News in the US has done its bit to ram the message (or the paranoia) home. They've directed their readers to a map published by the Environmental Protection Agency (EPA) of all such cess pools across the US. "Heavens", you have to say, but there's a lot of them (pictured).
On the other hand, pension funds have suffered terribly during the financial downturn.
Last week, a widely reported study by the UN Principles for Responsible Investment (UNPRI) found that the ecological damage of all human activity in 2008 was worth $6.6tr, 20% larger than the $5.4tr decline in pension funds' value in the same period (during that financial crisis).
Pension funds act as aggregators of capitalist investment and there's a creditable argument that modern day capitalism wouldn't exist without them. Yet they have, by the nature of the beast, to have to take on risks and corral those risks into a holding area where they can be managed... Read more
On the one hand we have the chemical sludge which has erupted all over Hungary. This is (with no trace of irony) deep and serious doo-doo. It's not a minor little spill which will be cleared up as time goes by. It's a major ecological catastrophe which threatens to poison eastern and central European water supplies. In fact, it makes the Deepwater Horizon oil spill look like child's play.
However (just like Deepwater Horizon) there actually was nothing out of the ordinary in Hungary. All sorts of industrial plants have cess pools of toxic waste attached to them; in this case it was an aluminium plant but I remember an incident in Tennessee a few years back when a huge pile of ash from a coal fired power station burst its walls and flooded the neighbourhood.
Looking at photos, the editor I covered the story for described the scene as Mordor, and he wasn't far wrong. ABC News in the US has done its bit to ram the message (or the paranoia) home. They've directed their readers to a map published by the Environmental Protection Agency (EPA) of all such cess pools across the US. "Heavens", you have to say, but there's a lot of them (pictured).
On the other hand, pension funds have suffered terribly during the financial downturn.
Last week, a widely reported study by the UN Principles for Responsible Investment (UNPRI) found that the ecological damage of all human activity in 2008 was worth $6.6tr, 20% larger than the $5.4tr decline in pension funds' value in the same period (during that financial crisis).
Pension funds act as aggregators of capitalist investment and there's a creditable argument that modern day capitalism wouldn't exist without them. Yet they have, by the nature of the beast, to have to take on risks and corral those risks into a holding area where they can be managed... Read more
Friday, October 15, 2010
Oil & Gas Firms Spend Millions on California's 'Prop 23': 80 Percent of S&P 500 Don't Disclose Political Spending
When a business faces new regulations, is shareholder capital best spent on complying with the rules, or on lobbying to overturn them? How companies answer this question will be of growing concern for investors in coming years.
On Wednesday, the Los Angeles Times reported on a shareholder campaign targeting three large oil and gas companies for their spending on an effort to overturn California’s greenhouse gas (GHG) regulations. The ballot initiative, called “Proposition 23,” would delay or prevent implementation of the 2006 Global Warming Solutions Act, known as “AB32.”
The fight over Prop 23 highlights two related issues. First, corporations’ political spending – now explicitly protected speech after the Supreme Court's 2010 Citizens United ruling – could give them more influence over laws and regulations that involve their businesses. And second, the oil and gas sector is only the first whose competitive landscape could be redrawn by GHG restrictions, such as the low-carbon fuel standards of AB32. Read more
On Wednesday, the Los Angeles Times reported on a shareholder campaign targeting three large oil and gas companies for their spending on an effort to overturn California’s greenhouse gas (GHG) regulations. The ballot initiative, called “Proposition 23,” would delay or prevent implementation of the 2006 Global Warming Solutions Act, known as “AB32.”
The fight over Prop 23 highlights two related issues. First, corporations’ political spending – now explicitly protected speech after the Supreme Court's 2010 Citizens United ruling – could give them more influence over laws and regulations that involve their businesses. And second, the oil and gas sector is only the first whose competitive landscape could be redrawn by GHG restrictions, such as the low-carbon fuel standards of AB32. Read more
Monday, October 11, 2010
Offshore Wind a U.S. Job Boon if Capital Costs Don't Erode Potential -- DOE
If politics and economics align, the United States is well-positioned to build massive wind farms off of U.S. coasts and in the Great Lakes to meet a substantial amount of the nation's electricity needs, according to the Department of Energy.
In a 240-page study (pdf) of the potential and barriers for building 54 gigawatts' worth of offshore wind capacity, DOE's National Renewable Energy Laboratory estimates that doing so means the creation of at least 43,000 permanent jobs. Potential exists for $200 billion in economic activity, and government analysts predict 20 jobs would be created for every megawatt produced off of U.S. shores.
Read More
In a 240-page study (pdf) of the potential and barriers for building 54 gigawatts' worth of offshore wind capacity, DOE's National Renewable Energy Laboratory estimates that doing so means the creation of at least 43,000 permanent jobs. Potential exists for $200 billion in economic activity, and government analysts predict 20 jobs would be created for every megawatt produced off of U.S. shores.
Read More
Sunday, October 10, 2010
Green Startups: "Trapped in the Valley of Death"
Hundreds of U.S. cleantech startups find themselves stuck on the road to serious revenues because of the toxic combination of a stalled economy, scarce funding, and Washington's failure to enact comprehensive climate and energy legislation. The market for initial public offerings is frozen and venture capital is drying up because of uncertainty.
