Investors Eye Climate Role at UN
Feb 14, 2008 - The Associated Press
Hundreds of investors controlling $20
trillion in capital were set to gather Thursday for
talks on financial risks and opportunities from limiting
carbon emissions that scientists blame for global
The gathering of 480 investors and other
Wall Street types was organized by groups supporting
U.N. efforts such as the U.N. Foundation, Ceres and
the U.N. Fund for International Partnerships.
Mindy Lubber, president of Ceres' investor
coalition, called it the largest meeting of financial
leaders ever to focus on climate change and said it
would illustrate how the marketplace is starting to
"Investors will be looking at clean
energy opportunities, including energy efficiency,
as Wall Street wakes up to the scale of the climate
challenge and what actions it will require," she said.
Timothy Wirth, president of the U.N.
Foundation, said the next 50 years would bring a unique
chance to adopt energy sources that emit less carbon
dioxide and other global warming gases. He said that
shift would prove to be "as important as the computer
revolution in generating new wealth and jobs."
Such a shift has long been championed
by Fred Krupp, president of Environmental Defense,
whose group has worked with General Motors Corp.,
DuPont Co., and other major companies in calling for
U.S. limits on greenhouse gases to combat global warming.
The coalition is pressing Congress for
so-called cap-and-trade legislation to limit greenhouse
gas emissions. There have been a number of climate
bills introduced that call for mandatory limits on
greenhouse gases which scientists fear will cause
a warming of the Earth if atmospheric concentrations
are not stabilized by mid-century.
"There'll be a whole cascade of private
capital flowing to remaking the energy infrastructure
of our world, because it's a multitrillion-dollar
business," said Krupp, co-author of a new book, "Earth:
The Sequel," due out in March that argues a technological
fix for global warming will be a boon for producing
new industries, jobs and private fortunes.
"Increasingly, you're seeing this point
of view not only in America, but with politicians
in other countries as well," he said.
--- On the Net U.N. Foundation: http://www.unfoundation.org
U.S. Climate Action Partnership: http://www.us-cap.org/