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State Investment Board joins the call for immediate action on a strong and clear national policy to address climate control
(March 19, 2007)
Olympia - The Washington State Investment Board (WSIB) joined dozens of other institutional investors and business leaders endorsing a Call to Action urging U.S. lawmakers to adopt strong legislation
to help curb pollution causing global climate change. The coalition of investors and several leading U.S. companies outlined the business and economic rationale for clear national policy direction to
address the risks of climate change which would enable the markets to deploy capital and spur innovation to reduce greenhouse gas emissions to avoid the dangerous impacts of global warming.
The group, organized by Ceres and the Investor Network on Climate Risk, issued a four-page Climate Call to Action at a press conference today in Washington, D.C. The signers include three-dozen public
and private institutional investors such as the New York City Comptroller, California Public Employees Retirement System (CalPERS). Leading corporations, including Sun Microsystems, BP America,
DuPont, Inc., and Exelon, also joined in the Call to Action.
WSIB Executive Director Joe Dear signed the Call for Action on behalf of the State Investment Board which manages over $76 billion in state retirement and other public trust fund investments.
"From the perspective of the WSIB and other long term investors we need a national policy to address the issue of climate change," said Dear. "Global warming presents risks and opportunities
for US businesses and investors, but the lack of a national climate change policy is hindering our ability to make informed decisions and to respond accordingly."
Some sectors, such as electric power providers, which emit large amounts of greenhouse gases, face high financial risks from carbon-reducing regulations. Insurance companies and businesses with
infrastructure in places vulnerable to extreme weather events also face financial exposure. On the flip side, climate change presents significant economic opportunities for businesses that invest
in new technologies and products to save energy and reduce greenhouse gas emissions.
The coalitions of investors and companies called for the following three actions: |
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Leadership by the US government to achieve sizable, sensible long-term reductions of greenhouse gas (GHG) emissions in accordance with the 60-90% reductions below 1990
levels by 2050. Wherever possible, the national policy should include mandatory market-based solutions, such as a cap-and-trade system, that establish an economy-wide carbon price, allow for
flexibility and encourage innovation. |
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A realignment of national energy and transportation policies to stimulate research, development and deployment of new and existing clean technologies at the scale necessary
to achieve GHG reduction goals. |
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The Securities and Exchange Commission (SEC) to clarify what companies should disclose to investors on climate change in their regular financial reporting. |
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| The 65 signatories are as follows: |
| Pension Funds, Labor, State Treasurers, State/City Comptrollers |
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Gerald W. McEntee, President, American Federation of State, County and Municipal Employees |
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Bill Lockyer, California State Treasurer |
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Fred Buenrostro CEO, California Public Employees' Retirement System |
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Jack Ehnes, CEO, California State Teachers' Retirement System |
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John Chiang California State Controller |
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Denise L. Nappier, Connecticut State Treasurer |
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Jonathan Miller, Kentucky State Treasurer |
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Sean Harrigan, President, Los Angeles Fire & Police Pension Commission |
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David G. Lemoine, Maine State Treasurer |
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Nancy K. Kopp, Maryland State Treasurer |
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Ann Wagner, CEO, Municipal Employees Retirement System of Michigan |
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Bradley I. Abelow, New Jersey State Treasurer |
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Orin Kramer, Chair, New Jersey State Investment Council |
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William C. Thompson, Jr., Comptroller of the City of New York |
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Thomas P. DiNapoli, New York State Comptroller |
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Richard Moore, North Carolina State Treasurer |
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Randall Edwards, Oregon State Treasurer |
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Steve Abrecht, Executive Director, SEIU Master Trust Fund |
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Bruce Raynor, President, UNITE HERE |
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Leo W. Gerard, International President, United Steelworkers of America |
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Jeb Spaulding, Vermont State Treasurer |
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Joseph A. Dear, Executive Director, Washington State Investment Board |
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| Financial Service Firms, Asset Managers, Other Leaders in Investing |
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Geeta Aiyer President, Boston Common Asset Management |
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Barbara Krumsiek, CEO, Calvert |
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Mike Johnston*, Executive Vice President, The Capital Group Companies (* signed as an individual) |
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Jeff Skoll, Chairman and Stephen George CIO, Capricorn Management LLC |
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Michael W. O'Hern, FSC President and CEO, Christian Brothers Investment Services, Inc. |
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Amy L. Domini, Founder and CEO, Domini Social Investments LLC |
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Alain Grisay, CEO, F&C Asset Management |
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Peter S. Knight, President, Generation Investment Management |
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Peter D. Kinder, President and Co-Founder, KLD Research & Analytics, Inc. |
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Robert A. G. Monks, Founder, LENS Governance Advisors |
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Gregory Fleming, President, Global Markets & Investment Banking, Merrill Lynch |
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Joe Keefe, CEO, Pax World Funds |
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Rev. William Somplatsky-Jarman, Presbyterian Church (U.S.A.) (MORE) |
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John P. M. Higgins, CEO, Ram Trust Services |
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Patricia A. Daly, Sisters of St. Dominic of Caldwell, New Jersey |
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Joan Bavaria President, Trillium Asset Management |
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Tim Brennan, Treasurer, Unitarian Universalist Association |
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Tim Smith, Senior Vice President, Walden Asset Management |
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Jack Robinson, Founder and President, Winslow Management Co. |
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| Foundation Endowments |
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Denis Hayes, President and CEO, Bullitt Foundation |
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Pam Solo, President, Civil Society Institute |
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Ruth G. Hennig, Executive Director, The John Merck Fund |
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Lance E. Lindblom, President and CEO, Nathan Cummings Foundation |
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Stephen Heintz, President, Rockefeller Brothers Fund |
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Tim Little, Executive Director, Rose Foundation for Communities and the Environment |
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Jeff Skoll, Chairman and Sally Osberg CEO, Skoll Foundation |
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Edward Skloot, President, Surdna Foundation |
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Melissa S. Dann Executive Director, Wallace Global Fund |
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Wren Wirth, President, The Winslow Foundation |
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V. Kann, Rasmussen Foundation |
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| Business Leaders |
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Alain J. Belda, Chairman and CEO, Alcoa, Inc. |
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Dr. Joachim Faber, Allianz SE |
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Robert Malone, Chairman and President, BP America |
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Kevin Burke, Chairman, President and CEO, Consolidated Edison, Inc. |
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Chad Holliday, Chairman and CEO, DuPont |
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John W. Rowe, Chairman, President, and CEO, Exelon Corporation |
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Robert P. Stiller, President and CEO, Green Mountain Coffee |
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Christopher L. Dutton, President, CEO, Green Mountain Power |
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Daniel T. Hendrix, CEO, Interface Inc. |
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Cheryl LaFleur Acting U.S. CEO, National Grid |
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Peter Darbee CEO, PG&E Corporation |
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Johnathan Schwartz CEO, Sun Microsystems, Inc. |
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Ted Turner, Turner Enterprises |
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