Pax World Carbon Offsets Support Native American Wind Farm
Partners with NativeEnery and Clean Air-Cool Planet To Offset Emissions
PORTSMOUTH, NH - May 1, 2007 - Pax World Management Corp., investment adviser to Pax World Funds ("Pax"), which launched the nation's first socially responsible mutual fund in 1971, today announced that it will partner with NativeEnergy, a privately held Native American energy company, and Clean Air-Cool Planet, a non-profit organization dedicated to finding and implementing solutions to climate change, to offset its carbon emissions that contribute to global warming.
"Pax is committed to reducing its own carbon footprint as we search for innovative ways to address climate change," said Joe Keefe, President & CEO of Pax World. "Our partnership with NativeEnergy and Clean Air—Cool Planet allows us to offset our carbon emissions while simultaneously investing in sustainable economic development in American Indian communities."
In 2005, Pax World became one of the first U.S. mutual fund companies to go "carbon neutral," committing itself to offset greenhouse gas emissions that would otherwise contribute to global warming.
Under the new partnership with NativeEnergy and Clean Air—Cool Planet, Pax will purchase renewable energy credits equivalent to approximately 183 tons of carbon dioxide emissions—a leading contributor of global warming. By purchasing these credits, Pax is able to offset the amount of carbon pollution the company generates through its office electric use, heating, cooling and business travel. The offsets will help to build a Native American wind farm - the Owl Feather War Bonnet Wind Farm.
"We commend Pax for putting their investment principles into practice," said Bob Sheppard, Deputy Director and Business Program Manager of Clean Air—Cool Planet. "In reducing their 'carbon footprint,' Pax truly serves as a model for how corporate America can take the lead on measurable, meaningful environmental action."
The renewable energy credits purchased by Pax will help fund development and construction costs of Phase 2 of the Rosebud Sioux Tribe's wind development initiative—the Owl Feather War Bonnet Wind Farm, to be located near St. Francis, South Dakota—helping it to achieve economic viability and proceed to construction.
Tom Boucher, CEO of NativeEnergy said, "We are thrilled that Pax has purchased renewable energy credits that will help make construction of our Owl Feather War Bonnet wind farm a reality. By funding the construction of new clean and renewable energy projects, Pax is encouraging economic strength, environmental innovation and sustainability in this country."
"A Consumers' Guide to Retail Carbon Offset Providers," a report recently commissioned by Clean Air—Cool Planet, highlighted NativeEnergy as one of the top performing retail offset providers globally.
For more information, contact Brendon Buckley 617.933.5021 or Cosabeth Bullock 617.933.5277.