Big Investors Seek Stricter Climate Laws
By Rachelle Younglai, Reuters

Investors managing more than $2.3 trillion urged the government on Tuesday to enact strict laws to cut greenhouse gas emissions, saying lax regulation could hurt the competitiveness of U.S. companies. The group of some 50 investors, including the world’s biggest listed hedge fund firm, Man Group Plc and influential venture capitalist John Doerr, want U.S. lawmakers to pass laws to reduce climate-warming emissions by at least 60 to 90 percent by 2050.

Legislation that promotes new and existing clean technologies on the scale needed to dramatically cut down pollution is needed, they said. The same group of investors are also pushing the U.S. Securities and Exchange Commission to force publicly-traded companies to disclose climate-related risks along with other factors that affect their business. “Establishing a strong national climate policy for emissions reductions will help investors manage the enormous risks and opportunities posed by global warming,” Anne Stausboll, Calpers’ interim chief investment officer, said in a statement.

“It’s a huge job opportunity,” said Edwards, who managed about $80 billion in assets as of March 31. “It will be a shifting economy. No economy is static.” The investors’ letter, addressed to Senate Majority Leader Harry Reid of Nevada and Minority Leader Mitch McConnell of Kentucky, comes ahead of Senate debate on legislation aimed at limiting the carbon emissions that spur climate change. Read more if you have the stomach here.

See the actual letter to congress from the investors who manage $2.3 trillion here.

As a scientist I respect remarked in response to this letter “Plainly, after investing for years in ‘solar energy’ and other dubious enterprises that have tanked simply because they are worthless, the investors are demanding compensation for their wishful thinking.  This can only come by government intervention, because the free market cannot support businesses that cannot sustain themselves with their profits”

You can reach Harry Reid at 528 Hart Senate Office Bldg, Washington, DC 20510, Phone: 202-224-3542,Fax: 202-224-7327 or e-mail him here. You can reach Mitch McConnell at this address 361-A Russell Senate Office Building, Washington, DC 20510, Phone: (202) 224-2541, Fax: (202) 224-2499