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Saturday, October 9, 2010
How best to accomplish a foundation’s mission? Passive investment vs. shareholder activism
Bill and Melinda Gates may not be that unusual after all—at least when it comes to the investment policies of their eponymous foundation. The Gates Foundation is the largest in the world, with an endowment larger than the gross domestic products of 70 percent of the world’s nations.
Amidst general praise for its work on social issues, the foundation found itself in the spotlight in January following the publication of a two-part Los Angeles Times investigation, which claimed that hundreds of Gates Foundation investments have been in companies that “contribute to the problems of health, housing and social welfare that the foundation tries to solve.” Read more
Amidst general praise for its work on social issues, the foundation found itself in the spotlight in January following the publication of a two-part Los Angeles Times investigation, which claimed that hundreds of Gates Foundation investments have been in companies that “contribute to the problems of health, housing and social welfare that the foundation tries to solve.” Read more
Wednesday, October 6, 2010
Sustainable Investing to be well represented at Green Business Works EXPO - October 26-28 Atlanta, GA
Investors will soon have a unique opportunity to hear from leading Sustainable Investing practioners. The Green Business Works EXPO will be held at the Cobb Galeria Centre from October 26-28. The three-day program is packed with presentations and breakout sessions hosted by real sustainability professionals, corporate leaders and consultants.
For investors, however the highlights include presentations by key individuals on the forefront of sustainable investing:
John Segrich, Head of Green Research and Portfolio Manager --Gabelli Asset Management
Michael Muyot, Investment Analyst -- CRD Analytics
Alya Z. Kayal, Vice President, Sustainability Research - Calvert Funds (Keynote Luncheon October 28th)
For more information, visit http://GreenBusinessWorksExpo.net/
Hope to see you there.
For investors, however the highlights include presentations by key individuals on the forefront of sustainable investing:
John Segrich, Head of Green Research and Portfolio Manager --Gabelli Asset Management
Michael Muyot, Investment Analyst -- CRD Analytics
Alya Z. Kayal, Vice President, Sustainability Research - Calvert Funds (Keynote Luncheon October 28th)
For more information, visit http://GreenBusinessWorksExpo.net/
Hope to see you there.
Monday, October 4, 2010
P&G to take sustainability message to brand campaigns
Procter & Gamble is well known for its leadership in many consumer products categories. The company is also recognized as a leader in sustainablility, appearing in numerous investment indexes that track the nation's most sustainble firms. Now, P&G has further declared its intention to reduce waste, energy consumption and emissions. In partnership with WWF, P&G has pledged to reduce its use of petroleum-derived materials by 25%, reduce its packaging by 20% and ensure 30% of the power in its operations is sourced from renewable energy by 2020.
The new commitments will also be communicated to consumers through P&G’s existing consumer-facing initiative Future Friendly, which aims to educate consumers on how they can reduce waste and save energy and water. Company President and CEO Bob McDonald says: “No one company can have all the answers but we recognise that we need to be part of the solution.”
Read More
The new commitments will also be communicated to consumers through P&G’s existing consumer-facing initiative Future Friendly, which aims to educate consumers on how they can reduce waste and save energy and water. Company President and CEO Bob McDonald says: “No one company can have all the answers but we recognise that we need to be part of the solution.”
Read More
Sunday, October 3, 2010
Ethical investment funds come of age, and performance
In a recent interview, Sebastian Beloe, head of Sustainable and Responsible Investment (SRI) research at Henderson Funds shares his views on the evolution of SRI funds, investment themes that he finds attractive and how sustainable funds fared in the post-crisis environment.
On the evolution of sustainable mutual funds: "In the old days, SRI was about what you could not invest in - like tobacco. The whole thing has become inverted and now it is about all the areas you can invest in, should invest in. Our whole proposition is that these markets are handsomely placed to grow, make money for investors, and that if you care about the fact that it is an environmental technology then fine, but if you do not, then that is fine as well.
"I personally do not want to invest in anything to do with tobacco or gambling - my personal ethics if you like - but the fact that we have SRI funds that outperform, that are in the top or second quartile over five years and which do not invest in these areas is a win-win situation. The question you should ask is, why wouldn't you want to invest in such funds?" Click here to read the full article at mindful money.com
On the evolution of sustainable mutual funds: "In the old days, SRI was about what you could not invest in - like tobacco. The whole thing has become inverted and now it is about all the areas you can invest in, should invest in. Our whole proposition is that these markets are handsomely placed to grow, make money for investors, and that if you care about the fact that it is an environmental technology then fine, but if you do not, then that is fine as well.
"I personally do not want to invest in anything to do with tobacco or gambling - my personal ethics if you like - but the fact that we have SRI funds that outperform, that are in the top or second quartile over five years and which do not invest in these areas is a win-win situation. The question you should ask is, why wouldn't you want to invest in such funds?" Click here to read the full article at mindful money.com
Sunday, September 26, 2010
Sharp to pay more than $300 Million for solar project developer
Holy cow! As a sign of a possible "land grab" of established solar companies, Sharp Corporation announced an agreement to acquire California-based Recurrent Energy for $305 million. Recurrent is a solar project developer and generating company with a 2 GW pipeline. The acquisition is expected to close before the end of 2010, subject to customary closing conditions and regulatory approvals.
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Monday, September 20, 2010
Are US companies among the world's most sustainable firms?
