The statement is supported by 259 investors – both asset owners and asset managers – that collectively
represent assets of over US$15 trillion. A full list of signatories is provided at the end of the statement.
For the world’s governments to limit the rise of global temperatures to less than 2°C, stem the climate
damage that is already starting to occur, shift to a low-carbon economy, and seize the economic
opportunities of clean energy and other climate-related activities, trillions of dollars of investment
are required over the coming decades. Current investment levels fall well short of what is needed.
Without private sector investment, this climate investment gap will not be closed and these objectives
will not be achieved.
Investors are concerned with the risks presented by climate change to regional and global economies
and to individual assets. At the same time, investors are interested in the large potential economic
opportunities that the transition to a low-carbon economy presents. Investors have a fiduciary responsibility
that requires them to seek optimal risk-adjusted returns on their investments. At present, in the absence
of strong and stable policy frameworks, many low-carbon investment opportunities do not currently pass
this test.
Private investment will only flow at the scale and pace necessary if it is supported by clear, credible, and
long-term policy frameworks that shift the risk-reward balance in favor of less carbon-intensive investment.
Prudent investors around the world have therefore joined to endorse this statement. We welcome a dialogue
with governments and international institutions on the policies and finance tools needed to catalyze private
investment in the low-carbon economy. In particular, investors are calling for:
º Domestic policv ¦rameworks to catalvze renewable ener¤v, ener¤v e¦¦ciencv, and other low-carbon
in¦rastructure, so as to provide investors with the certaintv needed to invest with con¦dence in receivin¤
lon¤-term risk-adjusted returns.
º ínternational a¤reement on climate ¦nancial architecture, deliverv o¦ climate ¦undin¤, reducin¤
de¦orestation, robust measurement, reportin¤, and veri¦cation, and other areas necessarv to set the
¤lobal rules o¦ the road, bolster investor con¦dence, and allow ¦nancin¤ to Now.
º ínternational ¦nance tools that help miti¤ate the hi¤h levels o¦ risk private investors ¦ace in
makin¤ climate-related investments in developin¤ countries, enablin¤ dramatic increases in
private investment.

The ¤overnments o¦ the world have committed to keepin¤ the ¤lobal temperature rise to below 2°C.
Manv ¤overnments have also expressed interest in seizin¤ the economic opportunities presented bv clean
ener¤v and the shi¦t to a low-carbon economv. For these objectives to be achieved, private sector investment
will be critical.
/s ¤lobal investors, we mana¤e diversi¦ed port¦olios that invest in a cross section o¦ assets, companies,
sectors, and markets. ínvestors are interested in advancin¤ a low-carbon economv because climate chan¤e
and policies to address it a¦¦ect both the ¤lobal economv and individual assets. Several leadin¤ studies indicate
that the svstemic shocks to re¤ional and ¤lobal economies ¦rom climate chan¤e will be substantial and will
worsen the lon¤er world ¤overnments wait to take su¦¦cient policv action.
ínvestors are also interested in the opportunities created bv the need to respond to climate chan¤e and
shi¦t to a low-carbon, clean ener¤v economv. we see si¤ni¦cant potential in scalin¤ up renewable ener¤v,
ener¤v e¦¦ciencv, and other low-carbon measures worldwide. To meet our ¦duciarv duties, however, investors
require an economic environment in which low-carbon investments o¦¦er risk-adjusted returns that are trulv
competitive with other investment opportunities, and that requires stron¤ and stable policv ¦rameworks.
Private sector investment will not reach the scale required to achieve a low-carbon economv and to address
climate chan¤e e¦¦ectivelv unless ¤overnments and international institutions provide clear and ambitious policv
si¤nals and tools that shi¦t the risk-reward balance in ¦avor o¦ less carbon-intensive investment. Both domestic
policv action and international a¤reements are critical to enablin¤ the necessarv Nows o¦ private capital.
Investors therefore call on domestic governments and international institutions to implement the policies
and tools needed to optimize private investment in the low-carbon economy. we stand readv to work with
them to deliver ¦rameworks that meet our investment needs.
