Nation's Largest Investors Call for 'Green Recovery'

A group of 44 investors managing over $1.7 trillion in assets called
on Congressional leaders today to include significant funding for energy
efficiency, clean energy and clean transportation in the economic stimulus
bill being debated this week in Congress.

In a letter delivered this morning to House and Senate leaders and the
Obama administration, U.S. and European investors called for longer-term
green economic incentives, including extending the renewable energy
Production Tax Credit five or more years; providing substantial funding for
energy efficiency programs, such as retrofitting buildings; and modernizing
the aging and inefficient electric power grid.

"Before you are a range of policy measures to stimulate research,
development and deployment of cleaner, more efficient technologies at the
scale necessary," states the letter, citing the bill's dual potential to
create green jobs and curb global warming pollution. "The economic recovery
package should not pick technological winners, but rather should aim to
bring forward a portfolio of technologies that both enable reductions in
greenhouse gas emissions and promote America's energy security."

The letter, coordinated by Ceres and the Investor Network on Climate
Risk, was signed by some of the world's largest institutional investors,
asset managers, state treasurers and controllers, including Deutsche Asset
Management, F&C Asset Management, the California Public Employees'
Retirement System (CalPERS), New York State Comptroller's Office, California
State Teachers' Retirement System (CalSTRS), Florida State Treasury and New
York City Comptroller's Office. See full list below.

"The economic downturn provides a historic opportunity for government
to take charge of the fight against climate change rather than being a
reason to put off action," said Kevin Parker, global head of Deutsche Asset
Management, one of the world's leading climate change investors. "A 'green'
stimulus will also have a wider effect by providing leadership for
additional investment from the private sector."

"An energy economic stimulus package would not only be good for the
environment, saving energy and reducing greenhouse gas emissions, but also
good for the economy, leading to the creation of jobs," said New York City
Comptroller William C. Thompson, Jr., whose office oversees more than $100
billion in pension fund assets.

"The economic stimulus package is a golden opportunity to stake out
America's leadership in driving energy efficiency and the emerging clean
energy global economy," added Mindy S. Lubber, president of Ceres and
director of the Investor Network on Climate Risk. "Strong green incentives
that send clear market signals to the business community will lead to new
jobs and new industries."

Calling it the "fuel of first choice," the letter touts energy
efficiency as having the most potential upside among the bill's green
provisions. "We recognize that more efficient use of the energywe already
produce is one of the fastest, easiest and cheapest ways to significantly
reduce emissions and improve the bottom line of many companies in which we
invest, especially with demand for energy increasing," the letter states.

In addition to funding activities such as building retrofits, the
letter recommends that stimulus funds be steered to states that adopt energy
efficiency resource standards and allow their utilities to give higher
preference to energy efficiency over creating new supplies.

Investors warned in the letter that failure to extend the Production
Tax Credit would likely trigger a sharp decline in renewable energy
projects, leading to significant job losses and reduced capital investments.
The letter cites a study by the consulting firm, Navigant, showing that
"historically, the PTC expiration has caused a 73 percent to 93 percent
market drop to around 400 MW of annual installations" in the U.S.

"Our ability to continue to invest in the renewable energy and energy
efficiency industries, and accelerate the growth of these industries,
depends on a comprehensive and stable set of supportive policies, including
the long-term extension of the PTC," states the letter.

The letter also highlights the need to modernize and improve the
nation's electric grid. Significant investments to digitize and automate the
power grid would greatly reduce energy waste, greenhouse gas emissions and
other costs. Such improvements would also make it easier to link wind and
solar power sources, often located in remote rural areas, to major
population centers.

Signatories

PENSION FUNDS, STATE TREASURERS AND STATE/CITY COMPTROLLERS:

California Public Employees' Retirement System

California State Controller

California State Teachers' Retirement System

California State Treasurer

Connecticut State Treasurer

Florida State Treasury

Illinois State Board of Investment

Illinois State Treasurer

Maine State Treasurer

Maryland State Treasurer

New Jersey Division of Investment

New Jersey State Investment Council

New York City Comptroller

Oregon State Treasurer

Rhode Island State Treasurer

Vermont State Treasurer

ASSET MANAGERS, INVESTOR COALITIONS AND FINANCIAL SERVICES FIRMS

Boston Common Asset Management

British Columbia Investment Management Corporation

Calvert Group

Deutsche Asset Management

Ethical Funds Company

F & C Asset Management

Generation Investment Management

Green Century Funds

Local Authority Pension Fund Forum

Pax World Funds

Portfolio21

Trillium Asset Management

Tri-State Coalition for Responsible Investment

Walden Asset Management

Winslow Management

ENDOWMENTS AND OTHER INSTITUIONAL INVESTORS

American Baptist Home Mission Society

Dominican Sisters of Hope

Friends' Fiduciary Corporation

Mercy Investment Program

Presbyterian Church USA

Presentation Sisters, New Windsor, NY

Sisters of Mercy Regional Community of Detroit Charitable Trust

Sisters of St. Dominic of Caldwell, NJ

Province of St. Joseph of the Capuchin Order

The United Methodist Church -- General Board of Church & Society

Unitarian Universalist Association

Ursuline Sisters of Tildonk, U.S. Province

About INCR & Ceres

The Investor Network on Climate Risk (INCR) is a $7 trillion network
of institutional investors and financial institutions that promotes better
understanding of the financial risks and investment opportunities posed by
climate change. INCR is coordinated by Ceres, a coalition of investors and
environmental groups working with companies to address sustainability
challenges such as climate change. For more information visit
www.incr.comand www.ceres.org.

SOURCE INCR, Boston, MA; Ceres, Boston, MA