The environmental catastrophe caused by oil spilled when the Exxon Valdez tanker hit a reef in Alaska’s Prince William Sound on March 24th 1989 inspired a pioneering effort in private-sector led environmental policymaking. A newly formed Coalition for Environmentally Responsible Economies (CERES), a mixture of environmentalists and investors, later that year issued a ten-point code now known as the CERES Principles, addressing some of the corporate practices that led to the disaster.
The principles are viewed as playing a major role in creating the sustainable investing movement. CERES also launched the Global Reporting Initiative, an international standard used by more than 21,200 companies for corporate reporting on their environmental, social and economic performance. Today the amount of capital managed by signatories to the CERES Principles exceeds $37 trillion.