Trillions o¦ dollars are required to trans¦orm the ¤lobal economv to a low-carbon economv and to support
adaptation to a chan¤in¤ climate, but current deal Nows and investment levels ¦all short o¦ what is needed.
There is a si¤ni¦cant climate investment ¤ap.
For example, a recent report bv the world Economic Forum and Bloomber¤ New Ener¤v Finance estimated
that movin¤ to a low-carbon ener¤v in¦rastructure and restrictin¤ warmin¤ to below 2°C will require ¤lobal
investment in clean ener¤v o¦ rou¤hlv US$500 billion per vear bv 2020.
/ recent report bv HSBC similarlv
concluded that buildin¤ the low-carbon ener¤v market will require total capital investments o¦ US$10 trillion
between 2010 and 2020.
However, public and private investment in clean ener¤v in 2009 was onlv
US$145 billion, ¦ar below needed levels.
The ¦nancial commitments made bv ¤overnments in the Copenha¤en /ccord (now supported bv over 130
nations) are a promisin¤ ¦rst step. Developed countries committed to mobilizin¤ ¦or developin¤ countries ¨new
and additional resources" ¦or adaptation and miti¤ation approachin¤ $30 billion ¦or the period o¦ 201012 and
1. E.¤., Stern Review of the Economics of Climate Change, 0ctober 2006, http://siteresources.worldbank.or¤/íNTíND0NESí//
2. world Economic Forum, Green Investing 2010: Policy Mechanisms to Bridge the Financing Gap, 1anuarv 2010,
3. HSBC 0lobal Research, Sizing the Climate Economy, September 2010, http://www.research.hsbc.com/midas/Res/RD\¹ao=20&kev=wU
$100 billion a vear ¨¦rom a wide varietv o¦ sources, public and private, bilateral and multilateral" bv 2020.

while a welcome start, these commitments are insu¦¦cient to close the climate investment ¤ap. To achieve the
necessarv levels o¦ ¦nancin¤, private investment will be critical.
while investors worldwide are currentlv takin¤ actions on their own to address climate risks and opportunities
considerin¤ and addressin¤ climate risks in their existin¤ investments, investin¤ in assets such as renewable
ener¤v, ener¤v in¦rastructure, and clean tech, pressin¤ companies to reduce their ¤reenhouse ¤as emissions,
persuadin¤ re¤ulators to require corporate disclosure o¦ the business impacts o¦ climate chan¤e, amon¤ other
initiatives these e¦¦orts must be scaled up dramaticallv to reach the levels needed to achieve a ¤lobal low-
carbon economv.
Until policv ¦rameworks and other mechanisms ensure appropriate lon¤-term risk-adjusted returns ¦rom low-
carbon investments, the climate investment ¤ap will remain.
Private sector investors are critical to ¤lobal e¦¦orts to stimulate a low-carbon economv, adapt to the
unavoidable impacts o¦ climate chan¤e, and close the climate investment ¤ap. Thev can onlv do so, however,
i¦ thev can recoup attractive risk-adjusted returns ¦rom their investments, which means ¤overnments and
international institutions must take action to reduce risk and increase private investment. ínvestors need
domestic and international measures that provide relative lon¤-term certaintv about the direction o¦ clean
ener¤v and climate policies and ¦nancin¤. ínvestors also need multilateral development banks and other
development ¦nance institutions to applv risk-reducin¤ ¦nance tools that can enable market development and
help scale up private investment in developin¤ countries.
Domestic policv action in both developed and developin¤ countries is essential ¦or stimulatin¤ private
investment in the low-carbon economv. /s such, investors call on all countries to make clear how thev intend
to achieve the ¤oals thev set out in the /nnex to the Copenha¤en /ccord.
ínvestors have be¤un deplovin¤ si¤ni¦cant capital in low-carbon investment opportunities in countries that
have stron¤ policies that provide lon¤-term certaintv and enable credible mid- to lon¤-term risk assessment.
we commend those countries, developed and developin¤, that have be¤un puttin¤ such policies in place.
