"Nearly half of global money managers are making investment decisions without factoring in risks or opportunities associated with climate change, according to a survey released on Wednesday by a coalition of environmentalists and investors.
A related report recommended that money managers and institutional investors do climate risk assessments on all investments and encourage the U.S. Securities and Exchange Commission to encourage full disclosure of climate risks.
'This is about significant business issues that affect our portfolios,' Jack Ehnes, chief executive of the California State Teachers' Retirement System told reporters in a teleconference about the survey. 'Certainly leaving the most recent economic crisis with a deeper understanding of risk, I would think it would be incumbent on everyone to embrace (climate) issues.'
The survey of the world's 500 largest asset managers by Ceres, a Boston-based coalition of environmentalists and investors, found 44 percent of the respondents did not consider climate risks in their investment decisions. They did not see risks as financially material."