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How much
carbon for your cash?
Measuring
the effectiveness of climate change investments
The London Accord is a
cooperative research programme to assess investment in climate change
initiatives. The distinguishing feature of The London Accord is the use of
mainstream investment research houses, frequently associated with global
investment banks, to assess current investment opportunities in carbon reduction
and analyse them in terms of “cash-in, carbon-out”. The results of The
London Accord should be of immense interest to anyone who believes that
economics and investment in mitigation initiatives is central to solving the
climate change challenge, whether they be governments, economists,
environmentalists, investors or pensioners.
During 2007 the key sponsors, BP and the City of London Corporation, with
initiation and support from Z/Yen Group, are assembling leading investment
research houses and economists to analyse the opportunities for investment in
climate change initiatives and provide a rough ordering of cost/benefit in terms
of carbon reduction. These results can be used to evaluate roughly-equal
financial investments in carbon reduction initiatives.
During 2006 the sponsors launched a "call for participation". Deutsche
Bank, Morgan Stanley, HSBC, Sarasin, Société Générale, CSFB, ABN and Canaccord
Adams have already agreed to contribute research. Generation IM,
Universities Superannuation Scheme, Axa IM, Insight Investment and the
Institutional Investors Group on Climate Change have already expressed strong
interest in using the results. The results are intended for wide
publication via Reuters' syndication and the City of London Corporation Research
Series. Project supporters are encouraged to suggest contributions to the
work, particularly investment questions they wish to focus on, e.g. HSBC
has a particular interest in insurance. The Santa Fe Institute, working
with the US National Alternative Energy Laboratories, and The London School of
Economics and Political Science are providing academic input. Forum for
the Future, Gresham College and Z/Yen constitute some of the wider supporters.
What we ideally seek is to move from eight investment firms to perhaps twelve by
January 2007. There is no direct money involved (BP and the City of London
Corporation are dealing with the core budget), but each investment research firm
is dedicating one of 2007's investment research reports to one of the London
Accord topics. In order to discuss participation, please contact
Jan-Peter Onstwedder
(Project Director for The London Accord) or
Michael Mainelli (Principal
Advisor for The London Accord).
For more information :
The London Accord - Project Description
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