Treasurer Lemoine Joins Nationwide Coalition of Institutional Investors Calling on Congress to Tackle Global Climate Change
March 20, 2007
AUGUSTA, ME, March 20, 2007 – State Treasurer Dave Lemoine joined a nationwide coalition of 65 institutional investors calling for federal legislation to curb the pollution that is causing global climate change. The investor group, representing a total of $4 trillion in assets, outlined the business and economic rationale for climate action as they called for a national policy that reduces greenhouse gas emissions. “Global warming presents both enormous risks and enormous opportunities for U.S. businesses,” said Treasurer Lemoine. “I hope that, by adding Maine’s voice to this large public-private coalition, we can help reduce future investment risks, realize new profit opportunities and meet our obligations as stewards of our natural resources.”
The 65 signers include institutional investors and asset managers such as Merrill Lynch, Allianz and the California Public Employees Retirement System, as well as leading corporations such as BP America, PG&E, DuPont, Alcoa, Sun Microsystems and National Grid. (see full list below)
The effort was organized by Ceres, a non-profit national network of investors, environmental organizations and other public interest groups working with companies and investors to address sustainability challenges such as global climate change. http://www.ceres.org
The signatories agree that some companies in sectors such as electric power, oil and automotive will face high financial risks from carbon-reducing regulations if they are not prepared to act. 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.
Investors and companies called for the following three actions:
· Leadership by the U.S. 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 that scientists and climate models suggest is urgently needed to avoid worst case scenarios.
· 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.
· The Securities and Exchange Commission (SEC) to clarify what companies should disclose to investors on climate change in their regular financial reporting.
The entire statement and more information on the climate call to action can be found at:
The 65 signatories are as follows:
Pension Funds, Labor, State Treasurers, State/City Comptrollers · Gerald W. McEntee, President, American Federation of State, County and Municipal Employees · Bill Lockyer, California State Treasurer · Fred Buenrostro CEO, California Public Employees’ Retirement System
· Jack Ehnes, CEO, California State Teachers’ Retirement System
· John Chiang California State Controller
· Denise L. Nappier, Connecticut State Treasurer
· Jonathan Miller, Kentucky State Treasurer
· Sean Harrigan, President, Los Angeles Fire & Police Pension Commission
· David G. Lemoine, Maine State Treasurer
· Nancy K. Kopp, Maryland State Treasurer
· Ann Wagner, CEO, Municipal Employees Retirement System of Michigan
· Bradley I. Abelow, New Jersey State Treasurer
· Orin Kramer, Chair, New Jersey State Investment Council
· William C. Thompson, Jr., Comptroller of the City of New York
· Thomas P. DiNapoli, New York State Comptroller
· Richard Moore, North Carolina State Treasurer
· Randall Edwards, Oregon State Treasurer
· Steve Abrecht, Executive Director, SEIU Master Trust Fund
· Bruce Raynor, President, UNITE HERE
· Leo W. Gerard, International President, United Steelworkers of America
· Jeb Spaulding, Vermont State Treasurer
· Joseph A. Dear, Executive Director, Washington State Investment Board
Financial Service Firms, Asset Managers, Other Leaders in Investing · Geeta Aiyer President, Boston Common Asset Management
· Barbara Krumsiek, CEO, Calvert
· * Mike Johnston, Executive Vice President, The Capital Group Companies (* signed as an individual)
· Jeff Skoll, Chairman and Stephen George CIO, Capricorn Management LLC
· Michael W. O’Hern, FSC President and CEO, Christian Brothers Investment Services, Inc.
· Amy L. Domini, Founder and CEO, Domini Social Investments LLC
· Alain Grisay, CEO, F&C Asset Management
· Peter S. Knight, President, Generation Investment Management
· Peter D. Kinder, President and Co-Founder, KLD Research & Analytics, Inc.
· Robert A. G. Monks, Founder, LENS Governance Advisors
· Gregory Fleming, President, Global Markets & Investment Banking, Merrill Lynch
· Joe Keefe, CEO, Pax World Funds
· Rev. William Somplatsky-Jarman, Presbyterian Church (U.S.A.) (MORE)
· John P. M. Higgins, CEO, Ram Trust Services
· Patricia A. Daly, Sisters of St. Dominic of Caldwell, New Jersey
· Joan Bavaria President, Trillium Asset Management
· Tim Brennan, Treasurer, Unitarian Universalist Association
· Tim Smith, Senior Vice President, Walden Asset Management
· Jack Robinson, Founder and President, Winslow Management Co.
Foundation Endowments · Denis Hayes, President and CEO, Bullitt Foundation
· Pam Solo, President, Civil Society Institute
· Ruth G. Hennig, Executive Director, The John Merck Fund
· Lance E. Lindblom, President and CEO, Nathan Cummings Foundation
· Stephen Heintz, President, Rockefeller Brothers Fund
· Tim Little, Executive Director, Rose Foundation for Communities and the Environment
· Jeff Skoll, Chairman and Sally Osberg CEO, Skoll Foundation
· Edward Skloot, President, Surdna Foundation
· Melissa S. Dann Executive Director, Wallace Global Fund
· Wren Wirth, President, The Winslow Foundation
· V. Kann Rasmussen Foundation
Business Leaders · Alain J. Belda, Chairman and CEO, Alcoa, Inc.
· Dr. Joachim Faber, Allianz SE
· Robert Malone, Chairman and President, BP America
· Kevin Burke, Chairman, President and CEO, Consolidated Edison, Inc.
· Chad Holliday, Chairman and CEO, DuPont
· John W. Rowe, Chairman, President, and CEO, Exelon Corporation
· Robert P. Stiller, President and CEO, Green Mountain Coffee
· Christopher L. Dutton, President, CEO, Green Mountain Power
· Daniel T. Hendrix, CEO, Interface Inc.
· Cheryl LaFleur Acting U.S. CEO, National Grid
· Peter Darbee CEO, PG&E Corporation
· Johnathan Schwartz CEO, Sun Microsystems, Inc.
· Ted Turner, Turner Enterprises