CalPERS Calls on World Leaders at G-8 Summit to Address Impacts from World Climate Change.

SACRAMENTO, Calif. -- The following statement was issued today by Winston H. Hickox, CalPERS Special Advisor for Environmental Investment Initiatives:

"World leaders gathering today at the G-8 Summit should take this timely and critical opportunity to develop strategies that address issues to avoid the impacts of climate change. Beginning to seriously address climate change risk now will save the world economy huge costs. The global warming threat poses a huge potential risk for worldwide financial markets.

"The development of programs that ensure substantive information on global warming will contribute to sound investment decisions, which will in turn promote the efficient functioning of global capital markets. CalPERS appreciates and supports the types of efforts to forge solutions that have been advanced by the Corporate Leaders Group on Climate Change and in the HRH Prince of Wale's Business and the Environment Programme position paper recently sent to Prime Minister Tony Blair.

CalPERS urges the Summit participants to seriously consider these and others' views on this critically important issue. CalPERS offers this desire in the interest of our future ability to protect the retirement security of 1.4 million members of our system."