Environment Forum
Global environmental challenges
The Green Gauge: Kimberly-Clark, NCR face pollution charges
Leading this week’s Green Gauge, a breakdown of companies in the news for behavior affecting the environment, are Kimberly-Clark and NCR who are being sued along with seven others for PCB pollution dating back more than 50 years.
Selections of headlines about publicly-traded companies were made by Christopher Greenwald, director of data content at ASSET4, a Thomson Reuters business that provides investment research on the environmental, social and governance performance of major global corporations. These ratings are not recommendations to buy or sell.
Kimberly-Clark Corp. and NCR Corp.
The long-lasting risks of environmental pollution were revealed recently, as the U.S. Department of Justice filed a major law suit against Kimberly-Clark, NCR, and nine other companies to pay for continued clean-up and environmental restoration work relating to polychlorinated biphenyls (PCBs) pollution in Wisconsin’s Fox River and Green Bay from the mid-1950s to the early 1970s. Although $300 million has already been paid for clean-up efforts at the site, the Department of Justice claims that $550 million of additional clean-up and $400 million of natural resource restoration work is still required. The lawsuit claims that the companies originally responsible for the pollution have resisted taking full financial responsibility for the clean-up costs as well as the efforts necessary to repair the long-term damage to natural resources that resulted from the pollution.
The Green Gauge: Shell and BASF guilty in Brazil
Royal Dutch Shell and German chemicals maker BASF were dealt a costly blow last month in a court ruling in Brazil that found both companies liable for contaminating groundwater with toxic waste northwest of Sao Paulo.
The ruling puts Shell and BASF in the lead position in this installment of The Green Gauge, a breakdown of companies that made headlines Aug. 22 to Sept. 6 for winning or losing credibility based on environment-related activity.
Selections of companies were made by Christopher Greenwald, director of data content at ASSET4, a Thomson Reuters business that provides investment research on the environmental, social and governance performance of major global corporations. These ratings are not recommendations to buy or sell.
A court in Paulinia, Brazil has ruled that Shell and BASF are responsible for the “collective damage” caused by toxic emissions to the groundwater at a large pesticide plant 120 kilometres northwest of Sao Paulo, the Frankfurter Allgemeine Zeitung (FAZ) reported. Shell built the plant in the late 1970s and BASF controlled it between 2000 and 2002. The total liabilities are estimated to be $626 million, which include payments of $360 million to over 1,000 individuals who have experienced illnesses believed to have been caused by toxic chemicals at the plant. BASF claimed that Shell is solely responsible for the problem. Both BASF and Shell said they plan to appeal the ruling.
The Green Gauge: CF Industries told to clean up
– Christopher Greenwald is director of data content at ASSET4, a Thomson Reuters business that provides investment research on the environmental, social and governance performance of major global corporations. –
It never looks good when the EPA raps you on the knuckles for failing to take care of your surroundings. Such was the case last week for CF Industries, a fertilizer-maker now facing a price tag of more than $12 million to improve conditions at a facility in Florida.
Here are the highlights of companies in the news from August 8 to 23. Selections of companies were made by Christopher Greenwald, director of data content at ASSET4. These ratings are not recommendations to buy or sell.
CF Industries, a manufacturer of nitrogen and phosphate fertilizers reached a settlement with the Environmental Protection Agency to spend $12 million in order to properly manage waste at a fertilizer manufacturing facility in Plant City, Florida. The settlement also requires the company to pay a fine of $700,000 for violations of the Resource Conservation and Recovery Act. In addition the company is required to guarantee an amount of $163.5 million to ensure the proper care for the facility once it is closed in the future, an amount representing 155 percent of the company’s 2010 fiscal year net profit.
A copy of the EPA’s Consent degree is available here:
The Green Gauge: Black mark on Enbridge
Enbridge’s stain on the Kalamazoo River in central Michigan pushed this Calgary-based energy delivery company to the headlines as details emerged about 840,000 gallons of crude that spilled from one of their pipelines into a creek on July 26.
Enbridge leads this installment of The Green Gauge, a breakdown of companies that made headlines July 18 to August 9 for winning or losing credibility based on environment-related activity.
Selections of companies were made by Christopher Greenwald, director of data content at ASSET4, a Thomson Reuters business that provides investment research on the environmental, social and governance performance of major global corporations. These ratings are not recommendations to buy or sell.
Enbridge has come under significant criticism following a spill on July 26 of 840,000 barrels of oil along a creek that flows into the Kalamazoo River in Central Michigan. The spill has led to class action law suits being filed against the company for negligence, as well as complaints by local Congressman Mark Schauer that the spill was not reported in a timely manner to federal authorities. In fact, the first reports of the accident were reported by another company, Consumers Energy. The spill also prompted protests against the company’s proposed pipeline in British Columbia by Greenpeace, which argues that the pipeline will pose environmental risks to the Pacific Coast and would increase the availability of tar sands crude oil to export markets. The environmental costs of oil derived from Canada’s tar sands oil industry was recently highlighted in a article by the Economist, which is available here:
Does nobody fact check any more? 840,000 barrels? Please. That’s more than 40 times the volume that was spilled.
The Green Gauge: Sinar Mas under fire
Indonesia’s Sinar Mas came under heavy fire last week from non-government organization Greenpeace as a report named and shamed some of its biggest clients for their role in the destruction of rainforest and peatlands.
Following is a breakdown of the companies that made headlines July 3 to 16 for winning or losing credibility based on environment-related activity, led by Indonesian conglomerate Sinar Mas.
Selections of companies were made by Christopher Greenwald, director of data content at ASSET4, a Thomson Reuters business that provides investment research on the environmental, social and governance performance of major global corporations. These ratings are not recommendations to buy or sell.