Sustainability is in the eye of the beholder. And while well-meaning investors may disagree on which factors are most important in a corporate sustainability assessment, we are not without sufficient data to make informed decisions. In this edition of The Sustainable Investor, we hope to highlight just how accessible a responsible portfolio is to each one of us. We can customize an investment program to meet our unique criteria and track our progress over time.
The Dow Jones Industrial Average may be the world's best known index of common stock levels. However, few have heard of the Dow Jones Sustainability Indexes. The bottom line for investors is that these indexes are meticulously constructed with robust research from Sustainable Asset Management USA (SAM). And the bar is set high to be included in the index, at all. In fact, no United States-headquartered companies are considered "Global SuperSector Leaders" from a sustainability perspective. Still, household names such as BMW Group, Unilever and Nokia are prominently represented as the best in their respective sectors.
The lack of US firms as sector leaders hardly means that we should abandon this family of indexes. Quite the contrary. Dow Jones and SAM have made it easy for investors to benchmark their portfolios to very specific criteria. In fact, separate regional indexes track the "most sustainable" companies by geographical area. One can even exclude particularly controversial industries, such as tobacco, gambling, adult entertainment or armaments.
Any investor can customize their investment criteria to meet their unique values. Now, there is a decent chance that you can track your investment manager's progress versus appropriate benchmarks. For more information on Dow Jones Sustainable Indexes, click here.
The Dow Jones Industrial Average may be the world's best known index of common stock levels. However, few have heard of the Dow Jones Sustainability Indexes. The bottom line for investors is that these indexes are meticulously constructed with robust research from Sustainable Asset Management USA (SAM). And the bar is set high to be included in the index, at all. In fact, no United States-headquartered companies are considered "Global SuperSector Leaders" from a sustainability perspective. Still, household names such as BMW Group, Unilever and Nokia are prominently represented as the best in their respective sectors.
The lack of US firms as sector leaders hardly means that we should abandon this family of indexes. Quite the contrary. Dow Jones and SAM have made it easy for investors to benchmark their portfolios to very specific criteria. In fact, separate regional indexes track the "most sustainable" companies by geographical area. One can even exclude particularly controversial industries, such as tobacco, gambling, adult entertainment or armaments.
Any investor can customize their investment criteria to meet their unique values. Now, there is a decent chance that you can track your investment manager's progress versus appropriate benchmarks. For more information on Dow Jones Sustainable Indexes, click here.
World's largest solar plant to power 800,000 homes
U.S. officials are expected to approve by this fall what would be the world’s biggest solar power plant, a 1,000-megawatt project in the California desert that developers say could power 800,000 homes. The Blythe Solar Power Project, which would use concentrated solar thermal technology, is to be built on 7,025 acres of public land in Riverside County, about 10 miles west of the city of Blythe. Read More
Even the Chinese get it: New sustainability index for China equities
China has taken a major step in the promotion of sustainable investment in the country with the launch of its first ESG-based (environmental, social, governance) index, a joint venture between Chinese Securities Index Company (CSI) and ECPI, the Italian-based ESG index and research group. The CSI ECPI China ESG 40 Equity Index is made up of 40 domestic companies listed either on the Shanghai or the Shenzhen Stock Exchange, both joint owners of CSI. The index constituents will be the best Chinese companies meeting its sustainability criteria. Read more
Friday, September 17, 2010
Pension consultant advocates larger allocation to emerging markets
Mercer, one of the world's largest pension consulting firms, has urged institutional investors to consider developing markets as an alternative to developed countries that suffer from high debt burdens and a dearth of bank lending. The consultancy said there was still a strong bias toward these countries, rather than developing nations, which were enjoying stronger growth and population increases.
Divyesh Hindocha, who is global director of consulting at the group’s investment consulting business, said investors were more inclined to invest in large-cap stocks, which would increase their risk exposure and could compromise returns. He said: "The growth trajectory of developing countries was only briefly interrupted by the financial crisis, whereas many developed economies now face public, corporate and private debt issues that will take many years to work through."
Hindocha said these factors, combined with a growing amount of regulation and the risk of policy missteps, ran the risk of slowing economic growth in these countries. "We appear to be in the opening act of a fundamental rebalancing of the global economy," he said.
"While this may not be guaranteed, it is a brave investor who would take such a significant bet against the emerging world and other growth engines."
Article appears courtesy http://www.ipe.com/.
Divyesh Hindocha, who is global director of consulting at the group’s investment consulting business, said investors were more inclined to invest in large-cap stocks, which would increase their risk exposure and could compromise returns. He said: "The growth trajectory of developing countries was only briefly interrupted by the financial crisis, whereas many developed economies now face public, corporate and private debt issues that will take many years to work through."
Hindocha said these factors, combined with a growing amount of regulation and the risk of policy missteps, ran the risk of slowing economic growth in these countries. "We appear to be in the opening act of a fundamental rebalancing of the global economy," he said.
"While this may not be guaranteed, it is a brave investor who would take such a significant bet against the emerging world and other growth engines."
Article appears courtesy http://www.ipe.com/.
Clean Tech Ventures: Three to watch in the Bay Area
Three promising clean tech firms received fresh infusions of capital from venture firms last week...
Solazyme, leading producer of renewable oil and bioproducts from microalgae, announced that Unilever and Sir Richard Branson joined its Series D financing round as a strategic investors...
