Investors: private sector must tackle climate change

Fri Jan 13, 2012 12:42am GMT
 

* Carbon price "nice to have" but not essential

* Looking for environmental Googles and Microsofts

* Institutional investor calls it "liberating"

By Deborah Zabarenko

UNITED NATIONS, Jan 12 (Reuters) - Institutional investors with a collective $26 trillion under management opened a new front on Thursday in the fight against climate change, urging the private sector to mobilize, follow the money and find new technologies to cut greenhouse gas emissions.

Putting a price on climate-warming carbon emissions, which has been instituted in parts of Europe and elsewhere with limited success, would be "nice to have" but not essential, said Kevin Parker, global head of Deutsche Asset Management.

"It's not going to be long before an investor looking to roll out a new energy plant has to take solar and wind and other forms of renewables very seriously," Parker said in an interview outside a session at U.N. headquarters on climate risk and energy solutions.

"It's coming down to following the bouncing ball of money, because it's money that talks."

Inside the session, which drew more than 400 participants from banking, insurance, government, labor and institutional investing, the United Nations' Roland Rich warned the group against "putting all our eggs in the government basket."   Continued...

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