Newsweek has come out with an environmental ranking of the 500 largest U.S. companies and State Street, Wells Fargo, Citi and J.P. Morgan. The magazine says it tried to assess each company's actual resource use and emissions and its policies and strategies, along with its reputation among its peers.State Street made number six. Newsweek said: "In an industry slow to acknowledge its environmental impacts, State Street does more than most. Earned highest score among asset managers in 2008 for integrating climate change strategies into its business model. Tries to reduce electricity usage and air travel, recognizing their impact on air emissions."
Wells Fargo was ranked 13. According to Newsweek, the firm "has provided $5 billion in financing for green businesses since 2005, of which $1.65 billion has been for solar and wind projects and $3 billion for "green" buildings. However, not included by Ceres, a coalition of environmentalists and investors, on its 2008 list of top banks engaged in climate change activities."
Of Citi, listed at number 24, the magazine wrote: "Has invested $18 billion so far on a pledge of $50 billion towards climate-change initiatives; however, information on Citi's financing of carbon intensive projects remains closely guarded, but is estimated to be much higher. Has also been criticized by environmental groups for its coal financing activities."
J.P. Morgan, 41, "Maintains a strong climate change policy among big banks and a noteworthy goal to reduce its own GHG emissions 20% by 2012," Newsweek said. "However, these efforts are offset by financing of coal plants and other environmentally harmful projects."
To come up with its rankings, Newsweek collaborated with three research partners: KLD Research & Analytics, which tracks environmental, social and governance data on companies worldwide and served as lead partner; Trucost, which specializes in quantitative environmental performance measurement; and CorporateRegister.com, an online directory of social responsibility, sustainability and environmental reporting. The 500 companies included in the ranking are the largest U.S. companies as measured by revenue, market capitalization and number of employees.