Designer, manufacturer and marketer of silicon PV modules Solaria Corporation raised $65 million in round D financing, including $10 million in a growth loan facility. Solaria markets its products to solar system integrators, project developers and electric utilities and its “secret sauce” is a technology that essentially halves the requirement for silicone, still the most expensive ingredient in solar cells...
Vertically integrated solar cell manufacturer Calisolar announced that it raised $10 million in new funding. Calisolar is poised to profit tremendously from its technology that uses “dirty” (metallurgical grade) silicon for solar cells. “Dirty” (recycled) silicone is substantially less expensive than electronic grade silicon, which gives them a good leg up over competitors, in terms of pricing.
Read more
Solazyme, leading producer of renewable oil and bioproducts from microalgae, announced that Unilever and Sir Richard Branson joined its Series D financing round as a strategic investors...
Designer, manufacturer and marketer of silicon PV modules Solaria Corporation raised $65 million in round D financing, including $10 million in a growth loan facility. Solaria markets its products to solar system integrators, project developers and electric utilities and its “secret sauce” is a technology that essentially halves the requirement for silicone, still the most expensive ingredient in solar cells...
Vertically integrated solar cell manufacturer Calisolar announced that it raised $10 million in new funding. Calisolar is poised to profit tremendously from its technology that uses “dirty” (metallurgical grade) silicon for solar cells. “Dirty” (recycled) silicone is substantially less expensive than electronic grade silicon, which gives them a good leg up over competitors, in terms of pricing.
Read more
Thursday, September 2, 2010
Beyond environmentalism -- The Top 100 Corporate Citizens
Sustainable and Responsible Investing is often summed up in "environmental" terms. And while environmental factors are clearly an important component of an SRI strategy, other measures of Corporate Social Responsibility, such as human rights or corporate governance, are often just as important.
Corporate Responsibility Magazine recently announced its 11th annual 100 Best Corporate Citizens List. This report is widely known as the world’s top corporate responsibility ranking based on publicly-available information and is recognized by PR Week as one of America’s top three most-important business rankings.
This list is surely not an all-inclusive universe of potential SRI portfolio holdings. In fact, this ranking only evaluates the largest US firms, leaving out many smaller companies who may have better overall records. Failings aside, the top-ranked firms on this list are a good start place for anyone asking the question, "What does a Sustainable or Responsible Investment look like?"
View the entire list
Corporate Responsibility Magazine recently announced its 11th annual 100 Best Corporate Citizens List. This report is widely known as the world’s top corporate responsibility ranking based on publicly-available information and is recognized by PR Week as one of America’s top three most-important business rankings.
This list is surely not an all-inclusive universe of potential SRI portfolio holdings. In fact, this ranking only evaluates the largest US firms, leaving out many smaller companies who may have better overall records. Failings aside, the top-ranked firms on this list are a good start place for anyone asking the question, "What does a Sustainable or Responsible Investment look like?"
View the entire list
Can Green Business Make Big Change Fast Enough?
Over 70% of Fortune 500 companies have sustainability mandates, but do they go far enough? In a sea of corporate social responsibility programs, "green seals of approval"; and eco claims, business really has not changed significantly. Seeking to enable a deep green business transformation, the Environmental Defense Fund is hosting a series of Sustainable Solutions Labs across the U.S. "un-conference" think-tanks. Orchestrated by DigIn, the Labs bring together green business leaders throughout each region to share successes, lessons learned and needed future actions that will accelerate the sustainability shift.
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Tuesday, August 31, 2010
Top Ten Greentech IPO Candidates from Greentech Media
Here's a list of ten potential greentech IPOs coming in late 2010 through 2012:
Bloom Energy has a great story, revenue from the sales of its Bloom Boxes and marquee customers including Cypress, Google, FedEx and San Francisco's SFO Airport. The company's Solid Oxide Fuel Cells (SOFCs) are an alternative to diesel gen-sets in the off-grid world and to the electric grid in the developed world. The fuel cells run on natural gas which, in the view of some, makes the value proposition fragile. But a strong team, veteran investors and a big narrative make this a firm to watch, profitability and value proposition notwithstanding.
Bridgelux has emerged from the pack of LED start-ups with a solid product roadmap... Read more
Bloom Energy has a great story, revenue from the sales of its Bloom Boxes and marquee customers including Cypress, Google, FedEx and San Francisco's SFO Airport. The company's Solid Oxide Fuel Cells (SOFCs) are an alternative to diesel gen-sets in the off-grid world and to the electric grid in the developed world. The fuel cells run on natural gas which, in the view of some, makes the value proposition fragile. But a strong team, veteran investors and a big narrative make this a firm to watch, profitability and value proposition notwithstanding.
Bridgelux has emerged from the pack of LED start-ups with a solid product roadmap... Read more
India: An Emerging Market for Solar Energy
From a technological point of view, India is an excellent place for the development of solar energy. It gets plenty of sunshine for most parts of the year, with the summer temperatures well in excess of 100 degrees Fahrenheit in most parts of the country. To the northwest, India has the Thar Desert that has been identified as a feasible spot for the development of solar power, since the area is mostly an arid land and gets plenty of sunlight.
