N.C. a leader in response to warming

North Carolina-based companies are leaders, not laggards, when it comes to responding to the business challenges posed by global warming, state Treasurer Richard Moore said.

Moore, participating in a teleconference Tuesday morning in which 10 U.S. companies were cited for lagging behind their competitors in response to climate change, pointed out that not one company with North Carolina headquarters made the list. His remark was a response to a question posed by a reporter.

In addition, he mentioned five North Carolina companies as leaders on the issue: Duke Energy, Progress Energy, Lowe's, Wachovia and Bank of America.

"They have shown real leadership," he said. "I'm proud of them for doing that."

Given the "increase in hurricane activity over the last few years," North Carolinians "understand a lot about the risk from global climate change," added Moore, who is considered a likely Democratic candidate for governor in 2008.

The teleconference featured shareholder activists such as Moore, whose office manages more than $70 billion in pension funds, and leaders from Ceres, a coalition of investors and environmental groups.

Ceres has helped coordinate a record 42 global warming resolutions filed with publicly traded U.S. companies. That's nearly double the number filed three years ago. The resolutions seek more disclosure from companies on their strategies regarding global warming and how it might affect their businesses.

The 10 companies named to the "Climate Watch List" aren't adequately dealing with the potential impact of global warming on their businesses, which could hurt their competitiveness and, ultimately, their stock, according to Ceres.

"Investors are asking companies to act because this is one of the greatest issues facing the global economy," said Mindy S. Lubber, president of Ceres.

But the five North Carolina companies Moore mentioned are among many nationwide that have disclosed their strategies and policies for dealing with "the risks and opportunities that climate change poses for their businesses," said Ceres spokesman Peyton Fleming.

Charlotte-based Bank of America, for example, has "a very extensive climate change policy" that includes targets for reducing greenhouse gas emissions in its own operations and reducing its lending exposure to harmful projects, Fleming said.

Meanwhile, Duke Energy wants to build new coal-fired power plants, which contribute to pollution problems, said Pete Andrews, professor of public policy at UNC-Chapel Hill. At the same time, Duke has been a vocal supporter of a national carbon tax, which would increase interest in alternative energy.

That stance, said Andrews, "surprised many utilities."

Still, Duke and Raleigh-based Progress Energy haven't done enough to be named leaders, said Rick Kearney, director of the School of Public and International Affairs at N.C. State University.