Quite honestly, I doubt if corporate statements about global warming have much, if any, effect on investment decisions, financial or real. Nevertheless, a group [the Free Enterprise Action Fund] is petitioning the SEC,
requesting the SEC to warn publicly-owned companies against making false and misleading statements pertaining to global warming and other environmental issues.
In their request, they note the following instances:
1. Exelon Corp. issued a media release and placed full-page advertisements in major newspapers on July 15, 2008 stating, “The science is overwhelming ─ climate change is happening now and human activity is the primary cause.”
2. Lehman Brothers issued a report on climate change featuring the so-called “hockey stick” graph to support the notion that humans are causing global warming.
3. The General Electric Company issued a “Call for Action” to “slow, stop and even reverse the damage of greenhouse gasses.”
4. Toyota Motor Corp states in a report, “When we drive a vehicle, it consumes fossil fuels and emits CO2, a major contributor to climate change.”
5. Goldman Sachs states in a 2007 report, “By now, the dynamics of global warming are widely known, and we find no reason to dispute the scientific assumptions…”
6. Caterpillar said in a public statement that, “We must take action now [to reduce carbon dioxide emissions] or risk serious harm to our planet.”
The document, asks that the SEC
immediately inform and remind registrants that:
1. False and/or misleading statements on material matters may violate the anti-fraud provision of the federal securities laws.
2. Statements by registrants on global warming and other environmental issues could be considered material.
3. There is considerable ongoing debate about the science of global warming and its impacts and;
4. Statements to the effect that “the science is conclusive,” “the debate is over,” and that “human activities are definitely causing harmful global warming” should be avoided.
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