However, in manv countries, there is a need ¦or ¤reater policv certaintv with respect to how the transition to the
low-carbon economv will occur. Capital is not Nowin¤ to low-carbon investments in these countries at the scale
required because o¦ a lack o¦ investor con¦dence in their climate and clean ener¤v policv ¦rameworks. ín some
countries, these ¦rameworks have remained weak and uncertain, while in others, investor con¦dence has been
dama¤ed bv indications that stron¤ policies are bein¤ retroactivelv scaled back in the ¦ace o¦ the economic
downturn, dama¤in¤ the economics o¦ investments that have alreadv been made. ínvestors are lookin¤ ¦or
more stable policv ¦rameworks, supported bv reliable political svstems.
4. Copenha¤en /ccord, http://un¦ccc.int/resource/docs/2009/cop15/en¤/l07.pd¦
To attract private low-carbon investment, there are a ran¤e o¦ important policies that ¤overnments should
adopt, includin¤:
º Short-, mid-, and lon¤-term ¤reenhouse ¤as emission reduction tar¤ets,
º Ener¤v and transportation policies to vastlv accelerate deplovment o¦ ener¤v e¦¦ciencv,
renewable ener¤v, ¤reen buildin¤s, clean vehicles and ¦uels, and low-carbon transportation
º Stron¤ and sustained price si¤nals on carbon and well-desi¤ned carbon markets,
º Phase out o¦ ¦ossil ¦uel subsidies, as a¤reed to bv 0-20 leaders,
º /daptation measures to reduce unavoidable climate impacts, and
º Corporate disclosure o¦ material climate-related risks.

Policies such as these, tailored to suit each countrv's circumstances, are an important part o¦ the brid¤e to the
low-carbon economv.
/ction in the international arena is essential. Ultimatelv, investors are seekin¤ a ¤lobal a¤reement with
ambitious ¤reenhouse ¤as emission reduction commitments to limit warmin¤ to well below 2°C, market
mechanisms that put a price on carbon, and provisions addressin¤ de¦orestation, adaptation, and other
important areas o¦ concern.

0iven that such a comprehensive a¤reement does not appear imminent, investors are seekin¤ some ¦orward
movement at the United Nations Framework Convention on Climate Chan¤e's Sixteenth Con¦erence o¦ the
Parties (C0P 16) in Cancun, Mexico, particularlv with respect to policies that will boost investor con¦dence
and promote investment, such as a¤reement or pro¤ress on:
º The ¦nancial architecture (access, ¤overnance, etc.) o¦ climate ¦undin¤, includin¤ the role and
scope o¦ the private sector's involvement,
º Deliverv o¦ the promised ¦ast-start ¦undin¤, to build trust amon¤ countries and the capacitv
needed ¦or robust markets ¦or investment,
º / rapid time¦rame ¦or implementation o¦ e¦¦orts to reduce emissions ¦rom de¦orestation and
¦orest de¤radation (REDD and REDD-plus),
º Robust measurement, reportin¤, and veri¦cation (MR\), to increase con¦dence in national
climate policies,
º Expandin¤ and deepenin¤ the international carbon market, includin¤ ¤reater claritv on the ¦uture
interplav o¦ the Clean Development Mechanism (CDM), 1oint ímplementation (1í), and emer¤in¤
creditin¤ mechanisms such as Nationallv /ppropriate Miti¤ation /ctions (N/M/s) and REDD-plus,
º Support ¦or the creation o¦ well-¦unctionin¤ markets in developin¤ countries ¦or ener¤v e¦¦ciencv and
renewable ener¤v, to accelerate the e¦¦ective deplovment and di¦¦usion o¦ those technolo¤ies at scale,
º / clear mandate to adopt a le¤allv bindin¤ a¤reement at C0P 17 in South /¦rica.
5. See íí0CC, íNCR, í0CC /ustralia New Zealand, UNEP-Fí, 2010 Investor Statement on Catalyzing Investment in the Low-Carbon
Economy, released on 14 1anuarv 2010, available at http://www.incr.com/summit
6. See íí0CC, íNCR, í0CC /ustralia New Zealand, UNEP-Fí, 2009 Investor Statement on the Urgent Need for a Global Agreement on
Climate Change, released September 2009, available at http://www.incr.com/Document.Doc¹id=495
we also welcome the work o¦ the UN Secretarv-0eneral's Hi¤h-Level /dvisorv 0roup on Climate Chan¤e
Financin¤ in identi¦vin¤ options to scale up climate-relevant ¦nancial Nows to developin¤ countries ¦rom both
public and private sources.
we ur¤e policvmakers to applv ¦nance tools that lower risks and thus enable much ¤reater amounts o¦
private investment in climate miti¤ation and adaptation.
