Ricardo Bayon

How Pension Funds Can Rake in Green by Investing Green

Articles — Sun, 21 Mar 2004 00:00:00 -0500

In early February, California State Treasurer Phil Angelides unveiled an initiative called "GreenWave," designed to help the state's public pension funds -- initially CalPERS and CalSTRS -- become more environmentally responsible. He effectively challenged California's pension funds to stand up and be counted on one of today's most important issues and, in so doing, he highlighted the historical silence of these sleeping financial giants.

Unfortunately, his proposals are almost certain to elicit either silence or outright opposition from some rather well-entrenched apostles of the status quo. That would be deeply regrettable, and directly injurious to the financial interests of Californians.

Collectively, California's… more

Institutional Investors Go Green

Articles — Sat, 01 Mar 2003 00:00:00 -0500

When most people think about campaigns for social causes they think of organizations like Greenpeace and Amnesty International. But in the post-Enron, post-Tyco world, the most effective campaigners may well prove to be big institutional investors -- mutual funds and pension funds.

Not only do they have the money, but a reach and influence that traditional do-gooders can only dream about. When they talk, governments and corporations must listen. And, thanks in no small measure to the market scandals of the past two years, a number of these institutions -- notably the managers of public pension funds… more

The Fuel Subsidy We Need

Articles — Sat, 01 Feb 2003 00:00:00 -0500

Terrorists intent on damaging the United States need not fly planes into America's buildings; they need only do something to raise the price of oil. Far-off international crises -- and relatively mild forms of extortion -- have in the past brought the U.S. economy to its knees. The price spikes caused by the Arab oil embargo of the early 1970s and the Iranian revolution of 1979 each led to economic misery for the United States in the form of a deep recession, increased unemployment, and mile-long lines for gas. The Gulf War and its aftermath produced a milder version of… more

More Than Hot Air

Articles — Tue, 15 Oct 2002 00:00:00 -0400

If there ever was a political instance of an immovable object meeting an irresistible force, it would seem to be George W. Bush versus the treaty known as the Kyoto Protocol.1 The president is as adamantly opposed to the protocol as environmentalists are overwhelmingly in favor of the international agreement reached in 1997 to reduce emissions of so-called greenhouse gases (primarily carbon dioxide), which are widely thought to contribute to global warming. At first, President Bush said he opposed Kyoto because the science on climate change was unclear. He has since changed his stance and now claims that the protocol… more

Texas Renewable Energy Targets Beat EU

Articles — Mon, 02 Sep 2002 00:00:00 -0400

When the Earth Summit started in Johannesburg a week ago expectations were low. There were no major treaties or conventions on the agenda and several countries -- including the US -- had indicated they were against setting any form of targets or timetables aimed at reducing world poverty, protecting the environment, or ensuring sustainable development. And yet, despite this opposition, a number of businesses and activists working on issues of renewable energy remained hopeful that the Summit, at the instigation of the European Union, would agree on a bold new program of action to stimulate renewable energy around the world.

On Monday, even these small hopes were dashed. The EU… more

California Leading

Articles — Sun, 01 Sep 2002 00:00:00 -0400

From Silicon Valley to Hollywood via fast food and the counter-cultural movements of the Bay Area, California has long had an influence on global trends out of proportion to its geographic or demographic size. Lately, it is demonstrating this leadership in the area of socially responsible investment (SRI).

Its track record is already impressive. The two largest California state pension funds have been at the forefront of moves to improve corporate governance in the US, and were also among the first to announce that they would cease to invest in tobacco companies.

More recently, one of these funds, the California Public Employees… more

Shop Talk: Environmental Markets

Articles — Tue, 20 Aug 2002 00:00:00 -0400

The decade-old global trade in pollution credits, poised to skyrocket in the near future, began as an idea that didn't please either side of the debate over environment and development.

When the first emissions market opened in Chicago in 1993, some utilities complained that government was imposing too heavy a burden on their industry and hurting consumers.

Environmentalists, on the other hand, considered emissions trading a loophole that would enable business to continue polluting.

As it turned out, they were both wrong.

The Chicago Board of Trade began emissions trading with credits for sulfur dioxide (SO2), the gas largely responsible for acid rain. According to a year-2000 report by the… more

Environmentalism for Sale

Communications — Mon, 17 Jun 2002 15:00:00 -0400

A New America Event
06/17/2002 - 12:06pm

Please join us as Ricardo Bayon and John Shilling explore innovative ways to convert sustainability into a valued service in the marketplace. They will discuss the ingenuity and capital required to create demand and profit for environmental services. Furthermore, utilizing examples of successful and unsuccessful endeavors, both at home and abroad, they will identify the market conditions and interventions necessary to foster the growth and success of these environmental businesses.

US Investors Enter Climate Change Fray

Articles — Sat, 01 Jun 2002 00:00:00 -0400

The focus of the climate change debate in the US, it seems, is shifting from Washington to the corporate world. While the Bush administration may be impervious to environmentalists' calls for stronger action on greenhouse gas (GHG) emissions, shareholders are increasingly using their voting rights to put pressure on US companies on climate change.

This year, US socially responsible investor (SRI) groups have tabled an unprecedented number of resolutions at annual general meetings calling on companies to report on GHG emissions and adopt more progressive policies on climate change. The SRIs have been joined in these calls by some of the… more

Making Money in Environmental Derivatives

Articles — Fri, 01 Mar 2002 00:00:00 -0500

Glenn Hawes owns a 900-acre plot of land in California that has been in his family for three generations. He used to lease the land for cattle grazing, but recently found what may be a much more profitable undertaking: a "conservation bank" that will protect the land's natural ecosystems. Thanks to incentives created by environmental laws, the bank could one day generate handsome revenues for Hawes. He has already collected $300,000 from customers including Safeway and Wal-Mart. With time, he can expect to raise 30 times that amount just for protecting the environment.

Meanwhile, in a small corner of southeastern… more