Investors Analyze Climate Risks and Opportunities: A

A Se Asse Maaes’ Paes

January 2010

Investors AnalyzeClimate Risks and Opportunities:

Commissioned by

Kse Sw Spa

Authored by A publication of

Ceres commissioned this report. The opinions expressed in this report are thoseo the author and do not necessarily reect the views o the sponsors.Ceres is a national coalition o investors, environmental groups and other public interestorganizations working with companies to address sustainability challenges such as globalclimate change. Ceres directs the Investor Network on Climate Risk, a group o more than80 institutional investors rom the US and Europe managing approximately $8 trillion in assets.Report author, Kirsten Snow Spalding is the Caliornia Director o Ceres and an independentpolicy consultant. She works with members o the Investor Network on Climate Risk on theirinitiatives and represents Ceres on the West Coast or all Ceres’ programs. Prior to joining Ceres,she served as Chie Deputy Treasurer under Caliornia Treasurer Phil Angelides and ExecutiveDirector o the Treasurer’s environmental fnancing authorities. Ms. Spalding worked in the labormovement as Chie o Sta or the Caliornia Labor Federation, AFL-CIO and chaired the Centeror Labor Research and Education at University o Caliornia, Berkeley. She taught at Boalt HallSchool o Law and practiced labor law representing unions and their Tat-Hartley beneft plansin ederal courts in Caliornia and Washington DC. She holds a BA rom Yale Collegeand a JD rom Hastings College o Law.

Acknowledgements

The author thanks Caliornia State Controller John Chiang and Cal PERS and Cal STRS orleading the INCR Asset Manager Survey Working Group that undertook this project andprovided assistance in developing this survey and valuable eedback on drats o this report.Members o the INCR Asset Manager Survey Working Group are: CalPERS, CalSTRS,Caliornia State Controller’s Ofce, Connecticut State Treasurer’s Ofce, Florida State Board oAdministration, New York State Comptrollers’ Ofce and Pennsylvania State Treasurer’s Ofce.The author also thanks Peyton Fleming, Chris Fox, Sharlene Leurig, Mindy Lubber,Andrea Moat, Matthew Moscardi, Veena Ramani and Ariane van Buren o Ceres andJulie Gorte, Ceres Board Member and Senior Vice President o Pax World,or their valuable eedback on drats o this report.Cave Dog Studio designed and produced the fnal report.Copyright 2010 by CeresCeres, Inc.99 Chauncy StreetBoston, MA 02111www.ceres.org