Apart from the solar power generation potential at a large scale, there is plenty of scope for household solar harvesting. This is primarily owing to two reasons – the amount of sunshine received by homes and the presence of flat roofs almost throughout the country. Flat roofs can help tap the solar energy much more efficiently and help homes generate their own power. The per capita energy consumption of India is about 15 times less than the US, which means the household solar energy harvesting can easily power an Indian home. Rooftop solar energy generation is particularly important for a country like India where there is land scarcity and acquisition of huge lands for the development of projects can be a slow and tedious process riddled with bureaucracy. Read more...
Sunday, August 29, 2010
New US Proxy Rules Access a "Win-Win "Says CalPERS
Controversial new rules to facilitate shareholder nominations of directors at US companies have been welcomed by pension funds and corporate governance activists.
The Securities and Exchange Commission yesterday approved rules to give shareholders who own 3% of a company’s stock for at least three years the right to have their board nominee included in companies’ proxy materials. The process was prohibitively expensive prior to the ruling.
The long-debated and controversial issue went through in a 3-2 vote. “I have great faith in the collective wisdom of shareholders to determine which competing candidates will best fulfil the responsibilities of serving as a director,” said SEC Chairman Mary Shapiro.
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The Securities and Exchange Commission yesterday approved rules to give shareholders who own 3% of a company’s stock for at least three years the right to have their board nominee included in companies’ proxy materials. The process was prohibitively expensive prior to the ruling.
The long-debated and controversial issue went through in a 3-2 vote. “I have great faith in the collective wisdom of shareholders to determine which competing candidates will best fulfil the responsibilities of serving as a director,” said SEC Chairman Mary Shapiro.
Read More
Saturday, August 28, 2010
What GM & Tesla's IPOs Say About Innovation & Expectations
Electric vehicle startup Tesla Motors’ $226 million IPO in June marked the first debut by a car maker on Wall Street since Ford Motor began public trading more than half a century ago. Now two months later, century-old Detroit automaker General Motors, having emerged from government-managed bankruptcy, is gearing up for an IPO of its own and is widely expected to file its prospectus with financial regulators this week for a planned IPO in the fall (shortly before its plug-in Chevy Volt goes on sale).
Despite the fact that GM earned $1.5 billion in its latest second quarter earnings — its biggest profit in six years – and Tesla isn’t expected to turn a profit at least until 2013, the bar for success will be much, much higher for GM than it was for Tesla, say analysts. Read More
Despite the fact that GM earned $1.5 billion in its latest second quarter earnings — its biggest profit in six years – and Tesla isn’t expected to turn a profit at least until 2013, the bar for success will be much, much higher for GM than it was for Tesla, say analysts. Read More
Wednesday, August 25, 2010
Profiting From Corporate Social Responsibility
From the Motley Fool: Corporate social responsibility is one of the key things a smart investor looks for in a company, Travis Hoium writes. Last year, the best-ranked companies for CSR outperformed the rest of the stock market by 26%, Hoium notes. "As much as I like hugging trees and singing Kumbaya, it doesn't matter much if it doesn't enhance your bottom line," he writes. "Yet even as subjective as CSR may be, there's evidence that it can have a positive impact on your portfolio."
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Mohawk Industries Sustainability Report: Targets 25% Cuts in Energy, Water Use
Mohawk Industries targets 25 percent reductions in energy use, water use, greenhouse gas (GHG) emissions and waste to landfill by 2020, according to the company’s inaugural annual Sustainability report. Read More
Social Funds and BP: How Embarassing...
If you are a shareholder in a so-called socially responsible or sustainable mutual fund, you may also be an owner of BP, the company responsible for the environmental catastrophe in the Gulf of Mexico.
When BP's oil rig in the Gulf of Mexico exploded on April 20, the company was a major holding of the Dow Jones Sustainability Index, which calls itself an index of "the leading sustainability-driven companies worldwide"... Read more
When BP's oil rig in the Gulf of Mexico exploded on April 20, the company was a major holding of the Dow Jones Sustainability Index, which calls itself an index of "the leading sustainability-driven companies worldwide"... Read more
Range Fuels Begins Biofuels Production in Georgia
Following a delay of nearly two years, cellulosic biofuel company Range Fuels announced that it has finally begun production at its facility in rural Georgia.
The company is producing cellulosic methanol from the initial phase of its first commercial plant near Soperton, Georgia, using non-food biomass... Read more
The company is producing cellulosic methanol from the initial phase of its first commercial plant near Soperton, Georgia, using non-food biomass... Read more
Saturday, August 21, 2010
Blackstone Invests $300 Million in One of India’s Leading Solar PV Companies
US private equity firm Blackstone has decided to invest $300 million in one of the leading solar PV companies in India, Moser Baer (Private) Limited.
Moser Baer (NSE: MOSERBAER) has a diversified portfolio ranging from manufacturing of computer peripherals to fabrications of solar panels. While their computer hardware business is very well established, the company is looking to expand its solar panel fabrication capabilities.
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Moser Baer (NSE: MOSERBAER) has a diversified portfolio ranging from manufacturing of computer peripherals to fabrications of solar panels. While their computer hardware business is very well established, the company is looking to expand its solar panel fabrication capabilities.
Read more
Friday, August 20, 2010
Private Investment in Green Business Tops $1.6T Since 2007
ST. AUGUSTINE, FL — Private enterprise is investing hundreds of billions every year to grow the green economy, totaling $1,646,719,228,993 in investments since 2007.
