“Environmental stewardship and conservation were engrained in The Walt Disney Company from the beginning,” Angie Renner recently told me. Angie is an Environmental Integration Director at Walt Disney World Resort, and today she says the company is investing in new technologies and renewable energy projects that have thus far cut greenhouse gas emissions nearly in half. Why? Because as a Bloomberg story just noted, warmer temperatures are already impacting the “the comfort and health and well being of [the resort’s] customers.”
In other words, climate change is bad for business. But as I’ve seen firsthand, companies that invest in clean energy, engage customers in sustainability efforts and leverage their influence to drive smart policies can turn a downside risk into tangible cost-savings, customer retention and global leadership.
I recently caught up with Angie to learn more about the company’s sustainability initiatives and successes and its efforts to provide environmental education to the hundreds of thousands of guests who visit the iconic Disney resorts each day.
Here is an edited transcript of our conversation.
There’s a new way to approach energy risks that should interest business leaders who navigate today’s changing economy.
Is your corporate risk management strategy considering these three realities, and how to respond? Read more
Nicole Vadori remembers being in grade school and watching the news about a fire at a tire warehouse with big plumes of black smoke that would inevitably cause environmental damage and thinking at that moment, “how can adults let this happen?”
Today Nicole is associate vice president and head of environment at TD Bank Group, where she spends her days finding ways to help reduce the bank’s carbon footprint, mitigating climate risk in its investment activities, and helping to drive business initiatives that can create positive environmental and social impacts.
I recently caught up with Nicole to talk about what TD is doing to help support the transition to a low-carbon economy, how the company analyzes climate risk, and to hear about her favorite Toronto restaurants.
Here’s an edited transcript of our conversation.
Hurricane Michael, the most powerful storm to hit the Florida panhandle on record, caused loss of life and rampant destruction, flattening entire towns and leaving more than 1.3 million people without power across five southeastern states.
Rising temperatures and warmer waters are making this and other recent mega hurricanes like Florence stronger and more devastating for coastal states like Florida and the Carolinas. Unfortunately, the recent Intergovernmental Panel on Climate Change (IPCC) report provides little encouragement and instead conveys dire warnings that unless measures such as massive new investment in clean and renewable energy occurs over the coming decade, we will have little chance of avoiding the worst impacts of climate change, including continuously worsening hurricanes.
Yet renewable energy installments aren’t just beneficial for the climate – they’re also proving more resilient than traditional electricity infrastructure, which is more susceptible to disruptions from severe weather. This suggests that investment in clean energy infrastructure could help businesses bounce back faster from hurricanes, keep communities and employees safe, and avoid the worst economic impacts.
In a state regularly impacted by natural disasters, it’s all the more significant that a diverse array of Florida business voices are now calling for action to accelerate the deployment of renewable energy, and particularly solar power, in the Sunshine State. They’re sharing their stories through a new portal that showcases business and municipal leaders from across Florida that have invested in and are supportive of solar, efficiency and other clean energy projects within their companies and cities.
Here are three key takeaways from hearing their stories. Read more
In this three-part blog series “Making Vanilla Green or Making Green Vanilla,” EDF+Business Sustainable Finance Manager Jake Hiller, and Clean Energy and Sustainable Finance Intern Gabriel Malek unpack how an environmental advocacy group like EDF could best use its resources and expertise to drive impact in the fixed income market. This research is informed by interviews conducted with Eric Glass, Senior Portfolio Manager at AllianceBernstein and founding member of the Municipal Impact Investment Policy Group; Rob Fernandez, Director of ESG Research at Breckinridge Capital; and Navjeet Bal, General Counsel of Social Finance Inc. and former Commissioner of Revenue of the Commonwealth of Massachusetts.
Over the past few years, experts in socially responsible investing have become increasingly intrigued by green bonds, financial vehicles designed to kickstart environmental projects. In 2016, both EDF and the Stanford Social Innovation Review examined the strengths and challenges of the growing green bond market and outlined how this novel financial tool could help channel capital to sustainable development initiatives. Since the publication of these articles, the green bond market has expanded dramatically. In the US alone, the value of green bonds between 2016 and 2017 doubled to $48 billion. What began in 2008 with an experimental, World Bank-issued “green” labelled bond has since developed into a $155 billion market that is projected to expand this year.
What is a leading opportunity for states to create energy security, job growth and economic development with their public dollars?
The answer? A public financing institution that can engage effectively with private sector players to meet them on their own terms – addressing real barriers and providing the right types of capital needed to make clean energy projects investable.
Take Connecticut for example. In 2011, the state established the nation’s first state green bank, the Connecticut Green Bank (CGB). Over the last six years, CGB has used $174.6 million of ratepayer funds to attract $914.8 million of private investment in clean energy for a total investment of $1.1 billion. These investments have supported the deployment of 234.4 MW of renewable energy, created thousands of jobs, and reduced an estimated 3.7 million tons of CO2 emissions over the life of the projects.
This post is part of an EDF+Business ongoing series on sustainable finance, highlighting market mechanisms and strategies that drive environmental performance by engaging private capital. EDF is actively engaging leaders with the capital and expertise needed to catalyze sector-wide changes—from accelerating investment in energy efficiency and clean energy, to protecting tropical forests, restoring depleted fisheries and saving habitats of endangered species.
Green bonds were a glimmer in the eye for investors when we first reported on them two years ago, but since then these sustainability-oriented debt financing instruments have exploded onto the investment scene. In fact green bonds were held up as a key instrument to keeping warming below the global high-end target of 2°C at COP21.
In the past year, the market to buy these bonds — which, by design, are linked to an environmental benefit — has significantly grown and matured. Over the course of 2015, the green bond market expanded from $37 billion to $42.4 billion, with much of this growth due to diversification — both in who is issuing them and for what wider types of projects.
While expansion of this market is encouraging, its growth is much slower than most experts had originally anticipated. Early predictions for 2015 had the green bond market booming to $80 billion, or even $100 billion. Instead, numbers seem to have stagnated. What does the future hold for this market, especially in the wake of COP21? Read more