22 May 2008
A letter to
Harry Reid, Senator of Nevada, and
Mitch McConnell, Senator of Kentucky, signed by Connecticut-based
MissionPoint
Capital Partners, California-based Capricorn Investment Group and
California-based venture capital firms
Khosla Ventures and
Kleiner Perkins Caufield & Byers has come as more private equity
houses focus on environmental and ethical investments.
Last Monday the
United Nations held a meeting with private equity firms including
Carlyle,
Apax Partners and
Doughty Hanson at the New York offices of financial services
provider
KPMG to discuss its
principles for responsible investment, aimed at improving
environmental, social and corporate governance.
The letter to the Senate, from
Ceres, a network of investors and environmental groups focused on
climate change, said a Bill from Montana Senator
Max Baucus would ensure more investment in clean technology.
Most of the proposals in the Bill, published in April and due to hit the
Senate floor next month, envisage emissions being cut through a "cap-and-trade"
system, similar to the EU's Emissions Trading Scheme, which has created
a $50bn (€32bn) market in carbon permits.
The US currently has a small voluntary market, and although the value of
this market rose 89% last year to $72m, the EU maintained its dominance.
Its scheme accounted for more than 99% of global carbon trading,
according to a recent report from the World Bank.
The letter has also called for guidance from the
Securities and Exchange Commission (SEC) to improve corporate
disclosure of climate risks and an 80% - 95% reduction in greenhouse gas
emissions by 2050.
The reduction is similar in scope to that proposed in a climate bill
from Senators Joe Lieberman and John Warner, set for debate next month.
The Democratic presidential contenders Hillary Clinton and Barack Obama
have also unveiled policies for reductions.
Other signatories to the letter include the fund management group
chaired by former US vice-president Al Gore, Generation Investment
Management.
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