Even as the Bush Administration has stayed out of the Kyoto Protocol about to take effect, under which nations have agreed to cut emissions of "greenhouse gases" generated by industry and vehicles, a leading U.S. pension fund and socially responsible mutual fund are complying with the treaty.
On Monday, the
In a conference call organized by California State Treasurer Phil Angelides, a Democrat who is a likely challenger to Gov. Arnold Schwarzenegger's re-election next year, former vice-president Al Gore lauded the pension fund's initiative. "California is providing the kind of leadership that the federal government in Washington has for the time being unfortunately abdicated," Gore told reporters.
Nonetheless, the Bush Administration has said that participating in the international treaty would cost the United States an estimated 4.9 million jobs and $395 billion annually.
Another investment entity,
"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 Anita Green, Pax World vice president of social research. "We urge other mutual fund and financial companies to follow our lead and start taking action to address global warming."
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