76th Annual  Meeting
The U.S. Conference of Mayors
76th Annual Meeting
June 20-24, 2008



WHEREAS, the Intergovernmental Panel on Climate Change, the international community’s respected assembly of scientists, has found that human activities are largely responsible for increasing concentrations of greenhouse gas pollutants in the atmosphere and resulting climate change; and

WHEREAS, the U.S. Conference of Mayors has taken action to combat climate change, including the establishment of the U.S. Conference of Mayor’s Climate Protection Agreement, signed by over 830 mayors representing over 79 million Americans; and

WHEREAS, the U.S. building sector is responsible for 48 percent of greenhouse gas emissions in the United States, according to the U.S. Energy Information Administration; and

WHEREAS, the U.S. Conference of Mayors and the American Institute of Architects have called for immediate energy reduction of all new and renovated buildings to one-half the national average for that building type, with increased reductions of 10 percent every five years so that by the year 2030 all new buildings will be carbon neutral; and

WHEREAS, federal, state and local governments have adopted green building standards for construction of public buildings and many jurisdictions are now expanding green building standards to commercial and residential buildings in their communities; and

WHEREAS, public-private partnerships that utilize market mechanisms to advance green building activity in the US are essential to ensure that environmental building standards can be raised while at the same time growing our national economy; and

WHEREAS, major investment banks, institutional investors and governments, led by the City and County of San Francisco and JPMorgan Chase, have worked together to advance the Capital Markets Partnership’s Sustainable Investment Initiative that will generate unprecedented market investment in green buildings constructed in the US; and

WHEREAS, this partnership has completed a peer reviewed report called ‘Creating Economic Stimulus While Stopping Climate Credit Risk/Irreversibility’ that demonstrates that climate induced property damages have caused increases of 100 to 600 percent in insurance rates and also reduced availability of coverage, and have caused rating agencies to conclude that these developments have “serious credit implications”; and

WHEREAS, this report identifies investment products, including mortgage-backed securities exclusively for green buildings, that can be developed to increase investment in green buildings, decrease credit risk in the current investment environment, and help to decrease greenhouse gas emissions from the U.S. building industry; and

WHEREAS, the Partnership will be launching the Green Building Investment Underwriting Standards and Sustainable Mortgage Backed Securities initiatives at the New York Stock Exchange, which will generate investments projected to assist in the building of over two million green buildings and one million certified sustainable products by 2015, add one trillion dollars per year to the economy, and stop/prevent imminent, irreversible and dangerous climate change,

NOW, THEREFORE, BE IT RESOLVED, that the U.S. Conference of Mayors supports the efforts of the Capital Markets Partnership’s Sustainable Investment Initiative to generate market investment in high performance green buildings through Sustainable Mortgage Backed Securities that will stimulate the economy and combat climate change, and

BE IT FURTHER RESOLVED, that the U.S. Conference of Mayors encourages additional public-private partnerships to increase market investment in environmental innovation and climate protection.