Investor ReportsManaging the Risks and Opportunities of Climate Change: A Practical Toolkit for Investors April 2008 - The next 50 years will require a massive shift to cleaner energy sources and technologies to avoid unmanageable climate disruption. This toolkit is designed to help investors begin to comprehensively address climate risks and opportunities in four key areas: internal statements, policies, and governance; engagement with companies, investors, and others; investment practices; public policy support. Download: Full Text PDF Mutual Funds and Climate Change: Opposition to Climate Change Begins to Thaw April 2008 - This report is the fourth by Ceres examining the mutual fund industry’s proxy voting practices on climate change shareholder resolutions. This new analysis of the voting records of 1,285 mutual funds from 62 leading mutual fund firms indicates that the industry’s previously icy attitude on climate resolutions is beginning to thaw, and that many on Wall Street are starting to realize the financial risks and opportunities from climate change. Download: Full Text PDF CAFE and the U.S. Auto Industry: A Growing Auto Investor Issue, 2012 - 2020 October 2007 - This new report by Citi and INCR evaluates the potential changes to the U.S. Corporate Average Fuel Economy (CAFE) program and concludes that implementation of fuel standard changes by automakers are not only attainable, but may also be profitable. The analysis sought to understand the profitability and competitiveness impacts, given U.S. automakers’ stated concerns. Our analysis reveals that the 2020 target is tough but attainable, requiring aggregate improvements of 2.5% per year, and—surprisingly—generating some growth in variable profits for most automakers. Download: Full Text PDF The Quiet Revolution in Business Reporting May 2007 - This report discusses the limitations of business reporting under today's accounting rules, chronicles the progress made by a variety of disclosure initiatives since the 1990s, and identifies the Global Reporting Initiative as the emerging standard in comprehensive non-financial reporting. The report anticipates a future where comprehensive business disclosure has become a core component of good corporate governance, enabling corporate executives and boards to anticipate new challenges, make effective long-term investments, and respond to the increased complexity of an interdependent global economy. Download: Full Text PDF Climate Risk Disclosure by the S&P 500 January 2007 - This report assesses how S&P 500 corporations from 11 key industries disclose the risks and opportunities they face from climate change. The report finds that over half of the nation's largest companies are providing inadequate disclosure to investors, despite growing financial losses in multiple sectors from climate change. Download: Full Text PDF Best Practices in Climate Change Risk Analysis for the Electric Power Sector October 2006 - With input from investors, financial firms and electric power companies, this report outlines actions that power companies and Wall Street firms should take to address the financial risks posed by climate change. The report highlights best practices in climate risk disclosure by electric power companies and specific steps that investors, analysts and companies should take to improve their analysis of the risks that future climate change regulations pose for power companies. Download: Full text PDF Global Framework for Climate Risk Disclosure October 2006 - A unique global partnership of 14 leading institutional investors and other organizations representing trillions in assets today released the Global Framework for Climate Risk Disclosure to provide specific guidance to companies regarding the information they provide to investors on the financial risks posed by climate change. Download: Full text PDF Guide to Using the Global Framework for Climate Risk Disclosure October 2006 - The Guide is a companion tool for using the Framework. For each of the four elements of the Framework, the Guide provides specific guidance for companies about how to disclose using the most common reporting mechanisms for climate risk: securities filings, the Global Reporting Initiative, and the Carbon Disclosure Project. The Guide also contains examples of disclosure from leading companies using these disclosure mechanisms. Download: Full Text PDF Framing Climate Risk in Portfolio Management June 2005 - This report by Ceres and the World Resources Institute is designed to help investors analyze business risks and regulatory uncertainties associated with global climate change. Download: Full Text PDF Investor Guide to Climate Risk July 2004 - This report outlines specific investor strategies for addressing the financial risks and investment opportunities posed by global warming. Download: Full Text PDF
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