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Judith L. Seid - Signatory for Energy tax credits

By Shane G. Yonston & Judith L. Seid

Investors with $1.5 Trillion in Assets Call on Congress to Extend Renewable Energy and Energy Efficiency Tax Credits

Group says 116,000 jobs at stake in solar and wind power industries alone

July 29, 2008

WASHINGTON DC - A group of 43 investors managing over $1.5 trillion in assets called on the U.S. Senate today to extend tax credits for renewable energy and energy efficiency projects by at least five years to 2013. The tax credits are set to expire at the end of this year. Investors sent the letter to Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell in advance of expected Senate debate on the topic this week.

The investor group is organized by Ceres and the Investor Network on Climate Risk (INCR). The 43 signers include institutional investors, asset managers, treasurers and comptrollers such as California Public Employees' Retirement System (CalPERS), California State Teachers' Retirement System (CalSTRS), California State Controller, the New York State Comptroller, New York City Comptroller, New Jersey State Investment Council, Washington State Investment Board and state treasurers from California, Massachusetts, North Carolina, Oregon, Pennsylvania, Rhode Island and Vermont. (See full list below.)

In the letter, investors cite a February 2008 study by the Navigant consulting firm that a failure to enact these tax credit extensions will result in the loss of more than 116,000 jobs and $19 billion in investment in 2009 in the solar and wind energy industries alone. To avoid these losses and ensure continued investment and growth in the renewable energy and energy efficiency industries, investors stressed that long-term tax credit extensions must be part of a set of comprehensive, supportive policies that Congress has already begun to pass.

"These credits are absolutely vital to provide the certainty necessary for investment in major renewable energy projects," said Mindy S. Lubber, president of Ceres and director of INCR. "Congress will support the continued development of 42,000 megawatts of renewable energy projects in 45 states - equivalent to the capacity of 75 electric power plants - by extending these tax credits."

"These incentives are critically important for CalPERS and our 1.5 million members," said Anne Stausboll, Interim Chief Investment Officer at CalPERS, the nation's largest public pension fund with more than $250 billion in assets under management. "We're investing hundreds of millions of dollars in initiatives that seek solutions that are more efficient and less polluting than our existing power sources. Tax incentives are making such ventures even more attractive for investors who seek change in an energy- constrained market -- and they will continue to do so if extended."

Lubber said extension of the tax credits will help reduce energy prices as solar energy and other renewable energy sources continue to become more viable as alternatives to fossil fuel-based energy sources.

Full list of signatories:

Benchmark Asset Managers, LLC
Judith L. Seid, Blue Summit Wealth Management, Inc.
Geeta Aiyer, President, Boston Common Asset Management, LLC
Bennett Freeman, Senior Vice President, Calvert Asset Management Company, Inc.
Capricorn Investment Group LLC (Stephen J. George, CIO and Managing Principal; Ion Yadigaroglu, Managing Principal; John V. Jonson, Chief Operating Officer)
Karina Litvack, Head of Governance & Sustainable Investment, F&C Management Ltd.
Generation Investment Management US LLP
Kristina Curtis, President, Green Century Funds
Mindy S. Lubber, President, Ceres and Director, Investor Network on Climate Risk
Peter D. Kinder, President and Co-Founder, KLD Research & Analytics, Inc.
Luan Steinhilber, Director of Social Research, Miller/Howard Investments
Mark Schwartz, Chairman, MissionPoint Capital Partners
Mark Regier, Stewardship Investing Services Manager, MMA
Joseph Keefe, CEO, Pax World Funds
Portfolio 21 Investments
Richard W. Torgerson, Director of Social Research, Progressive Asset Management
Joanne Dowdell, Senior Vice President, Director of Corporate Responsibility, SentinelServices Company
Joan Bavaria, President, Trillium Asset Management Corporation
David Berge, Managing Member, Underdog Ventures
Tim Smith, Senior Vice President, Walden Asset Management
Jack Robinson, President and CIO, Winslow Management Company

Anne Stausboll, Interim Chief Investment Officer, California Public Employees' Retirement System
Jack Ehnes, CEO, California State Teachers' Retirement System
John Chiang, California State Controller
Bill Lockyer, California State Treasurer
Timothy P. Cahill, Massachusetts State Treasurer
Orin S. Kramer, Chair, New Jersey State Investment Council
William G. Clark, Director, New Jersey Division of Investment
William C. Thompson, Jr., New York City Comptroller
Thomas P. DiNapoli, New York State Comptroller
Richard Moore, North Carolina State Treasurer
Randall Edwards, Oregon State Treasurer
Robin L. Wiessmann, Pennsylvania State Treasurer
Frank T. Caprio, Rhode Island General Treasurer
Jeb Spaulding, Vermont State Treasurer
Joseph A. Dear, Executive Director, Washington State Investment Board

Edith T. Eddy, Executive Director, Compton Foundation, Inc.
Stephen Viederman, Board Member, Needmor Fund
Rev. William Somplatsky-Jarman, Presbyterian Church (U.S.A.)
Andrea Panaritis, Executive Director, Christopher Reynolds Foundation
Timothy E. Wirth, President, United Nations Foundation
Faith Brown, Acting President, Vermont Community Foundation
Wren W. Wirth, President, The Winslow Foundation

Investor Network on Climate Risk: