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Pax World Fund to Go Carbon Neutral

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 […]

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Energy Conversion Devices Announces $87.8 Million Private Placement

Energy Conversion Devices, Inc. (ECD Ovonics) (Nasdaq: ENER) has entered into definitive agreements with investors relating to a private placement of $87.8 million through the sale of 5,090,000 shares of common stock. The shares of common stock will be issued at a price of $17.25 per share, subject to customary closing conditions. The closing of the private placement is expected to occur on February 15, 2005. ECD Ovonics has agreed to file a registration statement with the SEC for the resale of common stock within 10 days after closing. ECD Ovonics plans to use the net proceeds of this transaction to double the manufacturing capacity of United Solar Ovonic’s triple-junction, thin-film amorphous silicon photovoltaic products; to exercise the option to purchase for $4.55 per share the 4,376,633 shares of ECD Ovonics’ common stock held by TRMI Holdings, Inc., an affiliate of ChevronTexaco Corporation; and for general corporate purposes, including research and development investments. About ECD Ovonics: ECD Ovonics is the leader in the synthesis of new materials and the development of advanced production technology and innovative products. It has invented, pioneered and developed its proprietary, enabling technologies in the fields of energy and information leading to new products and production […]

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A Climate of Disdain

by David Ignatius Next week will mark an unlikely milestone in modern history: The Kyoto Protocol on global climate change will take effect a week from today, without U.S. participation. A global policy train will be leaving the station, in other words, without the United States even being on board, let alone serving as conductor. All 25 nations of the European Union have ratified the Kyoto accord, and they have created an innovative system for trading rights to emit the carbon dioxide “greenhouse gases” that are thought to be responsible for global warming. High-emissions Britain could purchase allocations from low-emissions Norway, for example. This “carbon trading” system will make it easier for the E.U. as a whole to meet the Kyoto target of reducing emissions from 2008 onward to 8 percent below 1990 levels. It will also encourage new investment in Eastern Europe to replace aging, polluting factories there. The decisive signatory of this 21st-century treaty, as it happened, was sleepy, corrupt Mother Russia. The Russian parliament’s decision to ratify Kyoto last October guaranteed that the treaty would take effect, despite the Bush administration’s decision in 2001 to withdraw from it. More than 140 nations have ratified the agreement. Kyoto […]

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