Dear fellow investors, customers, employees and others who have a vested interest in our success — our policymakers, regulators, suppliers, partners and communities:
My seven-year-old granddaughter Emma surprised me during a recent holiday visit when she told me she wanted “to protect endangered species.” It was her answer to my question about what she wanted to do when she grew up. As I listened, it became clear to me that she understood what this meant and why it was important to her. Her concern for the future of our planet is the same concern at the heart of the global warming debate and the struggle to find the best way forward.
All of us have a stake in the increasingly heated debate on global warming in our nation and around the world. In uncertain times, it’s even more important to listen to those who have a vested interest in our future and to find the common ground that allows us to move ahead in a sensible manner.
To that end and for this annual report, we interviewed 23 people representing eight stakeholder groups to find out whether they believe it is possible to find common ground on global warming. You can read quotes from their interviews in the section after this letter, and I invite you to read their interviews on Cinergy.com.
You might think of the lines on the cover of this report as representing public views on global warming and the policy choices we face — colorful, disparate and diverging initially — but ultimately converging at a common center that is more united than divided.
One idea the interviewees all share is simple: finding common ground starts with real dialogue. It starts with a willingness to speak openly, candidly, without fear and with imagination and hope. It starts first with a belief that we must steward this planet, not just for ourselves but for future generations. It starts by asking tough questions that require direct answers.
I’m sure you might expect us to duck this issue. After all, we burn 25 to 30 million tons of coal each year. We are one of the largest burners of coal in the U.S. power industry, and coal, like all fossil fuels, has been linked to global warming. Further, no law currently mandates the reduction of carbon dioxide (CO2) and other greenhouse gas (GHG) emissions from our power plants.
Additionally, there is an unresolved but robust debate on the “science” of global warming. We know that human activity is contributing to the warming of our planet. However, the debate is over the extent of that contribution and the magnitude of the consequences. To simply avoid this debate and fail to understand the implications of the regulation of CO2 and GHG on our company is not an option. This conclusion is underpinned by the numerous signposts we have observed in the last few years:
“All of us have a stake in the increasingly heated debate on global warming in our nation and around the world. In uncertain times, the best way forward is to listen to those who have a vested interest in our future and to find the common ground that allows us to move ahead in a sensible manner.”
JAMES E. ROGERS
President, Chief Executive Officer
and Chairman of the Board
Cinergy Corp.