Moneymen go green

The voice of $13-trillion of assets is speaking out loudly in favour of a green agenda. A group of 450 investors, meeting in New York, is urging world governments not to wait for an international climate change treaty but to take immediate action on global warming. They warn that delay will risk loss of the opportunity for a clean and sustainable low-carbon economy.

Peter Dunsombe, chairman of the Institutional Investors Group on Climate Change, a forum that includes some of the largest pension funds and asset managers in Europe, said "Given that Copenhagen was a missed opportunity to create one fully functional international carbon market, it is more important than ever that individual governments implement regional and domestic policy change to stimulate the creation of a low carbon economy." Anne Stausboll, chief executive of the California Public Employees Retirement System, largest public pension fund in the U.S., said that they are prepared to increase their green investment as soon as Congress passes climate change legislation.

Pension funds are heavy hitters in the investment world and if they are keen to invest in a low-carbon economy there should be no shortage of funding for green technology. If $13-trillion won't bring the politicians around, what will.