That very precise number is the finding of the the latest Green Transition Scoreboard, developed and released yesterday by Ethical Markets. The $1.6 trillion dollars invested in the last three years includes more than $400 billion since the last update, just eight months ago... Read more
That very precise number is the finding of the the latest Green Transition Scoreboard, developed and released yesterday by Ethical Markets. The $1.6 trillion dollars invested in the last three years includes more than $400 billion since the last update, just eight months ago... Read more
Wind Turbines Slated for New York
The Port Authority of New York and New Jersey hopes to have five wind towers, each more than 280 feet tall, operating on the west side of New York Harbor within three years, while the Department of Veterans Affairs considers wind turbines on or near its hospitals in Manhattan and Brooklyn, reports The New York Times. Read More
Saturday, August 7, 2010
DailyTech - Duke University Report Claims Solar Energy is Now Cheaper Than Nuclear Power
Duke University has reported that solar energy costs are now cheaper than nuclear energy costs after a "historic crossover" in North Carolina.
The paper on this topic was written by John O. Blackburn, professor of economics at Duke University in North Carolina, and Sam Cunningham, a graduate student at Duke. The paper is titled "Solar and Nuclear Costs - The Historic Crossover," and shows that change in costs on both solar and nuclear energy has finally forced them to meet, and then solar stole the show by becoming the new low-in-price renewable energy resource. Read More
The paper on this topic was written by John O. Blackburn, professor of economics at Duke University in North Carolina, and Sam Cunningham, a graduate student at Duke. The paper is titled "Solar and Nuclear Costs - The Historic Crossover," and shows that change in costs on both solar and nuclear energy has finally forced them to meet, and then solar stole the show by becoming the new low-in-price renewable energy resource. Read More
Monday, July 19, 2010
Everything You Need to Know About Global Warming in 5 Minutes
The following is an excerpt from Summer Essays, a Second Quarter 2010 investment update by Jeremy Grantham, co-founder and chief investment strategist at Boston-based investment firm, GMO. Outspoken and opinionated, Mr. Grantham is almost always an entertaining read. With more than 40 years of investment management experience, he has earned the right to voice his opinions, and as such, is routinely quoted by the financial press. His namesake firm (he is the G in "GMO") is a major instututional investment advisor, managing in excess of $100 billion in client assets.
You may agree or disagree with Mr. Grantham, but I hope that you find his comments interesting.
Scott Sadler
Everything You Need to Know About Global Warming in 5 Minutes by Jeremy Grantham
1) The amount of carbon dioxide (CO2) in the atmosphere, after at least several thousand years of being quite constant, started to rise with the advent of the Industrial Revolution. It has increased by 40% and is rising each year. This is certain and straightforward.
2) One of the properties of CO2 is that it creates a greenhouse effect and, other things being equal, causes the temperature to rise. This is just physics.
3) Several other factors, like changes in solar output, have major influences on climate over millennia, but these effects are known, are observable, and have been allowed for in current models. Critically, there have been no important changes in these other factors over the last 100 years.
4) The doubts arise when it comes to the interaction of CO2 with other variables in a complicated system, especially water vapor. It is impossible to be sure whether the temperature will rise slowly or rapidly. But, the past can be measured. The temperature has indeed steadily risen and is well within the boundaries predicted for the man made effect. But the forecasts still range very widely, from a harmless negligible rise to a potentially disastrous +6 degrees Fahrenheit or higher within this century. The main danger of the CO2 interaction with water vapor is the high probability that it will cause a great increase in severe precipitation episodes.
5) Skeptics argue that this wide range of uncertainty lowers the need to act: “Why spend money when you’re not certain?” But since the penalties rise hyperbolically at the tail, a wider range implies a greater risk (and a greater expected value of the costs). This is logically and mathematically rigorous and yet is still argued.
6) Pascal asks the question: What is the expected value of a very small chance of an infinite loss? And, he answers, “Infinite.” In this example, what is the cost of lowering CO2 output and having the long-term effect of increasing CO2 turn out to be nominal? The cost appears to be equal to foregoing, once in your life, six months’ to one year’s global growth – 2% to 4%, or less. The benefits, even with no warming, include: energy independence from the Middle East; more jobs, since wind and solar power and increased efficiency are more labor-intensive than another coal-fired power plant; less pollution of streams and air; and an early leadership role for the U.S. in industries that will inevitably become important. Conversely, what are the costs of not acting on prevention when the results turn out to be serious: costs that may dwarf those for prevention; and probable political destabilization from droughts, famine, mass migrations, and even war. And, to Pascal’s real point, what might be the cost at the very extreme end of the distribution: definitely life changing, possibly life threatening.
7) The biggest cost of all from global warming is likely to be the accumulated loss of biodiversity. This features nowhere in economic cost-benefit analysis because, not surprisingly, it is hard to put a price on that which is priceless.
8) A special word on the right-leaning think tanks: As libertarians, they abhor the need for government spending or even governmental leadership, which in their opinion is best left to private enterprise. In general, this may be an excellent idea. But global warming is a classic tragedy of the commons – seeking your own individual advantage, for once, does not lead to the common good, and the problem desperately needs government leadership and regulation. Sensing this, these think tanks have allowed their drive for desirable policy to trump science. Not a good idea.
