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Devin D. Thorpe

Devin Thorpe

U.S. Utilities American Electric Power / Xcel Energy, Now Pricing Carbon As Part Of Core Business Strategy – Insights From New CDP Research

In response to increasing recognition of climate risk, fresh insights into how a price on carbon pollution might benefit companies and the US economy as a whole are released today in a new white paper by CDP. Contributors include American Electric Power (AEP) Chairman Nick Akins, former Governor and EPA Administrator Christine Todd Whitman, along with investors, policy experts from Stanford and Columbia Universities, and other select thought leaders

Tom Carnac, CDP’s President for North America said: “In the wake of the EPA’s Clean Power Plan announcement, understanding today’s policy context on carbon emissions and the upsides and downsides facing American corporations and communities has become critical aspect of business planning. Pricing that risk with a cost for carbon pollution is one way of addressing the significant financial impacts that face companies as a result of global warming”.

Insights include:

  • Xcel Energy’s VP for Policy & Strategy Frank Prager says the company has already scheduled certain coal plant retirements that it considered economic with or without carbon policy assumptions, but continues to utilize an internal price on carbon for proxy planning purposes to reduce future carbon risk faced by the company and its customers.
  • AEP’s Chairman Nick Akins describes how the company uses an internal price on carbon in resource planning to assess future policy and regulatory risk, and to ensure that as a high emitter of carbon pollution they are making prudent capital investments that are not at risk of being stranded in a low carbon future.
  • Bob Litterman, former chairman for investment strategy at Goldman Sachs, describes how without proper pricing of carbon risk, investors also face the potential of stranded assets – portfolios full of companies who cannot burn the fossil fuels in their reserves.

Further perspectives in the paper are provided by

  • Columbia University Jason Bordoff, Professor of Professional Practice in International and Public Affairs, Founding Director, Center on Global Energy Policy
  • Exelon Corporation Christopher D. Gould, Senior Vice President, Corporation Strategy and Chief Sustainability Officer
  • Generation Investment Management Tammie Arnold, Global Head of Client Relations
  • Governor Christine Todd Whitman Former Governor of New Jersey and administrator of the US Environmental Protection Agency
  • Microsoft Corporation Rob Bernard, Chief Environmental Strategist
  • Pax World Funds Julie Fox Gorte, PH.D, Senior Vice President for Sustainable Investing
  • Stanford University Internal Carbon Pricing at Royal Dutch Shell, Stephen Comello and Stefan Reichelstein, Graduate School of Business and the Steyer-Taylor Center for Energy Policy and Finance
  • TD Bank Group Karen Clarke-Whistler, Chief Environment Officer
  • The Walt Disney Company Beth Stevens, Ph.D., Senior Vice President, Corporate Affairs
  • World Bank Rachel Kyte, Vice President, Climate Change

The paper is part of a series of recent reports by CDP, a leading environmental organization that gathers environmental information on behalf of leading investors, on how businesses are addressing emerging issues in climate change,

The report is available at:
https://www.cdp.net/CDPResults/companies-carbon-pricing-implications-2014.pdf

About CDP:

CDP is an international, not-for-profit organization providing the only global system for companies and cities to measure, disclose, manage and share vital environmental information. CDP works with market forces, including 767 institutional investors with assets of US$92 trillion, to motivate companies to disclose their impacts on the environment and natural resources and take action to reduce them. CDP now holds the largest collection globally of primary climate-change, water and forest risk commodities information and puts these insights at the heart of strategic business, investment and policy decisions.

Please visit www.cdp.net or follow us @CDP to find out more.

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