US - In a letter to Congress, major pension funds have called for limits to be put on the emissions blamed for global warming, saying that taking no action is harming business.
CalPERS and the Connecticut state pension fund are amongst those together managing US$4tn which have added their support to a letter from Boston-based environmental investment group, Ceres.
Connecticut treasurer Denise Nappier said: “As institutional investors focused on the long term financial performance of a company, we expect a thorough analysis of all significant business liabilities.”
Nappier added: “Leading companies have already made progress working to not only asses and report the risks posed by climate change, but also to set in place strategic plans to foster future growth and success.”
Al Gore recently appeared at the National Association of Pension Funds (NAPF) conference in Edinburgh urging pension funds to incentivise their managers to invest in carbon neutral strategies. He will appear before Congress on Wednesday to testify on this issue.
Allianz, Merrill Lynch and F&C Asset Management have also thrown their weight behind the letter along with world players such as BP America and Sun Microsystems Inc.
The signatories are demanding a reduction from 90% to 60% of 1990 levels of greenhouse gas emissions by 2050, requiring a major shift from the country’s reliance on fossil fuels.
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