9) Also, I should make a brief note to my own group – die-hard contrarians. Dear fellow contrarians, I know the majority is usually wrong in the behavioral jungle of the stock market. And heaven knows I have seen the soft scientists who lead finance theory attempt to bully their way to a uniform acceptance of the bankrupt
theory of rational expectations and market efficiency. But climate warming involves hard science. The two most prestigious bastions of hard science are the National Academy in the U.S. and the Royal Society in the U.K., to which Isaac Newton and the rest of that huge 18th century cohort of brilliant scientists belonged. The presidents of both societies wrote a note recently, emphasizing the seriousness of the climate problem and that it was manmade. Both societies have also made full reports on behalf of their membership stating the same. Do we believe the whole elite of science is in a conspiracy? At some point in the development of a scientific truth, contrarians risk becoming flat earthers.
10) Conspiracy theorists claim to believe that global warming is a carefully constructed hoax driven by scientists desperate for … what? Being needled by nonscientific newspaper reports, by blogs, and by right-wing politicians and think tanks? Most hard scientists hate themselves or their colleagues for being in the news. Being a climate scientist spokesman has already become a hindrance to an academic career, including tenure. I have a much simpler but plausible “conspiracy theory”: that fossil energy companies, driven by the need to protect hundreds of billions of dollars of profits, encourage obfuscation of the inconvenient scientific results.
11) Why are we arguing the issue? Challenging vested interests as powerful as the oil and coal lobbies was never going to be easy. Scientists are not naturally aggressive defenders of arguments. In short, they are conservatives by training: never, ever risk overstating your ideas. The skeptics are far, far more determined and expert propagandists to boot. They are also well-funded. That smoking caused cancer was obfuscated deliberately and effectively for 20 years at a cost of hundreds of thousands of extra deaths. We know that for certain now, yet those who caused this fatal delay have never been held accountable. The profits of the oil and coal industry make tobacco’s resources look like a rounding error. In one notable case, the obfuscators of global warming actually use one MIT professor who also defended tobacco! The obfuscators’ simple and direct motivation – making money in the near term, which anyone can relate to – combined with their resources and, as it turns out, propaganda talents, have meant that we are arguing the science long after it has been nailed down. I, for one, admire them for their P.R. skills, while wondering, as always: “Have they no grandchildren?”
12) Almost no one wants to change. The long-established status quo is very comfortable, and we are used to its deficiencies. But for this problem we must change. This is never easy.
13) Almost everyone wants to hear good news. They want to believe that dangerous global warming is a hoax. They, therefore, desperately want to believe the skeptics. This is a problem for all of us.
Postscript
Global warming will be the most important investment issue for the foreseeable future. But how to make money around this issue in the next few years is not yet clear to me. In a fast-moving field rife with treacherous politics, there will be many failures. Marketing a “climate” fund would be much easier than outperforming with it.
You may agree or disagree with Mr. Grantham, but I hope that you find his comments interesting.
Scott Sadler
Everything You Need to Know About Global Warming in 5 Minutes by Jeremy Grantham
1) The amount of carbon dioxide (CO2) in the atmosphere, after at least several thousand years of being quite constant, started to rise with the advent of the Industrial Revolution. It has increased by 40% and is rising each year. This is certain and straightforward.
2) One of the properties of CO2 is that it creates a greenhouse effect and, other things being equal, causes the temperature to rise. This is just physics.
3) Several other factors, like changes in solar output, have major influences on climate over millennia, but these effects are known, are observable, and have been allowed for in current models. Critically, there have been no important changes in these other factors over the last 100 years.
4) The doubts arise when it comes to the interaction of CO2 with other variables in a complicated system, especially water vapor. It is impossible to be sure whether the temperature will rise slowly or rapidly. But, the past can be measured. The temperature has indeed steadily risen and is well within the boundaries predicted for the man made effect. But the forecasts still range very widely, from a harmless negligible rise to a potentially disastrous +6 degrees Fahrenheit or higher within this century. The main danger of the CO2 interaction with water vapor is the high probability that it will cause a great increase in severe precipitation episodes.
5) Skeptics argue that this wide range of uncertainty lowers the need to act: “Why spend money when you’re not certain?” But since the penalties rise hyperbolically at the tail, a wider range implies a greater risk (and a greater expected value of the costs). This is logically and mathematically rigorous and yet is still argued.
6) Pascal asks the question: What is the expected value of a very small chance of an infinite loss? And, he answers, “Infinite.” In this example, what is the cost of lowering CO2 output and having the long-term effect of increasing CO2 turn out to be nominal? The cost appears to be equal to foregoing, once in your life, six months’ to one year’s global growth – 2% to 4%, or less. The benefits, even with no warming, include: energy independence from the Middle East; more jobs, since wind and solar power and increased efficiency are more labor-intensive than another coal-fired power plant; less pollution of streams and air; and an early leadership role for the U.S. in industries that will inevitably become important. Conversely, what are the costs of not acting on prevention when the results turn out to be serious: costs that may dwarf those for prevention; and probable political destabilization from droughts, famine, mass migrations, and even war. And, to Pascal’s real point, what might be the cost at the very extreme end of the distribution: definitely life changing, possibly life threatening.
7) The biggest cost of all from global warming is likely to be the accumulated loss of biodiversity. This features nowhere in economic cost-benefit analysis because, not surprisingly, it is hard to put a price on that which is priceless.
