Wednesday, May 11, 2005

Businesses urged to list climate risks

By Fiona Harvey, Financial Times
Companies came under pressure to disclose the risks to their businesses from climate change yesterday as leading institutional investors called for tough action. A group of 26 institutional investors with more than $3,000bn in assets urged the US Securities and Exchange Commission to force companies to disclose the risk as part of their securities filings.
Risks to companies include rising sea levels, regulated reductions in carbon dioxide output and greater variability in the weather. The group, including the states of California and New York, the Teamsters Affiliate Pension Plan, the London pensions funds authority, also pledged to invest $1bn in the next year in companies with technologies to combat climate change. Fiona Harvey, New York