OAKLAND, Calif., Aug. 3, 2015 /PRNewswire-USNewswire/ -- Today the
U.S. Environmental Protection Agency released the Clean Power Plan,
a landmark regulation that will benefit consumers, businesses, and
the environment alike. The Clean Power Plan has the potential to
revolutionize the electric power sector by speeding the transition
from coal to renewable power – a move that would make utilities a
safer investment. In his remarks, President Obama described the
Clean Power Plan as "the single most important step America has
ever taken in the fight against global climate change."
The Clean Power Plan will allow states flexibility in the
methods used to reduce air pollution, while creating standards that
will lower overall pollution levels. The plan requires states to
cut carbon pollution by 32% from 2005 levels by 2030, using their
preferred combination of renewable energy, energy efficiency, and
pollution reduction technologies. These building blocks are
critical to displacing coal-based power, which has a long history
of causing health and environmental devastation, yet remains a
significant portion of many utilities' power mix.
"The Clean Power Plan is long overdue. Cleaner, safer, energy
solutions are emerging and utilities that adopt these low-cost
clean energy solutions – rather than fighting to delay them – are
likely to be the most profitable," said Amelia Timbers, Energy Program Manager at As You
Sow. "By discouraging coal, the plan lowers risk for utility
investors, and improves the power sector's long term
prospects."
Coal use is also fraught with financial risk, a fact that
markets have been aware of for years. In 2011, As You Sow published
The Financial Risks of Investments in Coal, a key report
that predicted the imminent collapse of the coal market. Similar
risks face the utility industry as the environmental, public
health, and regulatory risks of coal add up to potentially large
future liabilities – financial risks that have not been adequately
or transparently communicated to investors. By requiring that
states reduce carbon pollution, the Clean Power Plan will help to
protect investors from both the environmental and the financial
risks of coal.
As You Sow has been pushing utilities to reduce coal use, adopt
renewable energy, and improve climate performance for years. In
2015, over $10 billion in shares
voted in favor of shareholder resolutions put forward by As You Sow
and other co-investors.
CONTACT: Andrew Montes,
(510) 735-8144, amontes@asyousow.org
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SOURCE As You Sow