Commercial, Solar, Sourcing Renewables, Wind - May 19, 2016
Best Buy, Nordstrom agree to increase renewable energy use after shareholder request
Retailers Best Buy and Nordstrom recently agreed to increase their use of renewable energy following a request from the New York State Common Retirement Fund, a significant shareholder at both companies.
New York State Comptroller Thomas P. DiNapoli made the announcement May 18 and withdrew his shareholder proposals that asked the companies to set measurable goals for increased use or production of renewable energy by December 2016. The retirement fund owns shares of Best Buy and Nordstrom with estimated values of $32 million and $18 million, respectively.
The companies, DiNapoli said, agreed to increase renewable energy use both in their operations and supply chain.
The news adds weight to the impact of shareholder activism on corporate sustainability; according to a recent analysis, corporations are facing a record number of resolutions in 2016 that address climate change and the risk companies face amid the trend toward a lower carbon economy.
“More Fortune 500 companies are shifting to renewable energy, not just because it helps reduce greenhouse gas emissions and mitigates climate change, but because it’s smart business,” DiNapoli said in a news release. “These companies are to be commended for protecting their long term value by committing to diverse energy sources that are competitively priced and will provide them with options in times of volatile fossil fuel prices. This commitment to renewable energy sources helps protect the Fund’s investments and supports the growth of a low carbon global economy.”
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