Research shows that well desi¤ned ¦nance tools
can levera¤e between 3 and 15 times the private investment.
0overnments should also empower and work
with the necessarv multilateral institutions to implement and i¦ necessarv develop these ¦nance tools, such as
measures to address re¤ulatorv and political risks and to support earlv-sta¤e project development. ínvestors
welcome a dialo¤ue with multilateral development banks, bilateral ¦nance institutions, and ¤overnments about
how these tools can best catalvze private low-carbon investment.
ínvestors can plav a pivotal role in respondin¤ to climate chan¤e. ít is time to put the policies and tools in
place that will catalvze private investment and move the world to a low-carbon ¦uture.

This statement was produced by the Institutional Investors Group on Climate Change (IIGCC), the Investor
Network on Climate Risk (INCR), the Investor Group on Climate Change Australia / New Zealand (IGCC),
and the United Nations Environment Programme Finance Initiative (UNEP FI), and is supported by the
Principles for Responsible Investment Advisory Council.
7. we re¦er interested policvmakers to the work o¦ the UN Secretarv-0eneral's Hi¤h-Level /dvisorv 0roup on Climate Chan¤e Financin¤
(http://www.un.or¤/wcm/content/site/climatechan¤e/pa¤es/¦nanceadvisorv¤roup), the world Economic Forum (http://www.we¦orum.or¤/
en/index.htm), Project Catalvst (http://www.project-catalvst.in¦o/), the public/private discussion coordinated bv Lord Nicholas
Stern (http://www2.lse.ac.uk/0ranthamínstitute/publications/0therPub/Levera¤ed¦unds/Meetin¤ the Climate Challen¤e.aspx), and
the manv others who have o¦¦ered recommendations as to how best to levera¤e much ¤reater levels o¦ private ¦nancin¤ to address
climate chan¤e.
8. UN Environment Pro¤ramme, Catalysing low-carbon growth in developing economies: Public Finance Mechanisms to scale up private
sector investment in climate solutions, 0ctober 2009, http://www.unep¦.or¤/¦leadmin/documents/catalvsin¤_lowcarbon_¤rowth.pd¦
The ínstitutional ínvestors 0roup on Climate Chan¤e (íí0CC) is a ¦orum ¦or
collaboration on climate chan¤e ¦or European investors. The ¤roup's objective is
to catalvze ¤reater investment in a low-carbon economv bv brin¤in¤ investors
to¤ether to use their collective inNuence with companies, policvmakers and investors.
The ¤roup currentlv has over 60 members, representin¤ assets o¦ around C5 trillion.
Contact: Stephanie Pfeifer at spfeifer@theclimategroup.org Web: www.iigcc.org
The ínvestor Network on Climate Risk (íNCR) is a North /merican network o¦
institutional investors ¦ocused on addressin¤ the ¦nancial risks and investment
opportunities posed bv climate chan¤e. íNCR currentlv has over 95 members with
more than US$9 trillion in assets. íNCR is a project o¦ Ceres, a coalition o¦ investors
and environmental ¤roups workin¤ to inte¤rate sustainabilitv into the capital markets.
Contact: Mindy Lubber at lubber@ceres.org Web: www.incr.com
The ínvestor 0roup on Climate Chan¤e /ustralia/New Zealand (í0CC) represents
institutional investors operatin¤ in /ustralia and New Zealand, with assets o¦ over
/$600 billion, and others in the investment communitv addressin¤ the impact
o¦ climate chan¤e on investments. The í0CC aims to ensure that the risks and
opportunities associated with climate chan¤e are incorporated into investment
decisions ¦or the ultimate bene¦t o¦ individual investors.
