The continued growth of this sector is really good news for all of us.
Climate change funding jumps
Coalition led by state's pension funds pledges $10 billion for clean technology.
By Gilbert Chan - gchan@sacbee.com
Published 12:00 am PST Friday, February 15, 2008
Nearly 50 major U.S. and international investors are upping the ante to create a greener planet, pledging Thursday to invest $10 billion in clean technology over the next two years.
The investment commitment, led by activist pension funds from California to New York, represents a significant boost from two years ago when 26 funds made a $1 billion pledge.
The greater participation represents a major shift by Wall Street investors who increasingly believe they can't ignore the economics of climate change.
"We must seize the opportunity to make sound investment decisions and protect our environment," California Controller John Chiang said during a news conference at a United Nations Investor Summit on Climate Risk in New York.
"California has been at the forefront. We can do much more," said Chiang, a trustee of the California Public Employees' Retirement System and California State Teachers' Retirement System, the nation's two largest public pension funds with combined assets of more than $410 billion.
