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Environmental MarketsOver the past decade there has been an increased awareness of the environment, pollution,climate change, and global warming. In 2002, the Carbon Disclosure Project (CDP) interviewed the Board Chairmen of component corporations representing the Financial Times (FTE500) Index, known companies have the greatest market capitalization in the world. The scope of the servey was to identify the risk exposure to climate related issues and to find out what corporate management has doing to address the risk. The CDP did the survey for 35 instititional investment firms representing more than $4.5 trillion USD. The initial May 2003 CDP Report was analyzed and summarized by The Innovest Group; however, in comparison, the May 2005 CDP Report was commissioned and represents 95 investment signatory firms controlling $10 trillion USD. Banks, asset managers, and shareholders are taking a new look at the subject of Carbon Risk. Eight state attorney generals have recently filed suite against the largest electric utilities for pollution and numerous states have begun to enact maniditory Renewable Portfolio Standards for electric utilities. The Kyoto Protocol has been passed by Russian President Vladymir Putin to the Duma for ratification. Industry experts believe Kyoto will become an enforcable international treaty by Decmeber 2004. Emission credit trading begins in Europe in 2005 and the Chicago Climate Exchange has already begun trading Carbon Financial Instruments in the futures market. |