Contact: Nathan Fabian at secretariat@igcc.org.au Web: www.igcc.org.au
The United Nations Environment Pro¤ramme Finance ínitiative (UNEP Fí) is a
strate¤ic public-private partnership between UNEP and the ¤lobal ¦nancial sector.
UNEP works with nearlv 200 banks, investment ¦rms, insurers and a ran¤e o¦
partner or¤anisations, to understand the impacts o¦ environmental, social and
¤overnance issues on ¦nancial per¦ormance and sustainable development. Throu¤h
a ¤lobal pro¤ramme encompassin¤ research, trainin¤, events and re¤ional activities,
UNEP Fí identi¦es, promotes and realises the adoption o¦ best environmental and
sustainabilitv practice at all levels o¦ institutional operations. Throu¤h its Climate
Chan¤e workin¤ 0roup (CCw0), UNEP Fí aims to understand the roles o¦ the ¦nance
sector in addressin¤ climate chan¤e, as well as to advance the inte¤ration o¦ climate
chan¤e ¦actors both risks and opportunities into ¦nancial decision-makin¤.
Contact: Remco Fischer at remco.fischer@unep.org Web: www.unepfi.org
The Principles ¦or Responsible ínvestment, convened bv UNEP Fí and the UN
0lobal Compact, provide a ¦ramework ¦or helpin¤ investors build environmental,
social and ¤overnance considerations into the investment process, therebv
achievin¤ better lon¤ term returns and more sustainable investment markets.
The six Principles o¦ the PRí ínitiative were developed bv, and ¦or, institutional
asset owners and investment mana¤ers. The ínitiative has over 800 si¤natories
¦rom 45 countries with rou¤hlv US$ 22 trillion o¦ assets under mana¤ement.
Contact: James Gifford at info@unpri.org Web: www.unpri.org
/ccess Bank
/cuitv ínvestment Mana¤ement ínc.
/E00N /sset Mana¤ement
/k /sset Mana¤ement
/llianz 0lobal ínvestors
/mal¤amated Bank Lon¤\iew Funds
/MP Capital ínvestors
/P1 (First Swedish National Pension Fund)
/P2 (Second Swedish National Pension Fund)
/P3 (Third Swedish National Pension Fund)
/P4 (Fourth Swedish National Pension Fund)
/P7 (Seventh Swedish National Pension Fund)
/P0 ínvestments
/rkx ínvestment Mana¤ement
/s ¥ou Sow
/SN Bank
/ustralian Council o¦ Superannuation ínvestors
/ustralian Ethical ínvestment
/viva ínvestors
/// ínvestment Mana¤ers
Ban¤kok ínsurance Public Co Ltd
Bank Sarasin & Co. Ltd
BBC Pension Trust
BC Teachers' Federation Salarv índemnitv Fund
Bed¦ordshire Pension Fund
BNP Paribas ínvestment Partners
Boston Common /sset Mana¤ement
British Columbia ínvestment Mana¤ement
BT Financial 0roup
BT ínvestment Mana¤ement
BT Pension Scheme Limited
Bullitt Foundation
C Chan¤e ínvestments
Cadiz Holdin¤s
Caledonia wealth Mana¤ement, Ltd
Cali¦ornia Public Emplovees' Retirement Svstem
Cali¦ornia State Controller's 0¦¦ce
Cali¦ornia State Teachers' Retirement Svstem
Cali¦ornia State Treasurer's 0¦¦ce
Calvert ínvestments
Capital ínnovations, LLC
Capricorn ínvestment 0roup, LLC
Catholic Healthcare west
Catholic Super
CB Richard Ellis ínvestors
CCL/ ínvestment Mana¤ement
Central Finance Board o¦ the Methodist Church
Chie¦ Financial 0¦¦cer, State o¦ Florida
Christian Brothers ínvestment Services, ínc.
