Calvert Social Research Reviews Company GHG Management 

Due to the growing need for action in the area of climate change and alternative energy, Calvert has launched the new Calvert Global Alternative Energy Fund. In addition, as we review companies for inclusion in all of Calvert's SRI funds we examine corporate performance on climate issues. Calvert assesses both specific risks associated with climate change, as well as opportunities.  Specifically, our evaluation includes an examination of GHG inventories, GHG emissions per unit of production, mitigation/trading strategies, and investments in R&D, fuel and/or technology improvements.  Overall, we look at each company's internal climate policy, external public policy, and strategy, including some of the three elements outlined below:

1. Production - We track corporate GHG emissions and efforts to mitigate or eliminate them. Calvert prefers companies that conserve energy or contribute to energy efficiency, as well as those that purchase or produce renewable power.
2. Product Life Cycle - Calvert analyzes product-related emissions (such as automobile fleet fuel efficiency), and prefers corporations that work to reduce emissions (e.g., through voluntary programs such as EPA's ENERGY STAR program).
3. Disclosure and Management - We examine corporate disclosure of GHG emissions.  We believe that transparency is the first step to action, and we urge all companies to track and report emissions or implement measures to sequester carbon or offset their carbon footprint.