The Climate Group announces new members

16 January 2007

The Climate Group is pleased to announce that three new members have joined our leadership coalition: American International Group (AIG), the world's largest insurer; Virgin, one of the world's best known branded venture capital firms; and Man Group, the world's biggest hedge fund, a leading global provider of alternative investment products and solutions as well as one of the world's largest futures brokers.

The Climate Group will work with these leading companies to promote and accelerate international action on climate change with a focus on practical solutions - promoting the development and sharing of expertise on how business can lead the way towards a low carbon economy whilst boosting profitability and competitiveness.

Virgin has already taken significant steps, making a £1.6 billion investment in bio-fuels and trialing its new starting grids system(a holding area near the runway which planes are towed to, thus reducing time on the ground with engines running) at Heathrow and Gatwick. According to Sir Richard Branson, Founder of Virgin Group: "At Virgin we want to make sure that all our businesses around the world do their best to protect the environment, in whatever way we can, from launching new renewable energy businesses, to getting every staff member to take responsibility for their own actions. We're pleased to be joining The Climate Group, who will be able to support us in our efforts and we also look forward to supporting them in the great work they do."

AIG is actively seeking to incorporate environmental and climate change considerations across its businesses, focusing on the development of products and services to help AIG and its clients respond to the worldwide drive to cut greenhouse gas emissions. AIG has a programme of action that includes continually factoring in changes in climate and weather patterns as an integral part of its underwriting process and dedicating resources to the development of market-based solutions that address climate change. According to Alice LeBlanc, Director of AIG's Office of Environment and Climate Change: "As AIG implements its new policy and programs on the environment and climate change, we look forward to working with Climate Group members and staff to advance practical and business oriented ways of helping our customers and our company achieve GHG emission reductions."

JP Morgan are also joining The Climate Group, and will be featured in next month's e-bulletin.

Man Group's business is the quantification of risk and the company sees the negative risks of climate change as too great for current and future generations to bear. According to Stanley Fink, CEO of Man Group plc: "The Climate Group is an exciting organisation working to engage business in the constructive resolution of harmful climate change. An important component of Man Group's business is the quantification of risk and we see the negative risks of climate change as being too great for current and future generations to bear. Membership of Climate Group will allow us to work with an organisation that understands these issues. It also will allow us to collaborate with other member companies to take meaningful action, and to encourage other organisations as well as individuals to do the same."

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