Investor Letter Opposing Keystone XL Pipeline

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Green Century recently weighed in on the proposed Keystone XL pipeline, which would lead to the extraction and burning of millions of barrels of dirty tar sands fuel. The nation’s most prominent climate change scientist, Jim Hansen, Director of the NASA Goddard Institute for Space Studies, has predicted that if carbon emissions are not reduced, “economic losses will be incalculable” in the next several years.¹

During the 2013 public comment period on this issue, Green Century joined with our partner Environment America to organize investors to collectively urge President Obama to reject the pipeline and instead invest in projects that could transition the country to an independent and clean energy economy. Please see the investor letter below.

GCF           

March 4, 2014

Dear President Obama,

As our nation has begun to suffer the impacts of climate change – from hurricanes to droughts – businesses, cities and residents are directly experiencing the negative financial impacts of erratic weather brought on by carbon pollution. Your leadership in promoting the development of renewable energy has played a critical role in helping to transition our economy to cleaner, more sustainable sources of energy. However the proposed Keystone XL pipeline would severely threaten our ability as a nation to make the transition to a clean energy future. The undersigned list of financial advisory firms, financial advisors, investment professionals, foundations and environmental leaders join leaders from around the globe in urging you to reject the proposed Keystone XL pipeline.

There is scientific consensus that the development of Alberta’s tar sands would release dangerous levels of greenhouse gas emissions. Rejecting the Keystone XL permit is important precisely because it has critical implications for the rate at which tar sands are extracted. A wide range of stakeholders and experts, including leading scientist, the EPA and leading financial analysts from Goldman Sachs, agree that building the Keystone pipeline will increase tar sands production and therefore dramatically increase global warming pollution.

Some claim that Keystone XL would increase US energy independence by supplying Canadian oil to the US, but the reality is that Keystone XL is a pipeline through, not to, America. Keystone XL would deliver tar sands to America’s leading export refineries. These refineries exported 60 percent of the gasoline they produced in 2012.

As institutions and organizations with long-term vested interests in transitioning to a clean energy economy, we urge you to reject the proposed Keystone XL pipeline and encourage you to support the development of cleaner energy sources and energy efficiency. Investing in and supporting renewable energy sources and promoting energy conservation provide a safer and cleaner path forward for our nation.

Sincerely,

Leslie Samuelrich
President
Green Century Capital Management

Julian Boggs
Federal Global Warming Program Director
Environment America

Michael Marx
Sr. Director, Beyond Oil Campaign
Sierra Club

Adam Kanzer
Managing Director & General Counsel
Domini Social Investments LLC

Bruce Herbert
Chief Executive
Newground Social Investment, SPC

Bruce Herbert
Chief Executive
Investor Voice, SPC

Catherine Cartier
President
Progressive Asset Management

Fran Teplitz
Green America

Jonas Kron
SVP, Director of Shareholder Advocacy
Trillium Asset Management, LLC

Julie N.W. Goodridge
President and CEO
NorthStar Asset Management, INC.

Ken Jacobs
Owner, President
Colorado Sustainable Financial Planning

Kimberly Kiel
President
Horizons Sustainable Financial Services

Krista Strohoffer
Financial Advisor, CFP®, AIF®
Principled Investing, LLC

Larisa Ruoff
Shareholder Advocacy and Corporate Engagement
The Sustainability Group, Loring, Wolcott & Coolidge

Margaret Weber
Corporate Responsibility Director
Congregation o St. Basil

Natasha Lamb
Director of Equity Research & Shareholder Engagement
Arjuna Capital

Peter Krull
President
Krull & Company

Shelley Alpern
Directly of Social Research & Shareholder Advocacy
Clean Yield Asset Management

Sonia Kowal
Director of Socially Responsible Investing
Zevin Asset Management, LLC

Steven Viederman
Finance Chair
Christopher Reynolds Foundation

Steven J. Schueth
President
First Affirmative Financial Network

Susan Vickers
VP Community Health
Dignity Health

Tim Little
Executive Director
Rose Foundation for Communities and the Environment

Tom Nowak
Principal
Quantum Financial Planning LLC

Valerie Heinonen
Director, Shareholder Advocacy
Ursuline Sisters of Tildonk U.S. Province

Valerie Heinonen
Director, Shareholder Advocacy
Dominican Sisters of Hope

 

¹ http://www.nytimes.com/2012/05/10/opinion/game-over-for-the-climate.html

You should consider the Funds’ investment objectives, risks, charges, and expenses carefully before investing. To obtain a Prospectus that contains this and other information about the Funds, please click here, email info@greencentury.com, or call 1-800-93-GREEN. Please read the Prospectus carefully before investing.

This information has been prepared from sources believed reliable. The views expressed are as of the date of publication and are those of the Advisor to the Funds.

Stocks will fluctuate in response to factors that may affect a single company, industry, sector, or the market as a whole and may perform worse than the market. Bonds are subject to risks including interest rate, credit, and inflation. The Funds’ environmental criteria limit the investments available to the Funds compared to mutual funds that do not use environmental criteria.

The Green Century Funds are distributed by UMB Distribution Services, LLC, 4/14

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