Investors urge government to tackle climate change – for business' sake

Mon, 2007-03-26 10:53Bill Miller
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Investors urge government to tackle climate change – for business' sake

Revenue from clean-energy companies worldwide increased nearly 39% to $55.4 billion last year, according to a report by Clean Edge, a technology research firm in California. By 2016, the collective revenue of such companies could reach $226.5 billion.

Among the 65 companies that comprised the coalition were Allianz AG in Munich, Germany, the California Public Employees Retirement System in Sacramento, Domini Social Investments LLC in New York, F&C Asset Management PLC in London, Merrill Lynch & Co. Inc. in New York, The Calvert Group Ltd. in Bethesda, Md. and Walden Asset Management in Boston.

The coalition called for three specific steps from government : A market-based national policy that will achieve a 60% to 90% long-term decrease of greenhouse gas emissions; realignment of national incentives to stimulate new clean technologies; and clarification of company disclosure requirements from the SEC.

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On Tuesday, the White House released a report estimating that delaying action on climate change could cause $150 billion a year in damage to the U.S. economy.

“These costs are not one-time, but are rather incurred year after year because of the permanent damage caused by increased climate change resulting from the delay,” the...

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