"Our goal is to encourage Petro-Canada to start transitioning itself from an oil and gas company to an energy company," said Robert Walker, The Ethical Funds Company, Vice President, SRI Policy & Research. "Petro-Canada has made laudable investments in fuel ethanol, but it needs to both increase and diversify its investments in renewable sources of energy such as solar and wind." Walker made the comments following Petro-Canada's annual meeting April 27.

The shareholder proposal, co-sponsored by Real Assets Investment Management, called for increased company disclosure on renewable energy investments and climate risk.

Renewables are the fastest growing segment of the global energy market. The World Energy Council reports that the global market for renewable energy is likely to be in the range of US$234-265 billion by 2010 and US$1.9 trillion by 2020.

"As the industry struggles to find new sources of oil and gas, it needs to explore the significant business opportunities in renewable energy," said Walker. "Petro-Canada needs to consider how its resource allocation decisions today will impact its core business for the next 20 to 30 years."

The level of support for the proposal is part of a wave of increased investor concern about climate change.

Major investment institutions in the US have formed the Investor Network on Climate Risk and British and European pension funds and institutions have formed the Institutional Investor Network on Climate Change.

For more information, visit www.ethicalfunds.com.