Entergy has been cutting its CO2 emissions since 2001. Feeling any cooler? Neither are we. So what exactly is Entergy accomplishing other than advancing the anti-American green agenda. BURN MORE COAL expects to get an answer to that question from Entergy CEO Leo Denault at the next shareholder meeting.
The proposal is below.
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Greenwashing Audit
Resolved:
Shareholders request that, beginning in 2019, Entergy annually publish a report of actually incurred corporate costs and associated actual and significant benefits accruing to shareholders and the climate from Entergy’s climate-related activities that are voluntary and exceed government regulatory requirements. The report should be prepared at reasonable cost and omit proprietary information.
Supporting Statement:
Entergy’s purpose is to generate profits from generating affordable and reliable electricity while obeying applicable laws and regulations. Maintaining coal plants is the least expensive option for generating electricity per the U.S. Department of Energy’s National Coal Council 2018 report, “Power Reset” (www.BurnMoreCoal.com/wp-content/uploads/2018/10/NCC-Power-Reset-2018.pdf). Yet Entergy management intends to reduce coal plant generation, presumably in hopes of somehow altering climate change.
This resolution is intended to help shareholders monitor whether Entergy’s voluntary activities and expenditures touted as protecting the climate are actually producing meaningful benefits to shareholders and
the climate.
Corporate managements sometimes engage in “greenwashing” ⎯ i.e., spending shareholder money on schemes ostensibly environment-related, but really undertaken merely for the purpose of improving the public image of management. Such insincere “green” posturing and associated touting of alleged, but actually imaginary benefits to public health and the environment may harm shareholders by distracting management, wasting corporate assets, ripping off ratepayers and deceiving shareholders and the public.
For example, Entergy touted in its report “Entergy’s Environmental Initiatives Fund: 15 Years,” that, “On May 3, 2001, Entergy made history when it became the first U.S. electric utility to announce a greenhouse gas emissions target. Partnering with Environmental Defense, Entergy pledged to take voluntary actions to stabilize its domestic carbon dioxide (CO2) emissions at year-2000 levels through 2005 and to develop a long-term target to include additional reductions that would help combat climate change.” Entergy continues to tout its actions to reduce CO2 emissions to combat climate change.
No law or regulation required or requires this reduction.
China is reportedly now adding coal plant capacity equal to the entire US coal fleet. Around the world, there are reportedly 1,100 coal plants under construction. In comparison, Entergy operates a mere seven coal plants. So, what are the actual benefits to ratepayers, shareholders and the climate of Entergy’s bid to “combat climate change.” By how much, in what way, and when will any of these activities reduce, alter or improve climate change, for example?
The information requested by this proposal is not already contained in any Entergy report.
Entergy should report to shareholders what are the specific actual benefits produced by its voluntary, highly touted and costly voluntary climate-related activities. Are the benefits real and worthwhile? Or are they just imaginary and greenwashing? Shareholders want to know.