Christian Super
Church o¦ Sweden
Civic Capital 0roup
ClearBrid¤e /dvisors
Climate Chan¤e Capital
Co-operative /sset Mana¤ement
Colonial First State 0lobal /sset Mana¤ement
Compton Foundation
Connecticut Retirement Plans and Trust Funds
Cvrte ínvestments
Dae¤u Bank
Danica Pension, Danske Capital,
Danske Bank 0roup
DB Climate Chan¤e /dvisors, Climate Chan¤e
ínvestment Research
DE/í/ /sset Mana¤ement
DE/US Propertv 0roup
DnB N0R /sset Mana¤ement,
Carlson ínvestment Mana¤ement
Domini Social ínvestments
Earth Capital Partners
EK0 /sset Mana¤ement Partners
Element ínvestment Mana¤ers
Environment /¤encv /ctive Pension Fund
Environmental ínvestment Services /sia
Environmental Technolo¤ies Fund
Epworth ínvestment Mana¤ement
Equilibrium Capital 0roup LLC
Essex ínvestment Mana¤ement, LLC
Ethos Foundation
Eureka Funds Mana¤ement
Eurizon Capital
F&C /sset Mana¤ement, Ltd
First /¦¦rmative Financial Network, LLC
FirstRand Bank Limited
Five 0ceans /sset Mana¤ement
Flvbrid¤e Capital Partners
Fonds de reserve pour les retraites
Friends Fiduciarv Corporation
Fukoku Capital Mana¤ement, ínc.
0eneration ínvestment Mana¤ement LLP
0overnment Emplovees Pension Fund
o¦ South /¦rica
0reater Manchester Pension Fund
0reen /lpha /dvisors, LLC
0reen Centurv Capital Mana¤ement
0roupama /sset Mana¤ement
Harris and Frances Block Foundation
Hauck & /u¦hauser /sset Mana¤ement 0mbH
Health Super Fund
Henderson 0lobal ínvestors
Hermes Equitv 0wnership Services Ltd
HEST/ Super Fund
H¤ Capital
HSBC 0lobal /sset Mana¤ement Ltd.
íDBí Bank Ltd.
íllinois State Treasurer
ílmarinen Mutual Pension ínsurance Companv
ímpax /sset Mana¤ement
índustrv Funds Mana¤ement
íN0 0roup
ínteramerican Hellenic Li¦e ínsurance Companv S/
ínter¦aith Center on Corporate Responsibilitv
1oseph Rowntree Charitable Trust
1upiter /sset Mana¤ement
Kennedv /ssociates
Kent Countv Council Pension Fund
KP/ Pension
Krull and Companv
La Compa¤nie Benjamin de Rothschild S./.
Le¤al & 0eneral ínvestment Mana¤ement Limited
Lend Lease ínvestment Mana¤ement
Li¤ht 0reen /dvisors
Local /uthoritv Pension Fund Forum
Local 0overnment Super (/ustralia)
Local Super
London Pensions Fund /uthoritv
Maine 0¦¦ce o¦ the State Treasurer
Manchester Capital Mana¤ement, LLC
Marvknoll Sisters
Marvland Treasurer's 0¦¦ce
Media Super
Merck Familv Fund
Mercv ínvestment Services, ínc.
Meritas Financial ínc.
Mersevside Pension Fund
Midas ínternational /sset Mana¤ement
Midwest Coalition ¦or Responsible ínvestment
Miller/Howard ínvestments
Mn Services
New Forests Ptv Limited
New ¥ork Citv 0¦¦ce o¦ the Comptroller
New ¥ork State Comptroller
New¤round Social ínvestment
Newton ínvestment Mana¤ement
Non 0overnment Schools Superannuation Fund
Non¤hvup C/ /sset Mana¤ement Co.
Nordea ínvestment Funds and
/sset Mana¤ement Products
North Carolina Retirement Svstems
North East Scotland Pension Fund
Northwest & Ethical ínvestments LP
0Fí /sset Mana¤ement
0re¤on 0¦¦ce o¦ the State Treasurer
0smosis ínvestment Mana¤ement
Parnassus ínvestments
Pax world Mana¤ement LLC
Pensioen¦onds \ervoer
Pensions Caixa 30
Petros Fundaçao Petrobras de Se¤uridade Social
PF/ Pension
P00M ínvestments
Phvsic \entures
Pictet /sset Mana¤ement
Pioneer ínvestments
Pluris Sustainable ínvestments S/
Port¦olio 21 ínvestments
Presbvterian Church (US/)
PRE\í - Caixa de Previdencia dos Funcionarios
do Banco do Brasil
Pro¤ressive /sset Mana¤ement, ínc.
