Green Globe International Inc (GGII)

[alpha228]

Interesting article, could it mean new revenue sources for GGLB down the road?......Alpha

Investors Praise Language in Senate Funding Bill Urging the SEC to Issue Guidance on Corporate Climate Risk Disclosure

July 18, 2008

WASHINGTON, DC - The Senate Appropriations Committee has approved language in the Financial Services Appropriations bill calling on the Securities and Exchange Commission (SEC) to issue guidance for publicly-traded companies to assess and fully disclose their financial risks from climate change. The language follows repeated calls by investors for the SEC to issue such guidance, as well as a hearing on this topic last fall in the Securities, Insurance, and Investment Subcommittee of the Senate Banking Committee, chaired by U.S. Senator Jack Reed of Rhode Island.

The language comes after 18 leading investors filed a petition last September asking the SEC to issue formal guidance on "material" climate-related risks and opportunities companies should be disclosing in securities filings, such as exposure to emerging climate regulations, physical impacts and growing global demand for low-carbon technologies and products. The language in the spending bill encourages the SEC to "give prompt consideration to this petition and to provide guidance on the appropriate disclosure of climate risk."

Last year's petitioners included investors representing approximately $1.5 trillion in assets, including state treasurers and other pension fund leaders from California, Florida, Maryland, New Jersey, New York and North Carolina.

"There is an old adage in business: what gets measured gets managed. Transparency and accurate reporting are vitally important if financial markets are to determine the effect global warming may have on investments. This measure is a step in the right direction," stated Reed. "Climate change has broad implications for the marketplace that could significantly impact companies' future earnings and, if not accurately disclosed, could impair investors' ability to make sound decisions."

Senator Reed worked to include the climate disclosure language in the Financial Services Appropriations spending bill.

"We are pleased with Senator Reed's continued leadership in recognizing the importance of climate risk disclosure to investors, as well as that of the entire Appropriations Committee in taking this important step," said Mindy S. Lubber, president of Ceres and director of the Investor Network on Climate Risk (INCR), an alliance of 70 institutional investors that includes many of the investors who signed the petition. "Information on climate-related risks that companies are providing is not adequate and at the level investors need to make informed investment decisions."

"We continue to urge the SEC to issue guidance on climate risk disclosure, responding to requests from the original 22 petitioners and more than 50 additional investors representing over $6.5 trillion in assets who have written to the SEC in support of the petition," said Anne Stausboll, Interim Chief Investment Officer of the California Public Employees' Retirement System (CalPERS), the nation's largest pubic pension fund. "CalPERS is supporting other efforts to improve climate risk disclosure, including state legislation in California and a National Association of Insurance Commissioners proposal to improve climate-related disclosure among insurers. But SEC guidance for all publicly-traded companies is needed to protect investors."

Last month, investors submitted a supplement to the original petition to the SEC citing new evidence of the need for formal guidance. The supplement cites the growing body of state, national and international laws and regulations to curb global warming pollution that will have far-reaching financial impacts on U.S. companies.

About Ceres
Ceres is a leading coalition of investors, environmental groups and other public interest organizations working with companies to address sustainability challenges such as global climate change. Ceres also directs the Investor Network on Climate Risk, a network of 65 institutional investors with collective assets totaling $5 trillion focused on the business impacts from climate change. For more information, visit www.ceres.org or www.incr.com.