Warren Buffett Rejects Emissions Goals for Berkshire Hathaway
Berkshire Hathaway held its shareholder meeting this weekend. The good news is that a measure was introduced to establish greenhouse gas emissions reduction goals, and had some strong support. The bad news is that it was overwhelmingly rejected by Warren Buffett and the board of the company. AP reports that investment manager Bruce Herbert said investors should be concerned, and several people at the meeting supported the measure, saying the company could be hurt financially by potential liabilities associated with carbon emissions, but Buffett said he doesn't believe emissions represent a material risk for Berkshire's insurance operations, which produce the bulk of the company's earnings.
There's been a lot of hype around Warren Buffett's green moves over the last couple years, but it's important to remember the context. The refusal to set emissions goals is disappointing, as are the ties that Buffett's investments in rail have with coal production and increased coal exports from the U.S.—not the most promising investment for a green future.