Something weird is happening in the once marginal world of
environmentalism. The green cause is no longer th9 preserve of woolly-minded
liberals and fringe activists. Its tenets are being actively pursued by business
leaders, stockholders and investment managers. In the popular mind-set, natural
disasters such as New Orleans’ Hurricane Katrina and floods in Eastern Europe
are now linked to a change in climate that threatens our way of life and our
grand-children’s future. Environmental concerns have grown so
widespread that conservative politicians once skeptical of the green movement
have been reacting to the pressure. The most startling turnaround, however, is
among business leaders. Corporations are giving themselves green makeovers to
improve efficiency, save money and look more attractive to investors and the
public. According to a recent report from the Climate Group, an international
environmental charity,43 multinationals--including Bayer, BT and DuPont-saved a
combined $11.6 billion last year by improving energy efficiency, reducing waste
output and harnessing solar power. General Electric’s Ecomagination campaign to
cut carbon emissions, partly by selling low-emissions products ranging from
power plants to fluorescent light bulbs, raked in $ 10.1 billion last year, up
from $ 6.2 billion in 2004. Their slogan: "Green is green", as in the color of
American dollar bills. Investment analysts are starting to see
the environmental awareness of managers as a barometer of the likely long-term
success of their companies. Green policies, they say, tend to indicate hands-on
management, high consumer confidence and good corporate governance. HSBC won’t
do deals with companies on projects, like oil pipelines through Russia, that
don’t measure up to the environmental, social and governance standards. The
world’s two largest insurance companies, Swiss Re and Munich Re, are now taking
companies’ policies on climate change into consideration when determining risk.
"We believe that operating in a sustainable fashion is a proxy (代理人) for good
management practices overall, "says Chris Walker, head of sustainable business
development at Swiss Re. "They’re the type of companies we’re more comfortable
doing business with." According to Munich Re, risk assessment now also depends on ______.