- About Domini
- Domini Funds
- Responsible Investing
- Investor Services
- Learning & Planning
Fri, 03/29/2013 - 00:00 | by Matthew Casey
March 29, 2013
Domini Addresses Global Deforestation and Climate Change
It is estimated that deforestation is responsible for 15% of global greenhouse gas emissions. Before we can begin to address this problem, we need quality information. Lowes, the nation's second largest home improvement center, adopted a comprehensive wood purchasing policy in 2000 to reduce its impact on forests. During the fourth quarter, in response to engagement by Domini, the company published a report providing valuable data on its efforts to purchase sustainably harvested wood. We commend the company for this commitment to transparency and for its continuing work to reduce its impact on threatened forests.
Since 2008, we have also been engaged in dialogue with R.R. Donnelley, a global printing company, about the impact on forests of its global paper purchases. This year, we chose not to submit a shareholder proposal in recognition of several important steps the company has taken to address its exposure to illegal deforestation.
PNC Financial Services adopted a policy in 2010 prohibiting direct financing of mountaintop removal (MTR) coal mining, a destructive practice with severe environmental and health impacts. In response to an email from a concerned Domini Funds shareholder, we decided to dig deeper into the bank's involvement in MTR. We found that PNC has not been directly financing MTR, but like many maintstream banks, it has continued to service coal mining clients, including some of the largest MTR practitioners. In response, we joined other investors in filing a proposal asking the bank to address the greenhouse gas emissions generated by its financing activities.
As of December 31, 2012, Lowes, R.R. Donnelley, and PNC Financial Services represented <0.01%, 0.18%, and <0.01% of the Domini Social Equity Fund's portfolio. View the most current list of the Domini Social Equity Fund's holdings. The composition of the Fund's portfolio is subject to change.