Azzad Signs Statements in Support of Environmental Safeguards

Investor statements appeal to private and public sectors to combat climate change Azzad recently joined two initiatives targeting climate change. The first is a business and investor statement to President-elect Donald Trump in support of U.S. participation in the Paris Climate Agreement. Organized by Ceres, a coalition of sustainability-focused groups, the statement is intended to show broad support from large and small businesses and investors for continuing with the Paris accord, which has been signed by 193 countries so far, including the United States. The statement says in part: “We want the US economy to be energy efficient and powered by low-carbon energy. Cost-effective and innovative solutions can help us achieve these objectives. Failure to build a low-carbon economy puts American prosperity at risk. But the right action now will create jobs and boost US competitiveness.” Starbucks, Gap, Nike, L’Oreal, and hundreds of other American businesses signed the statement to tell the incoming administration that they are committed to fighting global warming. See: Business backs low-carbon USA The second initiative is an investor letter calling on more than 100 public companies to demonstrate their plans for the adoption of science-based targets for greenhouse gas emissions. Those companies, which include such

November 23, 2016 No Comments

Global warming’s best friend: the megabank

Most of us are aware of the existential threat that climate change poses to our species. The immediate impacts of a warmer planet range from melting polar ice caps to drought, famine, and extreme weather events globally. Google the phrase “Kiribati climate change” to read more about the people whose country is expected to be the first to disappear due to rising sea levels. If greenhouse gas emissions continue at their current pace, experts warn that widespread catastrophe looms by the beginning of the next century. The most notorious culprit in this drama is carbon dioxide (CO2). Most CO2 emissions come from the burning of fossil fuels. Thus, fossil fuel companies have been the target of a sustained divestment campaign by the socially responsible investment industry. While divestment is impactful, there is a critical but often overlooked driver of investment in the fossil fuel industry that has only now begun to get the collective attention of the environmentally conscious: big banks. Banks play an essential role in allocating financial resources for the private sector. They do this through their lending and investment operations. For example, coal-fired power plants, the nation’s top source of CO2 emissions, are costly to build, typically

May 6, 2016 No Comments

Azzad joins call to investigate ExxonMobil over climate change

FALLS CHURCH, VA, April 6, 2016 — Azzad Asset Management, investment advisor to the Azzad Funds, announced today that it has added its voice to a growing campaign to investigate whether Exxon Mobil Corp. intentionally misled the public and its shareholders about the risks of climate change. In April, a group of socially responsible investment managers, including Azzad, sent a letter to the United States Department of Justice calling for an investigation. It read in part: “Recent reports have shown that Exxon knew about the threat of climate change decades ago. Yet over the course of nearly forty years, the company has contributed millions of dollars to think tanks and politicians that have done their best to spread doubt and misinformation — first on the existence of climate change, then the extent of the problem, and now its cause. If Exxon intentionally misled the public about climate change and fossil fuels, then they should be held accountable. We are calling for an immediate investigation.” The letter from investment industry leaders follows recent action by state law enforcement officials to put pressure on the energy company. Last month, a coalition of attorneys general announced their support for New York Attorney General

April 6, 2016 No Comments

Azzad welcomes pope’s encyclical on the environment, social justice

(Falls Church, Va., 6/18/15) — Azzad Asset Management today welcomed Pope Francis’ encyclical calling for swift worldwide action to combat climate change, protect the environment, and move toward economic equality. In the encyclical released today, Laudato Si, the pope issues “an urgent invitation” to people of all faiths to reduce their consumption of resources and make changes in their daily lives in order to safeguard the earth for future generations. He calls for sweeping government and economic reforms to counter environmental destruction and economic injustice. In a statement, Azzad said: “Pope Francis has been a tireless advocate for social justice, reaffirming the Catholic ethic of caring for ‘the least among us’ and challenging people of all beliefs to answer the universal call to serve humanity and protect the earth we share. Azzad Asset Management applauds the pope for making the moral case for action on sustainability and encourages our fellow Muslims to contemplate the Qur’anic reminder to ‘tread lightly on the earth’ (31:18) as we endeavor to maintain justice and environmental stewardship as organizing principles in our financial affairs.” In previous comments on social justice issues, Pope Francis has warned against government corruption, economic imbalance, and the exploitation of the

June 18, 2015 No Comments