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Global Warming Heats Up On Wall Street

U.N. Summit To Attract Institutional Investors With More Than $1 Trillion In Assets, Wall Street Firms

In an historic expression of growing alarm at the potential economic costs of global warming to U.S. pension funds, institutional investors representing over $1 trillion in assets will gather with senior representatives of Wall Street fund management firms for a closed- door summit at the United Nations New York headquarters Friday to examine the risks of climate change to their portfolios and determine further action. Key participants will hold an in-person and phone-based media briefing at 1 p.m. to report on actions they may take.
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Nov 21, 2003

In an historic expression of growing alarm at the potential economic costs of global warming to U.S. pension funds, institutional investors representing over $1 trillion in assets will gather with senior representatives of Wall Street fund management firms for a closed- door summit at the United Nations New York headquarters Friday to examine the risks of climate change to their portfolios and determine further action. Key participants will hold an in-person and phone-based media briefing at 1 p.m. to report on actions they may take.

Media briefing speakers will be:

  • State of California Treasurer Phil Angelides;
  • New York State Comptroller Alan Hevesi; and
  • State of Connecticut Treasurer Denise Nappier, with treasurers from Maine, New Mexico, Vermont, and other states also available during the briefing.

Summit participants will include state treasurers and comptrollers from California, Connecticut, the District of Columbia, Iowa, Kentucky, Maine, Maryland, Massachusetts, New Mexico, New York State, North Carolina, Oregon and Vermont. Also in attendance will be trustees of Los Angeles and New York City, the heads of the California Public Employees Retirement System (CalPERS) and the California State Teachers' Retirement System (CalSTRS), and representatives of the New York State Teachers' Retirement System and the Michigan Municipal Employee Retirement System. Wall Street representatives will include the firms of Bank of America, Barclays, Goldman Sachs, Lazard Asset Management, Merrill Lynch, State Street, and others. Other attendees will include former U.S. Vice President Al Gore, currently vice chairman of Metropolitan West Financial, and John Coomber, CEO of SwissRe.

Co-chaired by Connecticut State Treasurer Denise Nappier and United Nations Foundation president Timothy Wirth, the event is being co-hosted by CERES, a U.S.-based coalition of investment funds and public interest groups, and the UN Fund for International Partnerships, and supported by the UN Environment Programme.

To Participate: The live news event will be carried at 1:00 p.m. via telephone at 1 (800) 305-1078 (use ID #326846 or ask for "global warming UN summit" event) and in person in Room 226 at the United Nations Headquarters, Visitors' Entrance at 1st Ave. and 45th St.

Editor's Note: Reporters without UN press credentials who wish to attend the in-person news event should fax a letter of assignment to 1 (212) 963-4642, and follow-up with a call to the UN Media Accreditation Unit at 1 (212) 963-7164. Passes should then be picked up at the UN Pass Office, at the NW corner of 1st Ave. and 45th St, across the street from the UN Visitor's entrance.

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