Rathbone Brothers Plc
RBC SRí wealth Mana¤ement 0roup
RCM / companv o¦ /llianz 0lobal ínvestors
Rei Super
Reli¤ious o¦ the Sacred Heart o¦ Marv
Revnders Mc\ei¤h Capital Mana¤ement LLC
RLP Capital
Rocke¦eller Brothers Fund
Russell ínvestments
S/íL \enture Partners LLC
Santander Brasil /sset Mana¤ement DT\M S./.
SEB wealth Mana¤ement
Sisters o¦ Charitv o¦ Cincinnati
Sisters o¦ St. Dominic o¦ Caldwell, N1
Sisters o¦ St. Francis o¦ /ssisi
Sisters o¦ St. 1oseph Los /n¤eles Province
Sisters o¦ St. 1oseph o¦ 0ran¤e
Sisters o¦ St. Louis Cali¦ornia
Sisters o¦ St. Francis o¦ Redwood Citv
Sisters o¦ The Holv Familv
Sisters o¦ the Holv Names US-0ntario Province
Sisters o¦ The Presentation
SNS /sset Mana¤ement
Social Equitv 0roup
Social Enterprise /ssociates
Societe 0enerale
Solaris ínvestment Mana¤ement Limited
South ¥orkshire Pensions /uthoritv
SPF Beheer
Standard Li¦e ínvestments
Star¦sh \entures
Storebrand 0roup
Sumitomo Trust & Bankin¤ Co., Ltd
S\B Financial 0roup
Swedbank Robur
Swiss Reinsurance Companv
Terra\erde Capital Mana¤ement LLC
The Brainerd Foundation
The Catherine Donnellv Foundation
The Christopher Revnolds Foundation

The Church Commissioners ¦or En¤land
The Church o¦ En¤land Pensions Board
The Co-operators 0roup Ltd
The Dalv Foundation
The Development Bank o¦ the Philippines (DBP)
The Dominican Sisters o¦ Mission San 1ose
The Dominican Sisters o¦ San Ra¦ael
The Nathan Cummin¤s Foundation
The Needmor Fund
The 0cean Foundation
The Russell Familv Foundation
The Sustainabilitv 0roup at Lorin¤,
wolcott & Coolid¤e
The United Re¦ormed Church
Threadneedle /sset Mana¤ement Ltd
Toronto /tmospheric Fund
Tri-State Coalition ¦or Responsible ínvestment
Trillium /sset Mana¤ement Corporation
Triodos ínvestment Mana¤ement
Unipension í/S
Unitarian Universalist /ssociation o¦ Con¤re¤ations
United Methodist Church 0eneral Board o¦ Pension
and Health Bene¦ts
Universities Superannuation Scheme
\ancitv ínvestment Mana¤ement ínc.
\anta¤ePoint \enture Partners
\eris wealth Partners
\ermont 0¦¦ce o¦ the State Treasurer
\icSuper Ptv Ltd
\ictoria Funds Mana¤ement Corporation
\ision Super
\ontobel 0roup
walden /sset Mana¤ement, a division
o¦ Boston Trust & ínvestment Mana¤ement
water /sset Mana¤ement LLC
west ¥orkshire Pension Fund
winslow Mana¤ement,
/ Brown /dvisorv ínvestment 0roup
¥ouville Provident Fund ínc.
Ze¤ora ínvestment Mana¤ement Ltd.
Zevin /sset Mana¤ement
Acknowledgements: íí0CC, íNCR, í0CC /ustralia/New Zealand, Principles ¦or Responsible ínvestment, and
UNEP Finance ínitiative would like to thank the ¦ollowin¤ or¤anizations ¦or their support o¦ the Statement:
/ssociaçao Brasileira das Entidades Fechadas de Previdencia Privada (/BR/PP), the Carbon Disclosure
Project, Climatewise, Korea Sustainabilitv ínvestin¤ Forum (KoSíF), the P8 0roup, the South /¦rican network
¦or ímpact ínvestin¤ (S/íí), the UN Foundation, and the UN 0lobal Compact.

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