Boston, MA—On May 14th, Trillium testified before the Joint Committee on Environment, Natural Resources and Agriculture in support of proposed Massachusetts bill, H.832. This legislation is an aim to create a 2050 roadmap to a clean and thriving commonwealth that addresses climate protection, a growing sustainable economy, and climate change.
Portfolio Manager Elizabeth Levy, who represented Trillium at the hearing, testified:
“Chairwoman Gobi, Chairman Pignatelli, thank you for the opportunity to testify today in support of H. 832, an Act to create a 2050 roadmap to a clean and thriving Commonwealth.
My name is Elizabeth Levy and I am Senior Vice President, Portfolio Manager, and Research Analyst at Trillium Asset Management. Trillium is a Boston-based investment management firm with over $2.8 billion in assets under management. We integrate Environmental, Social, and Governance factors into the investment process as a way to identify the companies best positioned to deliver strong long-term performance.
We also recognize the importance of smart public policy in creating a prosperous and just economy for future generations, which is why we are members of both the Ceres Investor Network on Climate Risk and the ELM Corporate Council. In that capacity, I am also happy to pass along written testimony from the Ceres Businesses for Innovative Climate and Energy Policy (BICEP) Network, demonstrating strong corporate support for this important bill.
As you consider this legislation, I would like to highlight a couple of key points.
First: We believe climate change is the world’s foremost environmental and economic challenge. Research by the Intergovernmental Panel on Climate Change (IPCC) has shown us that we have little more than a decade to stave off the most catastrophic impacts of climate change. Climate change will impact the economy as a whole, the companies in which we invest, workers, marginalized communities, and the places which we call home. As investors, we see climate change as a risk multiplier that endangers continued prosperity throughout the economy, which is why we encourage companies to develop science-based emissions targets and advocate for public policy that leads to economically efficient emissions reductions.
Second: The business case for reducing emissions is strong. Half of the Fortune 500 and over 60% of the Fortune 100 have set GHG, renewable, or energy efficiency goals. Businesses and investors recognize the value of setting a clear target and conducting rigorous analysis to evaluate pathways toward meeting it. The 2050 roadmap bill mirrors this approach and improves upon a proven model – the Global Warming Solutions Act – to get us there.
Given the huge social, environmental, and financial risks we face due to climate change, strong policies to reduce greenhouse gas emissions and invest in clean energy are necessary. While one state cannot stop climate change alone, non-federal leadership is needed now more than ever to reduce emissions and demonstrate the economic case for bold action in other states and nationally. Although Massachusetts has long been a national leader in advancing a clean energy future, California, New Mexico, Washington, Hawaii and Puerto Rico are now leading the way. Given the increased urgency facing our climate, our leadership is needed now more than ever.
Thank you again for the opportunity to testify today. I welcome any questions or comments.”
Important Disclosure: The views expressed are those of the authors and Trillium Asset Management, LLC as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be a forecast of future events or a guarantee of future results. These views may not be relied upon as investment advice. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data.