As we mark 30 years since the ground-breaking investor response to the Exxon oil spill, and Ceres’ founding, we must take stock of how far we have come, and how much we have achieved in tackling some of the greatest sustainability challenges.
Share to twitterThirty years ago, a massive Exxon Valdez oil tanker spilled nearly 11 million gallons of oil into the pristine Prince William sound off Alaska’s coast, affecting 1,300 miles of coastline. It was the worst oil spill in the history of the United States. Local ecosystems were devastated, hundreds of thousands of birds and fish were killed, and the corporation was hit with more than a half billion dollars in liabilities.
Millions of gallons of oil pollute Prince William sound in the aftermath of the Exxon Valdez oil spill.Just one year before, Americans heard congressional testimony about a buildup of carbon dioxide and other industrial greenhouse gases that were gradually warming global atmospheric temperatures and starting to change the climate. In cities across the U.S., residents complained of smog and air pollution that were limiting their visibility and harming their lungs.
The devastating news of the oil spill also struck a chord with a small group of investors who knew there had to be a better way of doing business. These investors, led by pioneer Joan Bavaria, began to mobilize as a coalition, bringing together other investors and environmentalists to re-evaluate the role and responsibility of companies as stewards of the environment and agents of economic and social change.
Over time, Ceres built networks of investors and companies and nonprofit organizations focused on improving corporate ESG disclosure and performance, fostering results demonstrating that superior ESG performance is directly correlated to stronger financial performance. Today, one of those networks,
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