Sluggish action from the federal government is prompting many companies to tackle global warming and make the transition to renewable energy on their own.

Companies whose bottom lines are being impacted by global warming have been some of the first to call for action. Diavik Diamond Mines of Canada, which works in the Arctic region, now has to pay more money to transport materials by helicopter, rather than relying on the ice bridges to move equipment – because those bridges have melted.

Allstate Insurance recently announced it would not accept new homeowner policies in NJ, CT, and DE, or New York City’s five boroughs. Allstate and others are worried about the increase in extreme weather events that scientists are linking to global warming (the strength of the storms are linked to global warming, not the number of storms). Fireman’s Fund Insurance of Florida hasn’t denied anyone coverage, but instead created global warming-friendly incentives: discounts to commercial owners who rebuild damaged property using green building practices.

On the other hand, some companies are predicting increased sales because of global warming or are identifying new market possibilities. Whirlpool predicts rising sales of energy-efficient appliances, and DuPont has partnered with BP to develop, produce, and market a “next generation” of biofuels. In the future, DuPont expects that 60 percent of its business will be related to biofuels.

According to Ceres, an organization that works with companies and investors on global warming issues, the number of companies addressing global warming has increased in the past four years. More than 60 of them with net revenues of approximately $1.5 trillion have voluntarily set targets to cut their global warming pollution.

In a recent survey of 31 major companies for a report on corporate climate strategies, 90 percent reported that they believe that government regulation is imminent. Many corporations – especially utilities – have called for federal regulation because of the increasing number of states enacting their own legislation, thereby creating a "patchwork" of different rules and regulations.

At least four major bills calling for mandatory caps on global warming emissions have been introduced in the Senate this year, and House Speaker Nancy Pelosi has declared that climate change will be a priority on her agenda. Hopefully the American people and businesses will see real action from their elected leaders this time around.

Via Grist.