Estimated 360 Tons of Carbon Pollution to Be Offset
Pax World Management Corp., advisor to the socially and environmentally responsible Pax World Funds family, announced it has joined the Chicago Climate Exchange(R) (CCX), a voluntary, multi-sector market for reducing and trading greenhouse gas emissions (GHG).
Pax World is the first U.S. investment advisor to a socially responsible mutual fund to join CCX and will honor its commitment to purchase Carbon Financial Instruments (CFIs) equal to the firm’s indirect greenhouse gas emissions. By doing so, Pax World will offset its entire greenhouse gas emissions that would otherwise contribute to global warming. “When it comes to the environment, Pax World holds other companies to rigorous environmental standards and we don’t feel that we can demand any less of ourselves,” said Pax World Vice President of Social Research Anita Green. “This is a direct and quantifiable illustration of our deep commitment to advancing environmentally sound business practices.”
“Socially responsible investing (SRI) has enjoyed tremendous growth and Pax World is a brand name in the community,” says Dr. Richard L. Sandor, chairman and CEO of CCX. “We are thrilled to have Pax World as the first SRI mutual fund company to join CCX and we congratulate them for their vision by participating in our program.”
“Participation in the Exchange gives us the means by which to reach our goals by buying CO2 credits and other means if we can’t completely reduce our emissions adequately through the power we purchase,” said Green. “We urge other mutual fund and financial companies to follow our lead and start taking action to address global warming.”
Pax World estimates that it will offset 360 tons of carbon emissions per year to become a carbon neutral company. This figure is based on employee travel and office energy usage. As an associate member of CCX, Pax World will purchase CFIs and retire them immediately, therefore removing them from the program. This could prompt an entity to consider ways to reduce their GHG emissions rather than purchase CFIs.
The Chicago Climate Exchange (http://www.chicagoclimatex.com) is a self- regulatory exchange that administers the world’s first multi-national and multi-sector marketplace for reducing and trading greenhouse gas emissions. It is designed to allow entities from the public and private sectors to use market-based mechanisms to account for greenhouse gas emissions reductions. CCX enables participants to receive credit for reductions and to buy and sell credits as a means of finding the most cost-effective way of achieving reductions.
CCX administers the program for emissions sources, farm and forest carbon sinks, offset projects and liquidity providers in North America. Pax World joins Tufts University, Ford Motor Co., International Paper and numerous other organizations in this effort. In the pilot phase of CCX, each associate member firm is required to have Carbon Financial Instruments (CFIs) in its CCX Registry(R) account in an amount equal to its verified indirect emissions for each year of the program 2003-2006. One Carbon Financial Instrument (CFI) is equivalent to 100 metric tons of CO2. Total emissions of CCX Members with direct emissions during 2003 were 8% below their emission reduction commitment. Each emission baselines and annual emission report was independently reviewed by NASD.
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