Corporate Reporting: Climate Change & Related Environmental Disclosures

STEFAN REICHENBACHGLOBAL HEAD OF ENVIRONMENTAL MARKETS, THOMSON REUTERS

28 JANUARY 2009

The Economic Crisis

“Private regulation generally has proved far better at constraining excessive risk-taking than has government regulation.''

Alan Greenspan, May 2005

"Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity - myself especially - are in a state of shocked disbelief."

Alan Greenspan, October 2008

Climate Change Costs & Risk Management

Source: The Stern Review

Intangible Costs

Components of S&P 500 Market Value

83.2%

67.6%

31.6%20.3%

16.8%

32.4%

68.4%79.7%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

1975 1985 1995 2005

Tangible Assets Intangible Assets

Source: Reuters analysis

Corporate Reporting: Climate Change & Related Environmental Disclosures

STEFAN REICHENBACHGLOBAL HEAD OF ENVIRONMENTAL MARKETS, THOMSON REUTERS

28 JANUARY 2009