Friends Fiduciary, along with other investors with a total of almost $15 billion in assets under management, sent a letter to the California Senate Appropriations Committee in August in support of a proposed bill that would have gradually increased the state’s renewable energy requirement. Utilities in that state currently source 28% of their energy from renewables, and are on track to meet the current goal of 50% by 2030. SB100 would have pushed utilities further and increased that goal to 60% in 2030 and to 100% by 2045.
Friends Fiduciary agrees that “ambitious clean and renewable energy programs help companies and investors cut costs and increase profitability, drive competitive advantage, and mitigate against risks posed by a changing climate.” Renewable energy standards ensure continued green job growth in California and provide investors with the assurance they need to take advantage of clean energy opportunities. Increased investment is essential to a successful, timely transition to a low-carbon economy—and Friends Fiduciary is not alone in this view. Blackrock, the largest asset manager in the world, has made climate risk management a top engagement priority with its portfolio companies for the next two years. (Read more here.)
Sadly, SB100 did not pass, but Friends Fiduciary continues our support for renewable energy standards at the state level, and our consistent witness that clean energy is in the best interests of investors, companies, the public, and future generations.
Read the letter here.