8) A special word on the right-leaning think tanks: As libertarians, they abhor the need for government spending or even governmental leadership, which in their opinion is best left to private enterprise. In general, this may be an excellent idea. But global warming is a classic tragedy of the commons – seeking your own individual advantage, for once, does not lead to the common good, and the problem desperately needs government leadership and regulation. Sensing this, these think tanks have allowed their drive for desirable policy to trump science. Not a good idea.
9) Also, I should make a brief note to my own group – die-hard contrarians. Dear fellow contrarians, I know the majority is usually wrong in the behavioral jungle of the stock market. And heaven knows I have seen the soft scientists who lead finance theory attempt to bully their way to a uniform acceptance of the bankrupt
theory of rational expectations and market efficiency. But climate warming involves hard science. The two most prestigious bastions of hard science are the National Academy in the U.S. and the Royal Society in the U.K., to which Isaac Newton and the rest of that huge 18th century cohort of brilliant scientists belonged. The presidents of both societies wrote a note recently, emphasizing the seriousness of the climate problem and that it was manmade. Both societies have also made full reports on behalf of their membership stating the same. Do we believe the whole elite of science is in a conspiracy? At some point in the development of a scientific truth, contrarians risk becoming flat earthers.
10) Conspiracy theorists claim to believe that global warming is a carefully constructed hoax driven by scientists desperate for … what? Being needled by nonscientific newspaper reports, by blogs, and by right-wing politicians and think tanks? Most hard scientists hate themselves or their colleagues for being in the news. Being a climate scientist spokesman has already become a hindrance to an academic career, including tenure. I have a much simpler but plausible “conspiracy theory”: that fossil energy companies, driven by the need to protect hundreds of billions of dollars of profits, encourage obfuscation of the inconvenient scientific results.
11) Why are we arguing the issue? Challenging vested interests as powerful as the oil and coal lobbies was never going to be easy. Scientists are not naturally aggressive defenders of arguments. In short, they are conservatives by training: never, ever risk overstating your ideas. The skeptics are far, far more determined and expert propagandists to boot. They are also well-funded. That smoking caused cancer was obfuscated deliberately and effectively for 20 years at a cost of hundreds of thousands of extra deaths. We know that for certain now, yet those who caused this fatal delay have never been held accountable. The profits of the oil and coal industry make tobacco’s resources look like a rounding error. In one notable case, the obfuscators of global warming actually use one MIT professor who also defended tobacco! The obfuscators’ simple and direct motivation – making money in the near term, which anyone can relate to – combined with their resources and, as it turns out, propaganda talents, have meant that we are arguing the science long after it has been nailed down. I, for one, admire them for their P.R. skills, while wondering, as always: “Have they no grandchildren?”
12) Almost no one wants to change. The long-established status quo is very comfortable, and we are used to its deficiencies. But for this problem we must change. This is never easy.
13) Almost everyone wants to hear good news. They want to believe that dangerous global warming is a hoax. They, therefore, desperately want to believe the skeptics. This is a problem for all of us.
Postscript
Global warming will be the most important investment issue for the foreseeable future. But how to make money around this issue in the next few years is not yet clear to me. In a fast-moving field rife with treacherous politics, there will be many failures. Marketing a “climate” fund would be much easier than outperforming with it.
Friday, June 18, 2010
Forbes.com: Sustainability Must Be Central To Corporate Strategy Now
Sustainability Must Be Central To Corporate Strategy Now. It's too late to have it any other way.
Dean Krehmeyer, Michael Lenox and Brian Moriarty -- Forbes
Corporate America has been dramatically increasing its attention to and leadership in sustainability. Companies have been announcing plans for carbon-footprint reduction, publishing sustainability reports, creating billion-dollar clean energy investment funds and forming sustainability coalitions with corporate customers, suppliers and even competitors.
That's happened because investors and the public have been insisting that sustainability move beyond being a departmental concern and into the boardroom and executive offices. Yet a 2008 McKinsey survey found that while 60% of executives believed climate change is strategically important, fewer than a third were actually doing anything about it. Why the disconnect? Partly because it's all so new and complex.
Executives need to begin by understanding exactly why they're engaging in sustainability activities. There are three basic drivers of corporate sustainability initiatives: regulatory requirements, market incentives to go beyond those regulatory requirements and new market opportunities…
Wednesday, March 31, 2010
More Sustainability Disclosure from the Nation's Largest Firms
Bowing to continued investor demands, the world's largest companies have undertaken their most detailed disclosures yet. Institutional investors such as the nation's largest pension plans have increasingly insisted that companies disclose the degree to which their businesses are at risk from potential limitations on carbon and other emissions.
See S&P Companies Increase ESG* Reporting for the complete story.
* ESG refers to Environmental, Social, Governance issues and the active monitoring of corporate policies, and performance pertaining to them.
See S&P Companies Increase ESG* Reporting for the complete story.
* ESG refers to Environmental, Social, Governance issues and the active monitoring of corporate policies, and performance pertaining to them.
Wednesday, March 17, 2010
Declining world oil production after 2014?
This interesting report, courtesy of Environmental News Network, gives new estimates of the finite nature of our crude oil resources. Look for peak production in less than four years and increasing price volatility as we approach that time.
http://ow.ly/1qsxSq
http://ow.ly/1qsxSq
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