Sinar Mas, Wal-Mart, Tesco, WH Smith, Hewlett Packard, Paperlinx
Greenpeace has named these companies as sourcing products from Sinar Mas’ APP subsidiary, which the NGO has demonstrated in a recent report is responsible for extensive deforestation in Indonesia through the destruction of rainforest and peatlands. Deforestation is responsible for 20 percent of CO2 emissions globally, and Greenpeace has called on international companies to ban sourcing from Sinar Mas. In response to the report, HSBC indicated last week that it has divested all of its shares from Sinar Mas.
The Green Gauge: IBM rides a high
If there’s any tech company that has been able to constantly transform itself over the past century to actually be sustainable, it’s got to be IBM.
Last week the global IT giant announced its efficiency figures for 2009 and it meant good news for the environment, a bi-weekly analysis of companies in the news by ASSET4 data providers shows.
Selections of companies were made by Christopher Greenwald, director of data content at ASSET4, a Thomson Reuters business that provides investment research on the environmental, social and governance performance of major global corporations. These ratings are not recommendations to buy or sell.
Here is a breakdown of the companies that made headlines June 19 to July 2 for winning or losing credibility based on environment-related activity.
In its latest environmental report which was published last week, IBM announced not only that it had exceeded its internal environmental targets by reducing CO2 emissions by 142,000 tons and electricity consumption by 246,000 MwH, but also that the company’s 1900 energy conservation projects had led to a savings of $26.8 million during 2009. The results are consistent with IBM’s own emphasis upon the positive material impacts of environmental investments in the company’s green IT marketing campaign.
The Green Gauge: Chevron slides on oil spill news
The oil spill in the Gulf of Mexico strikes close to home for Chevron as it faces a $27 billion lawsuit brought on by the indigenous people in the Amazon region of Ecuador for water pollution, and a fresh Chevron oil spill in Utah, a bi-weekly analysis of companies in the news by ASSET4 data providers shows.
Company selections were made by Christopher Greenwald, director of data content at ASSET4, a Thomson Reuters business that provides investment research on the environmental, social and governance performance of major global corporations. These ratings are not recommendations to buy or sell.
Here is a breakdown of the companies that made headlines June 5 to June 18 for winning or losing credibility based on environment-related activity.
The recent news surrounding the creation of a $20 billion escrow fund to pay for claims in the Gulf of Mexico has led to renewed attention in the past weeks to the $27 billion case against Chevron brought by indigenous people in the Amazon region of Ecuador.
The lawsuit which has stretched on for nearly 17 years seeks reparations for environmental- and health-related damages caused by the dumping of over 18 billion gallons of polluted water in Ecuador by Texaco between 1964 and 1990. Last week two protesters were arrested during a House Energy Committee meeting after attempting to give a bottle of contaminated water from the Amazon region to Chevron’s Chairman John Watson.
To find out more about Chevron in Ecuador visit: http://thechevronpit.blogspot.com/
The Green Gauge: Rio Tinto takes a hit
Global miner Rio Tinto enters the spotlight this week as one of its uranium mines in Australia leaks toxins into a river leading to the wetlands of the Kakadu National Park, a bi-weekly analysis of companies in the news by ASSET4 data providers shows.
Here is a breakdown of the companies that made headlines May 22 to June 4 for winning or losing credibility based on environment-related activity.
Company selections were made by Christopher Greenwald, director of data content at ASSET4, a Thomson Reuters business that provides investment research on the environmental, social and governance performance of major global corporations. These ratings are not recommendations to buy or sell.
Here are the recent hits and misses:
The Green Gauge: Statoil rapped over oil sands
Another oil company besides BP is drawing the ire of environmental groups this month. The Norwegian-based Statoil is under fire for development of the oil sands of Alberta Canada, a bi-weekly analysis of companies in the news by ASSET4 data providers shows.
Here is a breakdown of the companies that made headlines May 8 to May 21 for winning or losing credibility based on environment-related activity.
Company selections were made by Christopher Greenwald, director of data content at ASSET4, a Thomson Reuters business that provides investment research on the environmental, social and governance performance of major global corporations. These ratings are not recommendations to buy or sell.
Here are the recent hits and misses:
Statoil, the Norwegian oil company that has been praised for its work in carbon sequestration in the North Sea, has joined Shell and BP as yet another oil company coming under criticism at its shareholder meeting for the company’s involvement in the Canadian oil sands. Greenpeace and the World Wildlife Fund had put forth a proposal demanding the company leave the oil sands.
The Green Gauge: BP’s environmental history scrutinized
The ongoing struggle in the Gulf of Mexico to contain and remove oil spilling from a ruptured deepwater well is damaging more than the environment, a bi-weekly analysis of companies in the news by ASSET4 data providers shows.
Here is a breakdown of the companies that made headlines Apr. 23 to May 7 for making or losing credibility based on environment-related activity.
Company selections were made by Christopher Greenwald, director of data content at ASSET4, a Thomson Reuters business that provides investment research on the environmental, social and governance performance of major global corporations. These ratings are not recommendations to buy or sell.
Here are the recent hits and misses:
In what has the potential to become one of the worst environmental disasters in U.S. history, BP has faced increasing scrutiny in the media in the past 2 weeks for its poor history of safety and environmental incidents in the recent past. The company had an oil spill in late 2009 at its Prudhoe Bay operations, the location of a devastating spill in 2005, and the company has recently faced a law suit brought by employees over exposure to toxic chemical releases at its Texas City refinery, the site of an explosion in 2006 that killed 12 workers.
