OREGON TREASURER ENDORSES LETTER URGING CONGRESS TO ADDRESS CLIMATE CHANGE IN ENERGY BILL

Posted on Thursday, November 15, 2007 (PST)

Nov. 15, 2007 – Oregon State Treasurer Randall Edwards is among 30 leading institutional investors of retirement funds who are asking Congress to pass a national energy bill that includes strong measures for expanding clean energy, reducing oil dependence and curbing global warming pollution.

The letter to Senate and House leaders recommends specific language to improve energy efficiency, accelerate renewable energy and boost vehicle fuel economy standards. Collectively the investors manage more than $1.4 trillion in assets.

“States like Oregon have been leaders in renewable energy policy,” said Edwards. “It’s critical that Congress take action, as we have in Oregon, to enact a national renewable electricity standard, provide energy efficiency incentives and set rules for cleaner cars with better gas mileage.”

The letter from the 30 investors, who are part of the Investor Network on Climate Risk, an alliance of U.S. and European investors, calls on Congress to address the risks and opportunities of global warming.

Here’s a portion of the letter: “We call on Congress to pass an Energy Bill that realigns national policies and incentives to stimulate the rapid deployment of clean technologies. The federal clean energy policies we support are critical first steps in addressing one of the greatest risks facing investors, the threat of global climate change.”

Many of the nation’s largest institutional investors, including state treasurers and comptrollers overseeing pension funds in California, Connecticut, Michigan, New Jersey, New York, New York City and North Carolina, signed the letter.

The letter requests:

- A strong renewable electricity standard that would boost production of wind, biomass, geothermal and solar energy across the country.

- Strong energy efficiency incentives and standards, which would achieve the easiest, most cost effective reductions in greenhouse gas emissions.

- Increased fuel economy standards through strong Corporate Average Fuel Economy (CAFE) regulations, which have not been significant raised since the mid-1970s. According to a new Citigroup report, a 35-mile per gallon fleet by 2020 in the United States is not only feasible but could generate profit growth for automakers, including US automakers.

List of 30 signers:

Oregon State Treasurer

California State Teachers Retirement System (CalSTRS)

California Public Employees Retirement System (CalPERS)

California State Controller

California State Treasurer

Connecticut State Treasurer

Municipal Employees Retirement System of Michigan

North Carolina State Treasurer

New York State Comptroller

New Jersey State Investment Council

New York City Comptroller