Investors at UN Summit: Disclose Climate Costs [View All]

http://story.news.yahoo.com/news?tmpl=story&cid=585&ncid=585&e=10&u=/nm/20031121/sc_nm/environment_financial_un_dc

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UNITED NATIONS (Reuters) - State treasurers and pensions funds that help oversee $1 trillion in assets on Friday urged U.S. regulators and business leaders to force corporations to give investors more information on the financial risks from global climate change.



Eight U.S. state and city treasurers and comptrollers and the leaders of two large labor pension funds issued a "call for action" at a day-long Institutional Investor Summit on Climate Risk held at U.N. headquarters. Executives from top Wall Street banks and fund management firms also attended the meeting.


The plan basically asks the U.S. Securities and Exchange Commission (news - web sites) to impose tighter disclosure, reporting and risk assessment requirements on corporations so that public pension funds can assess more accurately the potential financial risk to their shareholdings from climate change.


The pension funds said a broad swath of industries could be vulnerable to new global warming (news - web sites) regulations or possible future legal action.