From Orlando Business Journal:
Florida’s treasury investment managers will be required to detail their abilities to assess climate risk, under a directive from Alex Sink, the state’s chief financial officer.
Florida is the first state treasury in the United States to require investment fund managers to make such disclosures, according to a release from Sink’s office.
Under the new directive, investment managers will be required to report on climate risk as part of their semi-annual reviews. Some managers have begun planning for the potential impacts of climate risk in their portfolios, while others have more work to do and need guidance on how to assess potential climate-related financial risks when making investment decisions, the release says.
The goal is to safeguard tax dollars from the risks posed by climate change and to encourage companies to capture opportunities related to the changing climate, says Sink, who oversees the state Department of Financial Services, the state’s $20 billion in Treasury funds and serves on the board of the Florida pension fund, which has $140 billion in assets.
Sink also said she is exploring the creation of a clean energy fund in Florida. Eighteen other states have created similar funds, which invest in renewable clean energy resources, such as solar, wind and biomass, the release said.
Additionally, Sink appointed Margaret Lowman, director of environmental initiatives at New College of Florida in Sarasota, as her science adviser on matters related to climate change.
Another article: State CFO details climate change initiatives
Quote from Dr. Lowman:
â€œI am honored to contribute my 30 yearsâ€™ experience in professional science to serve as Science Advisor for Alex Sink, our state Chief Financial Officer. Florida â€“ now more than ever â€“ needs both science and economics at the table to map Floridaâ€™s future. As we face challenges such as climate change, water conservation, and obtaining clean energy, I hope that the integration of science, economics and policy will insure a healthy and prosperous Florida for our children.â€ [Meg Lowman, 13 Nov 2007]