The State of Florida Pension Fund Joins Investor Network on Climate Risk

In another sign of Florida's heightened focus on the business impacts of global warming, the State Board of Administration of Florida announced today that it is joining the Investor Network on Climate Risk (INCR), a national network of investors focused on the financial risks and investment opportunities posed by climate change. Today’s announcement comes two months after Florida’s Chief Financial Officer Alex Sink, whose office manages $20 billion in the state treasury, joined INCR.

INCR was launched at the first Institutional Investor Summit on Climate Risk at the United Nations in November 2003 with 10 investors managing $600 billion in assets. In just three years, it has grown to nearly 60 institutional investors managing more than $4 trillion in assets. Florida joins a dozen other states that are INCR members through their state treasuries or pension funds, including: California, Connecticut, Illinois, Iowa, Kentucky, Maine, Maryland, New Jersey, New York, North Carolina, Oregon, Pennsylvania and Vermont.

"The SBA’s decision to join INCR is a sign of growing investor concern about climate change and its far-reaching consequences for businesses and investors,” said Mindy S. Lubber, president of Ceres, a coalition of investors and environmental groups that directs INCR. “Whether from extreme weather events, regulatory changes or growing demand for renewable energy, climate change is a serious business issue that all investors should be focusing on. Today’s announcement is a big step forward for INCR, which will benefit from Florida’s investment expertise and prominence in the asset management industry."

INCR members participate in educational forums, engage policymakers and interact with companies to protect the long-term health of their investments, whether from emerging carbon-reducing regulations, ecosystem and weather changes, or growing global demand for climate-friendly technologies. To learn more about INCR, visit www.incr.com.

About the SBA

The State Board of Administration of Florida (SBA) manages approximately $180 billion in assets, including the $140 billion Florida Retirement System (FRS). The FRS Defined Benefit plan is the fifth largest public pension fund in the country. The Trustees of the State Board of Administration of Florida are Governor Charlie Crist as Chairman, Chief Financial Officer Alex Sink as Treasurer and Attorney General Bill McCollum as Secretary. The FRS consists of approximately 970,000 active participants and retirees. For additional information, please visit www.sbafla.com.

About Ceres

Ceres, which coordinates INCR, is a leading coalition of investors, environmental groups and other public interest organizations working with companies to address environmental and social challenges such as global climate change. For more information, visit www.ceres.org.