Fight for clean power

Nora Nash

is the director of corporate social responsibility for the Sisters of St. Francis of Philadelphia

As responsible stewards of our community's pension fund, the Sisters of St. Francis have been encouraging major oil and gas companies whose holidings are included in our investment portfolio to mitigate their impact on climate change. The Environmental Protection Agency's Clean Power Plan, proposed in June, is exactly what is needed to compel even greater action.

The goal of the plan is to reduce carbon pollution from coal-fired power plants. Each state would be required to develop an emissions-reduction plan that would make existing plants more efficient, increase usage of renewable energy or natural gas, or improve energy efficiency.

This strong proposal to dramatically reduce carbon emissions would play a critical role in avoiding irreversible impacts on the environment, economies, and health and well-being of our planet's inhabitants. As Franciscans, we commit ourselves to preserving the integrity of the land entrusted to our care and to dialoguing and exploring with others the importance of eco-spirituality, human rights, and environmental justice.

The plan would be good for New Jersey and Pennsylvania, both locally and globally, in three ways:

Decisive action from the United States is needed to address global climate change.

It would have positive impacts on the health and well-being of vulnerable populations across the globe.

It would benefit the business community by providing incentives for innovation and by creating new jobs in our transition to a low-carbon economy.

In addition to the strong business case, the Sisters of St. Francis support this rule because of the significant impact of climate on low-income and vulnerable people, both within this country and around the world, especially the economically disadvantaged, who are less able to adapt and are often more dependent on climate-sensitive resources such as local water and food supplies.

We work in partnership with the Interfaith Center on Corporate Responsibility (ICCR), a coalition of hundreds of faith-based and mission-driven institutional investors. These assets are pooled together and collectively represent more than $100 billion in invested capital. We view the management of our institutions' investments as a powerful catalyst for social change as we press companies to address the impacts of their operations on communities and the environment.

Climate change is a material risk for nearly every company and, by extension, for us, their investors. Water availability, supply chain disruptions, and the physical and structural dangers presented by extreme weather hazards affect operations across the globe. Our country's need to act on climate change is certain, and this regulation would help make the necessary changes happen.

According to the U.S. Energy Information Agency, Pennsylvania is the fourth-largest coal-producing state, and its power plants are the third most polluting. This matters for residents of the commonwealth, but also for South Jersey and other neighboring states, because carbon and other pollutants from coal plants cross state borders and have significant health impacts. In spite of this, Pennsylvania has not done enough for the common good.

Critics claim this EPA proposal would close coal-fired power plants and lead to layoffs for Pennsylvania and Jersey residents. But as we look ahead, it is clear that we need to innovate and create the technology and infrastructure for a low-carbon future. The federal guidelines present an opportunity for our states to continue to build on our use of renewable energy and to be leaders in the development of solar and wind energy. We must seize this opportunity. It would be good for the planet, good for our communities, and good for the economy. We must be prudent if we are to increase our use of natural gas and consider the real impacts on communities and water supplies.

We encourage community consultation in the development of the state plans, and encourage New Jersey and Pennsylvania to focus on energy efficiency and renewable energy. While the rule may not be perfect, it demonstrates the leadership and clarity we need and enables states to craft the appropriate plans to reduce emissions.

As socially responsible and faith-based institutional investors, the Sisters of St. Francis and our ICCR partners support the EPA proposal and encourage New Jersey and Pennsylvania to seize this opportunity to support innovation and a new economy. Our most vulnerable are counting on us.