Investors commend EPA efforts to study the environmental impacts of hydraulic fracturing
April 7, 2010 —Today, Richard Liroff, Executive Director of the Investor Environmental Health Network (IEHN), submitted comments on the Environmental Protection Agency’s (EPA) effort to evaluate the potential impacts of hydraulic fracturing by the natural gas industry on human health and the environment. Liroff presented his comments to EPA’s Science Advisory Board panel evaluating EPA’s plans.
IEHN and Green Century Capital Management are leading the investor effort to ensure that natural gas drilling is done in a way that protects investor interests by avoiding unnecessary risks to human health and the environment.
Production from traditional reserves of natural gas has been dwindling, and an increasing number of new wells can currently only be developed using hydraulic fracturing— a process where water, chemicals and particles such as sand are injected into the ground under extremely high pressure—to unlock vast reserves previously unavailable. It has been estimated that 60 to 80 percent of new wells will require hydraulic fracturing and investors are concerned that this process carries potentially serious financial and environmental risks.
“Investors depend on good science to help make sound investment decisions. But we’re finding enormous information gaps that need to be addressed,” said Liroff in his remarks. According to Liroff, “EPA’s research can help fill these gaps.”
In an effort to learn more about environmental and related business risks faced by companies using hydraulic fracturing for natural gas development, investors and investor advisors including As You Sow, Catholic Health East, Catholic Healthcare West, First Affirmative Financial Network, Green Century Capital Management, MMA Praxis Mutual Funds ,the Mercy Investment Program, Miller/Howard Investments, the New York State Common Retirement Fund, Pax World Management, the Sisters of St. Francis of Philadelphia, the Sustainability Group, and Trillium Asset Management have engaged approximately 20 natural gas companies through letters, phone calls, and meetings.
According to Larisa Ruoff, Director of Shareholder Advocacy for Green Century Capital Management, “Companies and regulators must ensure natural gas drilling is done in a way that protects the environment, especially our drinking water, and therefore mitigates potential regulatory, legal and other risks to company bottom lines. We commend the EPA for taking this important step that will help investors and companies make well informed decisions.”
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Green Century Capital Management is an investment advisory firm focused on environmentally responsible investing. Founded by a partnership of non-profit environmental advocacy organizations in 1991, Green Century's mission is to provide people who care about a clean, healthy planet the opportunity to use the clout of their investment dollars to encourage environmentally responsible corporate behavior. Green Century believes that shareholder advocacy is a critical component of responsible investing and actively advocates for greater corporate environmental accountability. Green Century manages two environmentally responsible mutual funds, the Green Century Balanced Fund and the Green Century Equity Fund.
The Investor Environmental Health Network is a collaborative partnership of investment managers, advised by nongovernmental organizations, concerned about the financial and public health risks associated with corporate toxic chemicals policies. IEHN, through dialogue and shareholder resolutions, encourages companies to adopt policies to continually and systematically reduce and eliminate the toxic chemicals in their products.
You should consider the Funds' investment objectives, risks, charges, and expenses carefully before investing. For a prospectus that contains this and other information about the Funds, call 1-800-93-GREEN, visit www.greencentury.com or email info@greencentury.com. Please read the prospectus carefully before investing. Investments are not FDIC insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
The Green Century Funds are distributed by UMB Distribution Services, LLC 4/10
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