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Gushan Environmental Energy
China
Gushan Environmental produces biodiesel from waste feedstocks in facilities designed to cater to regional suppliers and customers. Biofuels have received growing attention as concerns around peak oil and climate change have intensified. The increasing global production of biofuels raises many questions from an environmental sustainability perspective including, among others, a fuel's net energy over its lifecycle, competition between fuel sources, preservation of native forests and/or food supplies, and the geographical distance of the supply chain. Portfolio 21 believes that fuel made from waste oil and distributed on a regional scale is one of the more environmentally sustainable alternatives the sector offers. Gushan Environmental utilizes waste oil and vegetable offal (a waste by-product of vegetable oil production) to produce biodiesel. The company has established production plants around China and obtains its waste feedstock from local suppliers, serving a regional populace and reducing the company's overall environmental impact. In addition, the company sells the byproducts of biodiesel production, making complete use of its feedstock and reducing its waste. Portfolio 21 has asked Gushan Environmental to publish an environmental report and establish an environmental management system to address and improve the company's environmental impacts.
Human rights concern
Portfolio 21 recognizes there are significant concerns in regards to the implementation and enforcement of labor rights and environmental regulations in China, however, given the nature of Gushan Environmental's business and its ability to provide the environmental benefits of biofuels to China's growing population, we feel these positive attributes make the investment worthwhile. Read Portfolio 21's Globalization, Human Rights and Social Justice policy.
To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 3/31/08 and may not reflect current opinions or subsequent events.