Investors today sent a strong signal regarding their growing concerns about climate risk with a majority vote at PPL Corp. in support of a shareholder proposal calling on the company to conduct two degree scenario analysis on its full portfolio of power generation assets and planned capital expenditures through 2040. The proposal calls on the company’s board and management to analyze the company’s business plans and practices against a range of scenarios including one where global temperature rise is limited to no more than 2 degrees Celsius, consistent with the global transition to a new clean energy economy.
“Investors understand that the transition to clean energy and a lower carbon economy is inevitable and well underway. We need to know what companies are doing to adapt and succeed in this new environment,” said New York State Comptroller Thomas DiNapoli who filed the resolution, which also was supported by CalPERS among others. “We need to know that the company has a comprehensive strategy, not just a piecemeal approach. We look forward to working with PPL to make progress.” The New York State Comptroller is also one of the lead filers of a similar resolution that will go to a vote at ExxonMobil on May 31.