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September 24, 2007

DiNapoli: Carbon Disclosure Project Report is a “How To” Manual for Combating Global Climate Change

New York State Comptroller Thomas P. DiNapoli today said the release of the Carbon Disclosure Project’s (CDP) fifth annual report on climate represents a major step toward enabling investors worldwide to assess the risks that global warming presents to their investment portfolios.

DiNapoli is one of 315 global investors, who, through the CDP, issued a questionnaire in February asking more than 2,400 companies to disclose information concerning their greenhouse gas emissions.

“The risks posed by global warming can threaten the viability of the companies we invest in,” DiNapoli said. “Today’s CDP report represents a more than 40 percent increase over last year in both the size of our investor coalition and in the number of companies that completed the questionnaire. The report is becoming a “how to” manual for companies worldwide to use in mitigating or altogether eliminating their carbon footprint. As participation grows, we get closer to developing international strategies to combat global climate change that transcend political and ideological boundaries.”

The CDP’s investor coalition manages more than $41 trillion in assets. The goal of the coalition is to bring the power of the global market to bear on global warming. By assessing the global warming-related risks faced by companies, investors can structure their investments to avoid the most significant threats and encourage companies to reduce regulatory liabilities and threats to their assets posed by climate change.

DiNapoli, as sole trustee of the New York State Common Retirement Fund, is one of the signatory investors of the CDP. The Office of the State Comptroller has been part of the CDP’s coalition since its inception in 2003.

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