Green TimesFebruary 15, 2008
The largest gathering of financial and corporate leaders from around the world ever to examine the climate change issue convened at the United Nations headquarters Thursday for the third Investors Summit on Climate Risk. The gathering of 480 investors and other Wall Street types was organized by groups supporting UN efforts such as the UN Foundation, Ceres and the UN Fund for International Partnerships.
“You are here today because you recognize climate change as an opportunity as well as a threat,” UN Secretary-General Ban Ki-moon said in a message which was read out by his representative at the opening session of the meeting.
“You understand that the shift to a low-carbon economy opens new revenue streams and creates new markets,” said the secretary-general, adding that “You see the chance to usher in a new age of green economics and truly sustainable development.”
Noting that the UN is committed to tackling climate change “head-on,” the secretary-general said that despite the success already scored, “it is clear that no single organization or any one country can win this battle on its own.”
“Climate change is an unprecedented challenge, it requires a comprehensive and global response,” he added.
“Investors will be looking at clean energy opportunities, including energy efficiency, as Wall Street wakes up to the scale of the climate challenge and what actions it will require,” Mindy Lubber, president of Ceres’ investor coalition, said.
Timothy Wirth, president of the UN Foundation, noted the next 50 years would bring a unique chance to adopt energy sources that emit less carbon dioxide and other global warming gases.
He said that shift would prove to be “as important as the computer revolution in generating new wealth and jobs.”
Ceres is a leading coalition of investors, environmental groups and other public interest organizations working with companies to address sustainability challenges such as climate change. While, the UN Foundation was created in 1998 after entrepreneur and philanthropist Ted Turner’s gave a historic 1-billion-gift to support UN causes and activities.
The first investors summit on climate risk, held in November 2003, culminated in a ten-point call for action for companies, investment analysts and fiduciaries to address climate risk. And the second summit was held on May 10, 2005 with the participation of more than 300 institutional investors, brokerage firm representatives, asset managers, and others in the financial sector.
