This report would not have been possible without the financialsupport of the International Finance Corporation (IFC) and grantfunding from the Government of Japan. IFC supports WorldResources Institute’s (WRI) research on financial materiality ofenvironmental risks in corporate valuation.
is thesecond in a series of publications under this research collaboration.Special thanks to our WRI colleagues, Andrew Aulisi, Piet Klop, JanetRanganathan, Polly Ghazi, Manish Bapna, Charles Iceland, AmyCassara, Ray Cheung, Lalanath DeSilva, and Kirk Herbertson whogenerously contributed their time and expertise to reviewing manydrafts and versions of this report and improving the analysis. We arealso grateful for the thoughtful contributions by Kavita Prakash-Mani (formerly of SustainAbility), Sean Gilbert (Global ReportingInitiative), Geoffrey Mazullo (East-West Management Institute) andthe IFC’s Sustainable Investing team, especially Brunno Maradei. Wealso thank Jennie Hommel for managing the review process, AllisonSobel for her copy-editing and Barbieri & Green for their creativeefforts in designing the piece.Each World Resources Institute report represents a timely andscholarly treatment of a subject of public concern. WRI takesresponsibility for choosing the study topics and guaranteeing itsauthors and researchers freedom of inquiry. It also solicits andresponds to the guidance of advisory panels and expert reviewers.Unless otherwise stated, however, all the interpretations andfindings set forth in WRI publications are those of the authors.Whilst every effort has been taken to verify the accuracy of thisinformation, neither World Resources Institute, International FinanceCorporation nor their affiliates can accept any responsibility orliability for reliance by any person on this information.April 2009
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