New York, 15 February: Investor and environmentalist coalition Ceres has created a "Climate Watch" list of 10 US companies being targeted by large investors with resolutions on climate change.

Shareholders have filed more than 40 resolutions on climate change during the 2007 proxy season, said the Boston-based group.  It chose the 10 for their size and their reluctance to address the issue, or respond to shareholder inquiries, said Ceres spokesman Peyton Fleming.

Making the list are three utilities with large portfolios of coal plants: Allegheny Energy, Dominion Resources and TXU – which plans to build 9,000MW of new coal plants.  They have not disclosed climate risk and have ignored shareholder requests, Ceres noted.

The list also includes coal miners Consol Energy and Massey Energy, along with ExxonMobil and ConocoPhillips.  Investors have asked the coal companies how they will respond to growing momentum in the US for carbon regulation, while ExxonMobil investors fault its "general lack of response to climate issues", Ceres said.  Two funds ask ConocoPhillips why it is not made significant investments in renewable energy, as other oil companies have done.

Aside from those obvious candidates, Ceres' list includes retailer Bed, Bath & Beyond, due to its scant attention to the energy efficiency strategies that other retailers pursue.  It also names Wells Fargo, saying the bank lacks goals to reduce GHG emissions in lending activities, unlike its rivals JPMorgan Chase and Bank of America.  Similarly, ACE lags AIG and other insurers in addressing exposure to climate change.

ExxonMobil responded that it has cut 11 million tons of GHGs through operating changes, and it complies with climate regulations in countries where those are in effect.  Spokesman Dave Gardner added that ExxonMobil is investing in technologies such as carbon sequestration and 30% more efficient car engines.  It also financially supports research at a number of universities.

TXU believes that "technology will be the solution to address climate change", and will invest up to $2 billion in new technologies, said spokeswoman Lisa Singleton.  The company owns a stake in Skyonic Corp and is testing the firm's carbon dioxide controls at a coal plant, she added.